Topic: Economic Costs of Gambling - page 9. (Read 4139 times)
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.
Exactly, they will care much more about profits than the wellbeing of their users because what's the point of curing your customers if them being sick is the way that you can make a lot of money. Also, regarding the economic cost, I think gamblong industry is a big contributor with taxes and tourism, just look at Las Vegas, Macau and Hongkong.
Yes, both of you are right as long as the casino can attract many gamblers and they can get more money from them. The casino will not care about the addicted gamblers, how they can solve the addiction, and how the gambler can avoid committing a crime. A gambling industry contributes a big income for the government in the country that allows gambling. The casino does not think much about the side effect of the player in the gambling games because they think that is the gambler's responsibility.Exactly, they will care much more about profits than the wellbeing of their users because what's the point of curing your customers if them being sick is the way that you can make a lot of money. Also, regarding the economic cost, I think gamblong industry is a big contributor with taxes and tourism, just look at Las Vegas, Macau and Hongkong.
Yes, both of you are right as long as the casino can attract many gamblers and they can get more money from them. The casino will not care about the addicted gamblers, how they can solve the addiction, and how the gambler can avoid committing a crime. A gambling industry contributes a big income for the government in the country that allows gambling. The casino does not think much about the side effect of the player in the gambling games because they think that is the gambler's responsibility.
On personal finance, gambling isn't going to help but in a community level, I am pretty sure that gambling helps a lot because they are a business that pays taxes and those taxes will be the ones that we use to fund the building of roads.
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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.
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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.
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I do not agree with 3, gambling and jail are not that related.
Yes, gambling has many negative externalities, it is well know. It is particularly troublesome in the physical location of the gaming since it attracts the type of cohorts that live sucking of sucking the blood from the fortunate players. It is also linked to alcohol, drugs, prostitution, etc... Yet it is an economic activity so it also bring employment and benefits and it is not that different from many other activities with strong negative externalities, such as mining, nuclear energy, plastic production just to mention a few. Even cars pollute.
I am not quite sure if this has been posted or answered here, but it would be interesting to know if there have been any studies done on whether there is a higher positive correlation between gamblers and jail time than between non-gamblers and jail time. Intuitively I would expect there is a higher positive correlation, but I would be interested in knowing by how much if that is the case. Does anyone know anything about that?
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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.
...
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.
...
I do not agree with 3, gambling and jail are not that related.
Yes, gambling has many negative externalities, it is well know. It is particularly troublesome in the physical location of the gaming since it attracts the type of cohorts that live sucking of sucking the blood from the fortunate players. It is also linked to alcohol, drugs, prostitution, etc... Yet it is an economic activity so it also bring employment and benefits and it is not that different from many other activities with strong negative externalities, such as mining, nuclear energy, plastic production just to mention a few. Even cars pollute.
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.
If I'm honest, I think that gambling has even more negative impacts than positive impacts, and maybe for some gamblers, gambling may bring them profit, because they can win games with various tricks because they are used to playing, and gambling can also increase their wealth if they win, but apart from that, the negative impact of gambling in my opinion is quite large, besides being able to cause depression and even suicide, gambling also causes addiction for the players and can even lead to poverty due to uncontrolled gambling, and worse Gambling can even destroy our homes and many gamblers end up in jail for committing crimes after they lose money in the game.I think the most important thing in gambling is that we are really able to control ourselves.
But the negative that you listed is not an integral part of gambling. These are erroneous actions of people, but the same actions can be caused by other reasons/motives. Therefore, if we objectively separate the causes and consequences, we should not attribute to gambling the negative that is caused by extraneous factors.
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?
There are quite a few external costs as you've highlighted and relatively few benefits, especially as winners who get lucky once have a tendency to pour it all back in. As with things like alcohol, as long as it is approached responsibly by an educated population then it can be fine. However the casinos and bookmakers should definitely play their part, by allowing people to self-exclude and preventing playing for periods of time when the behavior is erratic (such as jumping from a $10 weekly bet to a $1k daily bet). The government also needs to heavily monitor casinos as they have a long held reputation as an easy place to launder money because everyone is playing with cash.
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.
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.
I think the most important thing in gambling is that we are really able to control ourselves.
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.
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.
Few governments realize that but the majority of the government knows that there are revenues, taxes and employment in the casino industry, this is a billion-dollar industry, and they employ millions of people and many companies worked and supply materials to the casinos, and those things you've mentioned are the collateral damages but not enough for government to stop the operations of gambling.
Gambling is indeed a multi billion dollar industry and its no denial and you can be seen on some biggest gambling capital places in the world on how much they've been regenerating on a single day in terms of profits or revenue and take for example in Macau which is only a very small city but a very progressive one because of gambling revenues where people tend to play even if it turns out to be expensive.This proves out on how big and how important gambling industry is for some countries in terms of progress and a development. Some people are just way too judgmental that much when it comes to gambling.
That huge revenues plus many corrupt officials, all those matters are about the money government can take from this multi billion business,
They don't care about the damages as they are collecting taxes and underground fees from those casino owners who are facilitating inside their jurisdictions.
More on balancing the benefits and the damages, money talks louder than anything else.
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.
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.
Few governments realize that but the majority of the government knows that there are revenues, taxes and employment in the casino industry, this is a billion-dollar industry, and they employ millions of people and many companies worked and supply materials to the casinos, and those things you've mentioned are the collateral damages but not enough for government to stop the operations of gambling.
Gambling is indeed a multi billion dollar industry and its no denial and you can be seen on some biggest gambling capital places in the world on how much they've been regenerating on a single day in terms of profits or revenue and take for example in Macau which is only a very small city but a very progressive one because of gambling revenues where people tend to play even if it turns out to be expensive.This proves out on how big and how important gambling industry is for some countries in terms of progress and a development. Some people are just way too judgmental that much when it comes to gambling.
That huge revenues plus many corrupt officials, all those matters are about the money government can take from this multi billion business,
They don't care about the damages as they are collecting taxes and underground fees from those casino owners who are facilitating inside their jurisdictions.
More on balancing the benefits and the damages, money talks louder than anything else.
Few governments realize that but the majority of the government knows that there are revenues, taxes and employment in the casino industry, this is a billion-dollar industry, and they employ millions of people and many companies worked and supply materials to the casinos, and those things you've mentioned are the collateral damages but not enough for government to stop the operations of gambling.
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?
Unfortunately, government do not look at this kind of stat they are more looking at the revenue they can collect from the taxes they impose on these casinos and from their workers and from companies that are associated with gambling casinos, they allocate a small portion of funds from the victims of gambling and they still have a big chunk of the revenues
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
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
Hence, to say that gambling is more popular in our time than it has been in the past is wrong since there is no standardized method of comparison as far as I know. Of course, with the prevalence of the Internet, gambling has become much more accessible to the general public.
It was also accessible to the public before Internet, the difference was that preInternet gambling was more about small companies of small society groups, like neighbors or friends.
Internet just made it all worldwide and give access to the games which was not popular in your local region (and sometimes was not even known)
Few governments realize that but the majority of the government knows that there are revenues, taxes and employment in the casino industry, this is a billion-dollar industry, and they employ millions of people and many companies worked and supply materials to the casinos, and those things you've mentioned are the collateral damages but not enough for government to stop the operations of gambling.
Gambling is indeed a multi billion dollar industry and its no denial and you can be seen on some biggest gambling capital places in the world on how much they've been regenerating on a single day in terms of profits or revenue and take for example in Macau which is only a very small city but a very progressive one because of gambling revenues where people tend to play even if it turns out to be expensive.This proves out on how big and how important gambling industry is for some countries in terms of progress and a development. Some people are just way too judgmental that much when it comes to gambling.
The problem with the things that you pointed out is that you are treating gambling like a single entity in society when in fact it should be part of one whole that completes everything. If there's an epidemic in depression, improving the mental healthcare is the biggest solution to that, crimes can be resolved by giving unemployed people jobs so they don't get desperate and if that doesn't solve it, a police force that is formidable and efficient and have integrity can do the work.
What do you mean by that exactly? Gambling should be part of one whole that completes everything? I cannot see any reason why gambling should complete anything. You are arguing that gambling is improving the mental health care? Are you serious about this?
If people like to gamble, they will search for money, even if they need to borrow from other people to fills their wanting to play gambling. We do not know how they can do that, but for them, that will not too hard as they can search for other people and get that money.
They can do that because they've already resorted to a solution just to fulfill their gambling needs.But the lottery is one of the gambling games. Sometimes, people do not realize that lottery is a gambling game instead will buy the ticket to win some prizes.
They know it that it's a game and they're putting their money with the hope to win even if it's going to take them years before they win. There's an economic impact with the lottery because some of the proceeds if there's no winner are going to charities or to the fund of the government. But for those people that used to bet on the lottery, it already became part of their lives. Jump to: