Economic Costs of Gambling - page 8.

KTChampions

legendary

Activity: 2464

Merit: 1943

Leading Crypto Sports Betting & Casino Platform

Quote from: maydna on June 26, 2021, 11:38:43 PM

Quote from: KTChampions on June 26, 2021, 04:25:35 AM

Time = money. Time, like any resource, costs money, so the introduction of such rules will greatly reduce the profitability of the casino and in order to fix this casino will be forced to raise prices for its services. As a result, it is the players who will suffer for the sake of whom this is all thought up.

The player will not want to suffer because of the casino. They will try to search for the other casino which does not have that rules and they can play gambling without a problem. Besides that, the casino will not know who is the player that will comes to them in the next days or weeks. Perhaps, the casino can use different methods or using additional rules for their players. But I bet if that does not make their player feel okay, they will not come to that casino again in the future.

Sure. This is how the free market works. But when the state intervenes in this market with its ideas "how to make gamblers better and safer" we end up with the above-described absurdity - both gamblers and casinos suffer. This is a great illustration of how good intentions lead to bad consequences.

Saisher

full member

Activity: 2324

Merit: 175

Every country have their own economic adviser, they weigh in the advantages and disadvantages of having gambling casinos on their country and many countries are in favor of having one because of the economic gains more than the economic cost of gambling, the government prefers to rehabilitate those who became addicted to gambling or launch a campaign about the danger of too much gambling.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: KTChampions on June 26, 2021, 04:25:35 AM

Quote from: maydna on June 26, 2021, 12:52:07 AM

Blaming the company will not solve the problem because if we want to play gambling, we need to know the risk and should manage the money. If the casino needs to check their customer's monthly income before they can enter their place, that will need time and that can make the customer moves to the other casinos. People want to play gambling because of many reasons, and I don't think that they want to be checked by the casino, no matter what the casino's reason is. The cost of playing gambling will be a concern for the gambler itself, and nothing to do with the casinos.

Time = money. Time, like any resource, costs money, so the introduction of such rules will greatly reduce the profitability of the casino and in order to fix this casino will be forced to raise prices for its services. As a result, it is the players who will suffer for the sake of whom this is all thought up.

The player will not want to suffer because of the casino. They will try to search for the other casino which does not have that rules and they can play gambling without a problem. Besides that, the casino will not know who is the player that will comes to them in the next days or weeks. Perhaps, the casino can use different methods or using additional rules for their players. But I bet if that does not make their player feel okay, they will not come to that casino again in the future.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: KTChampions on June 22, 2021, 02:44:39 PM

Quote from: perfect999 on June 20, 2021, 02:44:59 PM

That's right but that can happen with any addiction, if someone is addicted to drugs it's even worst. I am not advocating for gambling but unless addicted, people can enjoy gambling just like they enjoy trips and other forms of entertainment.

I agree gambling is not coming for free of cost still I guess spending some money for entertainment purposes is not a big deal for most people with respect to their upper living standards. So, enjoying gambling within a limit and not getting addicted to it by playing it responsibly are the few things, every gambler must need to remember always while engaging in gambling.

Yes, gambling is a common human activity, if you do not take the extremes (which are harmful everywhere). Gambling creates a lot of jobs, a lot of taxes are paid from the money that circulates there, in addition, gambling gives many people positive emotions and hope, I think this positive impact outweighs the negative aspects.

This is the same way I see it too, it is very difficult to find anything that only brings positives, one clear example of this are cars, there are a lot of car accidents in which people end up heavily injured or dead, and while there are legitimate accidents there are also many circumstances in which those events happened because people were careless, however does this mean that we are going to ban cars to avoid this? Of course not, cars are simply too useful despite the downsides they bring and something similar happens with gambling.

Desmong

member

Activity: 812

Merit: 13

Crypto bookmaker and casino

Quote from: Alisha-k on June 25, 2021, 07:16:08 AM

Quote from: Kong Hey Pakboy on June 22, 2021, 11:04:49 PM

That's what a business should do, you don't blame the knife companies when there is a stabbing or you cut yourself while preparing your vegetables, that's the same for any business, they offer the product or service and it's your responsibility on what you are going to do with it.

I agree with you that you don't blame a company if it's product is mismanaged but with a little exeption to gambling where you have to go for the companies product multiple of times within a short time frame. At least gambling should seek for the employment status of the customers as well as their monthly income so the can help plan their gambling every month to avoid mismanaging funds.

There is no need to seek for the employment status of your customers cause it breaches their privacy of right and liberty. A casino or gambling sites does not need these status cause it can slow the rate of their participating customers making it difficult for them to make money. Like we'll Know that not everybody is ready to share their privacy with the public.
The aim of every business enterprises, companies and organisations in business is to make profits, so they're ready to put aside any factors or rules that will limit their aim of making profits.

KTChampions

legendary

Activity: 2464

Merit: 1943

Leading Crypto Sports Betting & Casino Platform

Quote from: maydna on June 26, 2021, 12:52:07 AM

Blaming the company will not solve the problem because if we want to play gambling, we need to know the risk and should manage the money. If the casino needs to check their customer's monthly income before they can enter their place, that will need time and that can make the customer moves to the other casinos. People want to play gambling because of many reasons, and I don't think that they want to be checked by the casino, no matter what the casino's reason is. The cost of playing gambling will be a concern for the gambler itself, and nothing to do with the casinos.

Time = money. Time, like any resource, costs money, so the introduction of such rules will greatly reduce the profitability of the casino and in order to fix this casino will be forced to raise prices for its services. As a result, it is the players who will suffer for the sake of whom this is all thought up.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: Alisha-k on June 25, 2021, 07:16:08 AM

Quote from: Kong Hey Pakboy on June 22, 2021, 11:04:49 PM

That's what a business should do, you don't blame the knife companies when there is a stabbing or you cut yourself while preparing your vegetables, that's the same for any business, they offer the product or service and it's your responsibility on what you are going to do with it.

I agree with you that you don't blame a company if it's product is mismanaged but with a little exeption to gambling where you have to go for the companies product multiple of times within a short time frame. At least gambling should seek for the employment status of the customers as well as their monthly income so the can help plan their gambling every month to avoid mismanaging funds.

Blaming the company will not solve the problem because if we want to play gambling, we need to know the risk and should manage the money. If the casino needs to check their customer's monthly income before they can enter their place, that will need time and that can make the customer moves to the other casinos. People want to play gambling because of many reasons, and I don't think that they want to be checked by the casino, no matter what the casino's reason is. The cost of playing gambling will be a concern for the gambler itself, and nothing to do with the casinos.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: Alisha-k on June 25, 2021, 07:16:08 AM

Quote from: Kong Hey Pakboy on June 22, 2021, 11:04:49 PM

That's what a business should do, you don't blame the knife companies when there is a stabbing or you cut yourself while preparing your vegetables, that's the same for any business, they offer the product or service and it's your responsibility on what you are going to do with it.

I agree with you that you don't blame a company if it's product is mismanaged but with a little exeption to gambling where you have to go for the companies product multiple of times within a short time frame. At least gambling should seek for the employment status of the customers as well as their monthly income so the can help plan their gambling every month to avoid mismanaging funds.

That is an interesting approach. I've already thought about something similar, but regards liquor shops and alcohol addicted people. However, the counter argument will be that if a casino doesn't accept a player because he doesn't have a fixed income, this player simply will go to another casino and spend money there, instead of spending at the first casino.
It means the player will spend his money anyway, but the restrictive casino will lose customers and money, staying very below its competitors in the gambling industry and probably going bankrupt.

blackened515

sr. member

Activity: 1218

Merit: 279

Excessive lost in gambling causes depression on the gambler, a feeling of frustration pops up in the mind of the victim which can lead him to stealing in other to meet up his loss.When one is addicted to gambling,there is every tendency that the individual is bound to fail.

passwordnow

hero member

Activity: 3066

Merit: 577

Leading Crypto Sports Betting & Casino Platform

Quote from: mv1986 on June 25, 2021, 01:15:42 AM

Quote from: passwordnow on June 24, 2021, 02:00:10 PM

Quote from: mv1986 on June 23, 2021, 03:48:09 PM

Gambling can also be a viable option for those who are depressed already. It can function like alcohol. It is not always the other way around, it is not that you first gamble and then get depressed. You can be depressed but see an exit in gambling because it makes you forget your problems for a second. Sadly though it is mostly causing more problems afterwards as you are most likely not fully in control of your mind if you are depressed and therefore feel like gambling.

Depressed gamblers are often seen to be alone and are happy with what they do. They might keep going and whether they're losing as long as it's giving happiness to them, they don't mind about the cost and the casino profits from that person.
There are times that it's not just all about the money but also we'll never know what a gambler is going through. But most of us, we know that it's all about the money, whether you're for fun or for the profit.

But this is quite the stretch for the term of happiness. Sure everyone defines happiness differently, but with all due respect if you are sad and depressed, what you feel while you are gambling isn't really happiness. I just don't buy that.

It may not be the happiness that we know but that's what they're feeling, they're feeling good if they do it whatever the situation and what they're feeling by that time.

Quote from: mv1986 on June 25, 2021, 01:15:42 AM

Happiness is when you have a basic good and satisfactory mood, when you like life and are able to cope with difficulties optimistically and bravely. Happiness isn't when you forget your problems because you focus on hitting numbers in roulette. Happiness is when you have strong and lovely relationships to other people. If you have all other things around you in order, then I believe gambling can make you happy. Maybe on a vacation with a great family around you, when you decide to visit a casino for a night, that can make you happy. But gambling around the clock while having a bunch of problems to solve in real life isn't about happiness.

It came from you that we have our own definition of happiness. If someone forgets his problem and focuses on playing roulette then that's the definition of his happiness and we cannot question that. At the end of it, both feelings are invested including the money, and that still results to the costs needed by the casino that sums up the economic need from where it is operating.

Alisha-k

member

Activity: 840

Merit: 23

Quote from: Kong Hey Pakboy on June 22, 2021, 11:04:49 PM

That's what a business should do, you don't blame the knife companies when there is a stabbing or you cut yourself while preparing your vegetables, that's the same for any business, they offer the product or service and it's your responsibility on what you are going to do with it.

I agree with you that you don't blame a company if it's product is mismanaged but with a little exeption to gambling where you have to go for the companies product multiple of times within a short time frame. At least gambling should seek for the employment status of the customers as well as their monthly income so the can help plan their gambling every month to avoid mismanaging funds.

mv1986

legendary

Activity: 2058

Merit: 1166

Quote from: passwordnow on June 24, 2021, 02:00:10 PM

Quote from: mv1986 on June 23, 2021, 03:48:09 PM

Gambling can also be a viable option for those who are depressed already. It can function like alcohol. It is not always the other way around, it is not that you first gamble and then get depressed. You can be depressed but see an exit in gambling because it makes you forget your problems for a second. Sadly though it is mostly causing more problems afterwards as you are most likely not fully in control of your mind if you are depressed and therefore feel like gambling.

Depressed gamblers are often seen to be alone and are happy with what they do. They might keep going and whether they're losing as long as it's giving happiness to them, they don't mind about the cost and the casino profits from that person.
There are times that it's not just all about the money but also we'll never know what a gambler is going through. But most of us, we know that it's all about the money, whether you're for fun or for the profit.

But this is quite the stretch for the term of happiness. Sure everyone defines happiness differently, but with all due respect if you are sad and depressed, what you feel while you are gambling isn't really happiness. I just don't buy that.

Happiness is when you have a basic good and satisfactory mood, when you like life and are able to cope with difficulties optimistically and bravely. Happiness isn't when you forget your problems because you focus on hitting numbers in roulette. Happiness is when you have strong and lovely relationships to other people. If you have all other things around you in order, then I believe gambling can make you happy. Maybe on a vacation with a great family around you, when you decide to visit a casino for a night, that can make you happy. But gambling around the clock while having a bunch of problems to solve in real life isn't about happiness.

passwordnow

hero member

Activity: 3066

Merit: 577

Leading Crypto Sports Betting & Casino Platform

Quote from: mv1986 on June 23, 2021, 03:48:09 PM

Gambling can also be a viable option for those who are depressed already. It can function like alcohol. It is not always the other way around, it is not that you first gamble and then get depressed. You can be depressed but see an exit in gambling because it makes you forget your problems for a second. Sadly though it is mostly causing more problems afterwards as you are most likely not fully in control of your mind if you are depressed and therefore feel like gambling.

Depressed gamblers are often seen to be alone and are happy with what they do. They might keep going and whether they're losing as long as it's giving happiness to them, they don't mind about the cost and the casino profits from that person.
There are times that it's not just all about the money but also we'll never know what a gambler is going through. But most of us, we know that it's all about the money, whether you're for fun or for the profit.

KTChampions

legendary

Activity: 2464

Merit: 1943

Leading Crypto Sports Betting & Casino Platform

Quote from: mv1986 on June 23, 2021, 03:48:09 PM

Gambling can also be a viable option for those who are depressed already. It can function like alcohol. It is not always the other way around, it is not that you first gamble and then get depressed. You can be depressed but see an exit in gambling because it makes you forget your problems for a second. Sadly though it is mostly causing more problems afterwards as you are most likely not fully in control of your mind if you are depressed and therefore feel like gambling.

An interesting point of view and I would add to it - a person who has gone from problems (from real life) to gambling does not necessarily become addicted. Some begin to study mathematics and algorithms in depth (to try to surpass the casino), someone analysts (to surpass bookmakers), in principle, this is an excellent self-development and can be a good impetus to become successful in a new field for themselves.

BTCLiz

hero member

Activity: 854

Merit: 513

Quote from: mv1986 on June 23, 2021, 03:48:09 PM

Gambling can also be a viable option for those who are depressed already. It can function like alcohol. It is not always the other way around, it is not that you first gamble and then get depressed. You can be depressed but see an exit in gambling because it makes you forget your problems for a second. Sadly though it is mostly causing more problems afterwards as you are most likely not fully in control of your mind if you are depressed and therefore feel like gambling.

You are completely right. For some people the depression starts first. I would point out that in my opinion it starts for the most people with a depression and afterwards resulting in some kind of addiction to make the feel better. What is your opinion on the % of people starting with a depression first?

mv1986

legendary

Activity: 2058

Merit: 1166

Quote from: owengtam09 on June 23, 2021, 10:47:57 AM

Quote from: BTCLiz on June 05, 2021, 09:07:00 AM

Hi,

in this thread I would like to address a very important topic: Economic Costs of gambling.

From economic theory we know the concept of externalities:

Quote

In economics, an externality is a cost or benefit that is imposed on a third party who did not agree to incur that cost or benefit. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved.

Source: https://en.wikipedia.org/wiki/Externality

1. Gambling in fact has many negative externalities. If someone gets addicted, the likelihood is much higher to be depressed. Depression is factor, which leads to high costs for the society.

2. Gambling addiction leads to economic costs because of crime actions. Other market actors have to increase their security standards, which means higher costs.

3. Many gambling addicts go as a consequence to jail. Jail means EXTREMELY high costs to society.

What are your thoughts on this topic?

This can possibly happen but gambling is not a place for addicts people, it can lead them "just like what you have said", 1) depression 2) crime, and 3) go to jail. We, at our own seek, should avoid already those possibilities for us to not get depressed. All gamblers should also be responsible with their responsibilities. I hope you already know what I meant.

Gambling can also be a viable option for those who are depressed already. It can function like alcohol. It is not always the other way around, it is not that you first gamble and then get depressed. You can be depressed but see an exit in gambling because it makes you forget your problems for a second. Sadly though it is mostly causing more problems afterwards as you are most likely not fully in control of your mind if you are depressed and therefore feel like gambling.

owengtam09

full member

Activity: 1330

Merit: 248

Quote from: BTCLiz on June 05, 2021, 09:07:00 AM

Hi,

in this thread I would like to address a very important topic: Economic Costs of gambling.

From economic theory we know the concept of externalities:

Quote

In economics, an externality is a cost or benefit that is imposed on a third party who did not agree to incur that cost or benefit. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved.

Source: https://en.wikipedia.org/wiki/Externality

1. Gambling in fact has many negative externalities. If someone gets addicted, the likelihood is much higher to be depressed. Depression is factor, which leads to high costs for the society.

2. Gambling addiction leads to economic costs because of crime actions. Other market actors have to increase their security standards, which means higher costs.

3. Many gambling addicts go as a consequence to jail. Jail means EXTREMELY high costs to society.

What are your thoughts on this topic?

This can possibly happen but gambling is not a place for addicts people, it can lead them "just like what you have said", 1) depression 2) crime, and 3) go to jail. We, at our own seek, should avoid already those possibilities for us to not get depressed. All gamblers should also be responsible with their responsibilities. I hope you already know what I meant.

BTCLiz

hero member

Activity: 854

Merit: 513

Quote from: AicecreaME on June 23, 2021, 08:30:44 AM

Quote from: Peanutswar on June 18, 2021, 11:15:09 AM

Due to this pandemic, it's hard to show yourself and sometimes we got easily irritated because of the environment because this is not our real environment like staying at home and it's just a different way to us.

Some of them want to release that boredom and trying to enjoy themselves and try to gamble but not all the time we are winning gambling which causes the player more depression and anger to the game some of them want to urge get their money back by continuously playing but the result is not in favor of them.

This is the reason why at the start we need to know the possible outcome and the risk we will face if we try to play gambling. It's the tolerance of the player how it goes

I agree with this.

People can't get in their zone mode when playing in gambling because of the pandemic, physical casinos has been shut down so the only option is online gambling. You'll definitely be irritated when you lost because you're not use to it, others are too desperate on making money therefore they bit the trap of online gambling as well resulting to another financial problem.

So the cost of it is indeed expensive, so much more in the long run.

You are mentioning a very important point. Especially the long-run-pespective is important in this case. Lets take a look at a father with 5 children. He gets addicted to gambling and looses so much money that he cant pay for food. The children grow up in a terrible environment with an increased likelihood of themself getting addicted to something. --> More economic costs.

AicecreaME

sr. member

Activity: 2394

Merit: 454

Quote from: Peanutswar on June 18, 2021, 11:15:09 AM

Due to this pandemic, it's hard to show yourself and sometimes we got easily irritated because of the environment because this is not our real environment like staying at home and it's just a different way to us.

Some of them want to release that boredom and trying to enjoy themselves and try to gamble but not all the time we are winning gambling which causes the player more depression and anger to the game some of them want to urge get their money back by continuously playing but the result is not in favor of them.

This is the reason why at the start we need to know the possible outcome and the risk we will face if we try to play gambling. It's the tolerance of the player how it goes

I agree with this.

People can't get in their zone mode when playing in gambling because of the pandemic, physical casinos has been shut down so the only option is online gambling. You'll definitely be irritated when you lost because you're not use to it, others are too desperate on making money therefore they bit the trap of online gambling as well resulting to another financial problem.

So the cost of it is indeed expensive, so much more in the long run.

BTCLiz

hero member

Activity: 854

Merit: 513

Quote from: smyslov on June 23, 2021, 08:11:59 AM

The economic cost is really huge but if you weigh on the costs, the government benefits will outweigh the personal cost of those who suffer from gambling, gambling is a multi billion dollar industry and the revenue they are going to get is very huge that it can sustain a lot of government projects, and not only that they are employing thousands of people and many businesses are relying on the gambling industry.

Could you please underline your statement with facts and numbers? Your statement is only true if and only if the costs of gambling are lower then the benefits. The point is that studies are missing regarding gambling and economic costs as secondary or third effects, because they are really hard to estimate.

Topic: Economic Costs of Gambling - page 8. (Read 4124 times)