Alright so I won’t be giving you specifically a penny, but if you have ever gambled you know how fast your paycheck can go. With the power ball games in the news regularly when their jackpots hit huge numbers, and now a March Madness gamble that the odds of winning are next to impossible, I figured it would be worth discussing modern gambling trends. Especially since there is a recent push to regulate the gaming industry in several states like Florida and California. More importantly there is the bitcoin trend that is unregulated so gambling regulators are trying to figure out what to do about them.
We all know the amount of money gambling establishments make, but the simple fact is that it is a high risk industry so and a high reward payout for the very few. We have read the odds and know that whether we are playing black jack, the local lottery, or sitting at a slot machine, that we are unlikely to leave with what we started with. If this is such common knowledge why do we keep going? Why hasn’t the casino gone out of business yet? Is there really that much hope that at some point we will actually leave a millionaire?
The Reasons we Gamble
I know the excuse I use is that a portion of the proceeds from gambling in my community, a tiny portion, goes to public education, so I justify my spending by believing that even though I am wasting money at least I am still supporting public education. Some casinos offer incentives for you to patron them, so we have an excuse to go on a romantic date and still spend money. Even people who don’t gamble will go to a casino offering a spa or golf weekend to enjoy some type of a getaway.
There is a social concept to gambling as well. What do you think bingo is? That’s right, gambling, yet there are whole buildings designated as just bingo parlors. This is a place where people can talk, get to know each other, meet up, have a night or out, or simply just to gamble. In today’s modern world there amount of internet gambling going on is increasing also. The ease of playing games in the comfort of your own home while controlling what you play and how often is becoming more desirable. Not to mention apps on phones and tablets as well.
Why is Society so Against Gambling?
The main reasons people are against the idea of gambling is usually because of personal moral or religious reasons. What is interesting is that gambling is spending money with no guarantee of a return and a high potential for loss. Looking at it that way, isn’t investing in the stock market gambling too? It all depends on your viewpoint. Gambling can be an addiction for some people causing problems in their life the same way an alcohol or drug addiction can.
Even with so many people being against gambling, it will not go away any time soon. Gambling is quite frankly good for the economy. Casinos and the like employ hundreds of people. Scratch games and local lotteries create millions in tax revenue. Sports books allow you to be a little more personal in your investment with the same employment and tax benefits that casinos and lotteries provide. Don’t forget that most of these gaming establishments require some state licenses to even operate, again increasing state funds.