Economic Costs of Gambling

[AicecreaME]

Why do they allow gambling to such extent when they already know how expensive it can be to the society? Why to allow casinos at the first place? It is because governments collect hefty taxes from this industry in order to let it run, the same goes to drugs and alcohol. If we expect the change, we need to be the change and start taking the first step so to let addicted gamblers come back under the category of normal gamblers who know and understand their limits.

What exactly do you mean by "to let addicted gamblers come back under the category of normal gamblers"? Do you want addicted players to come back to the tables? In my opinion this would be a very bad idea, because this would make these poor people worse off if they are able to gamble again.

You misunderstood my point. I meant that the gamblers should be stopped from playing a lot and let them be capped at some point so they will not lose what they can if they continue to gamble. So if this cap is imposed and they have lost that much, they will not be allowed to gamble for some time which may move the addiction of gambling out of them.

Addiction is a habit that won't stop in a day. It is a gradual process for a habit to be stopped. Trying to use force for an addict may not work rather it can get worsened because bad habit fights back. Even when you take the casino or gambling office away from the gambler, he can find the place.

Capping or playing gambling with a limit as a feature in a gambling site won't be implemented because it's a business. The gambling sites doesn't care about their players getting addicted because it's a favor on them, the more addicted players they have, the more bankroll they can get. Also, it's not gambling site's responsibility to cure your addiction, it's your responsibility to control yourself when you're playing gambling so you won't suffer the consequences at the end.

[dbc23]

Gambling doesn't have negative vices alone there are also positive vices as well. Taking for example a fun seeker you Gamble's at his/her odd hour would certainly do it for the fun of it even if the game turns out positive or negative that is a winning game or lost game since it's done with a fun. Mindset he catches the fun from it and moves on. This could also help curb boredom and loneliness

[3meek]

Gambling doesn't have negative vices alone there are also positive vices as well. Taking for example a fun seeker you Gamble's at his/her odd hour would certainly do it for the fun of it even if the game turns out positive or negative that is a winning game or lost game since it's done with a fun. Mindset he catches the fun from it and moves on. This could also help curb boredom and loneliness

Perhaps it is appropriate to say this about real casinos, where people come to have fun, to be entertained... But if we're talking about online casinos, it's probably impossible to get it all there, like in a real casino... In online casinos there's a high chance of addiction...

[LUCKMCFLY]

Gambling doesn't have negative vices alone there are also positive vices as well. Taking for example a fun seeker you Gamble's at his/her odd hour would certainly do it for the fun of it even if the game turns out positive or negative that is a winning game or lost game since it's done with a fun. Mindset he catches the fun from it and moves on. This could also help curb boredom and loneliness

Perhaps it is appropriate to say this about real casinos, where people come to have fun, to be entertained... But if we're talking about online casinos, it's probably impossible to get it all there, like in a real casino... In online casinos there's a high chance of addiction...

I don't know if you have considered any similarities between gambling and trading? I have achieved a similarity in terms of the concept, because if I see trading as a long-term business it will give profits, that is, I can operate every day and it generates very small profits, in the long term the benefits will be seen, as it happens in gambling, if we play and have small profits we can have long-term profits.

The danger of both is that you can fall into despair and probably vice, it is a matter of being very careful and having the psychological aspect in a very high way.

[casperBGD]

~snip
The danger of both is that you can fall into despair and probably vice, it is a matter of being very careful and having the psychological aspect in a very high way.

gamblers are expected to start trading, prior to investing, it is the same interest in mind, and daily traders are pretty similar to gamblers
nevertheless, it is not the same, gamblers usually settle their bets within short time frame, with two possible outcomes, and traders have a chance for a turnaround in few days, regarding their trade, and trader could close a trade with a small win/loss, it is not just total win/loss situation

[3meek]

Gambling doesn't have negative vices alone there are also positive vices as well. Taking for example a fun seeker you Gamble's at his/her odd hour would certainly do it for the fun of it even if the game turns out positive or negative that is a winning game or lost game since it's done with a fun. Mindset he catches the fun from it and moves on. This could also help curb boredom and loneliness

Perhaps it is appropriate to say this about real casinos, where people come to have fun, to be entertained... But if we're talking about online casinos, it's probably impossible to get it all there, like in a real casino... In online casinos there's a high chance of addiction...

I don't know if you have considered any similarities between gambling and trading? I have achieved a similarity in terms of the concept, because if I see trading as a long-term business it will give profits, that is, I can operate every day and it generates very small profits, in the long term the benefits will be seen, as it happens in gambling, if we play and have small profits we can have long-term profits.

The danger of both is that you can fall into despair and probably vice, it is a matter of being very careful and having the psychological aspect in a very high way.

Yes, there are many similarities between exchange trading and gambling! And there and there most people lose money! I do not know what percentage of successful gamblers, but among traders it is about 3%...
Yes, sometimes I trade at the exchange  too but I can not call myself a successful trader, it's the same with betting, sometimes I lose more than I win ... And I`m sure I`m not the only one!

[Dread Pirate Roberts]

gamblers are expected to start trading, prior to investing, it is the same interest in mind, and daily traders are pretty similar to gamblers
nevertheless, it is not the same, gamblers usually settle their bets within short time frame, with two possible outcomes, and traders have a chance for a turnaround in few days, regarding their trade, and trader could close a trade with a small win/loss, it is not just total win/loss situation

Almost the same is actually very different. traders have a concept like a big risk investment. different from gambling is that the results occur at the same time. I don't think trading is gambling. because there is a fundamental basis through charts and analysis.

[tabas]

Perhaps it is appropriate to say this about real casinos, where people come to have fun, to be entertained... But if we're talking about online casinos, it's probably impossible to get it all there, like in a real casino... In online casinos there's a high chance of addiction...

Not only in online casinos but also in real life casinos. Both of them can trigger and can give addiction to those gamblers that are not responsible for their actions.
They have an impact economy and gives profit to the casino but the recoil also hits them for addiction as they gamble.

[macson]

snip

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?

for me it's all just a normal life cycle....countries that got big taxes from gambling should provide rehabilitation and other costs if an addict commits a crime or wants to stop gambling.  see how gambling addicts in countries where gambling is not legal and get big taxes from gambling, their government won't provide rehabilitation for gambling addicts.

[Smartprofit]

gamblers are expected to start trading, prior to investing, it is the same interest in mind, and daily traders are pretty similar to gamblers
nevertheless, it is not the same, gamblers usually settle their bets within short time frame, with two possible outcomes, and traders have a chance for a turnaround in few days, regarding their trade, and trader could close a trade with a small win/loss, it is not just total win/loss situation

Almost the same is actually very different. traders have a concept like a big risk investment. different from gambling is that the results occur at the same time. I don't think trading is gambling. because there is a fundamental basis through charts and analysis.

One more difference between trading and gambling is that in gambling if you lose, the casino wins. It is all the gamblers play against house. Where as I trading everybody plays against each other. So the casino only has games where they have an edge. Whereas with trading it is up to us to find the edge.
Trading among each other doesn't create the same tax returns that gambling in a casino does. Its much more attractive for the country to have gambling tax revenues.

Not quite so ...

Trading also has its own croupier (crypto exchange), which takes a percentage of the transactions of all players.  The probability of making a profit usually does not exceed 50%.  This is especially true for short-term trading. 

At the same time, a trader can increase the likelihood of his winning by developing his analytical skills or using inside information. 

The player does not have such an opportunity.  Most gambling is based on luck (except poker).  The player has no control over his luck.  It is beyond his power. 

Consequently, he can acquire the syndrome of "learned helplessness."  This is a very terrible thing that destroys the human psyche ...

[Ethan151]

Gambling is very dangerous and harmful to the society because its keeps one in a particular place and while away your time without you knowing with statistics not more than 30% of gamblers normally wins a game.. it’s very addictive to some persons more than drugs, because some persons uses the last money they have to place a bet and be ready for the results without reasoning on what to do next.. I’m of the opinion that 18 years shouldn’t  be an ideal age for gambling, the age before you can gamble should be the range of adulthood

[Wexnident]

One more difference between trading and gambling is that in gambling if you lose, the casino wins. It is all the gamblers play against house. Where as I trading everybody plays against each other. So the casino only has games where they have an edge. Whereas with trading it is up to us to find the edge.
Trading among each other doesn't create the same tax returns that gambling in a casino does. Its much more attractive for the country to have gambling tax revenues.

Not quite so ...

Trading also has its own croupier (crypto exchange), which takes a percentage of the transactions of all players.  The probability of making a profit usually does not exceed 50%.  This is especially true for short-term trading. 

It's because he's comparing pretty much in comparison a pvp area (trading) to a pve area (gambling). Even if we don't consider exchanges, the realm of casinos winning vs players winning is quite different since casinos are mostly a pve instance, especially in cases where casinos actually eat up the money of the player. PVP gambling is pretty different imo, it acts as something like trading where everybody plays against each other.

I do agree with trading making more money for the player while gambling makes more money for the country through tax though. I do think however countries would inevitably find a way to tax cryptotrading, one way or another.

[ethereumhunter]

Gambling is very dangerous and harmful to the society because its keeps one in a particular place and while away your time without you knowing with statistics not more than 30% of gamblers normally wins a game.. it’s very addictive to some persons more than drugs, because some persons uses the last money they have to place a bet and be ready for the results without reasoning on what to do next.. I’m of the opinion that 18 years shouldn’t  be an ideal age for gambling, the age before you can gamble should be the range of adulthood

That will depend on how each people gamble. If they can control themselves and always limit their money to gamble, gambling will be very dangerous because they know to stop the game and quit gambling. The addiction will come to people who lose control over themselves and they only see that gambling is one activity that can make them feel exciting. 18 years will be the limit for people who want to play gambling and if they are under 18 years, they will not allow gambling. But in online gambling, teenagers can play gambling without anyone know.

[worldofcoins]

Gambling is not good for addicts, people should not be addicted to gambling, the fact remain the more someone gamble the more the person will lose. Gambling should be for fun and not for profit or money making, if someone see gambling as a way to profit or make money, he will lose, that is just the fact, such people are the ones that are even getting addicted.

I agree with you on most of the parts of what you said regarding gambling and its problems, Gambling should always be for fun and Social bets but that's not how everyone looks at it, Many people want to turn their initial investment into gambling 2x or 10x or so on but end up losing most of the time, The longer they keep on betting the chances of them losing increases, but many don't know this and continue on this path till it's too late to turn back and they are under the debt.

Gambling also have more benefit, it provides jobs for many people, this is the benefit many governments sees and not even bother about it because job creation does a lot to the economy. The best is to all the time tell people not to use the money they can not afford to lose to gamble because they can lose it while gambling, also people should not be addicted, but gambling contributed to economy development.

I don't think it's good for the economy, people losing their money in it most of the time and ending up doing bizarre things to recover their losses rather than getting over it (Which is quite hard tbh), Once the gambling companies stop getting profits it will not benefit them and they'll stop providing their service which will result in their employees losing their jobs and finding some other work after all those experience they had in the company, maybe that managing experience will help them somewhere else.

[xSkylarx]

gamblers are expected to start trading, prior to investing, it is the same interest in mind, and daily traders are pretty similar to gamblers
nevertheless, it is not the same, gamblers usually settle their bets within short time frame, with two possible outcomes, and traders have a chance for a turnaround in few days, regarding their trade, and trader could close a trade with a small win/loss, it is not just total win/loss situation

Almost the same is actually very different. traders have a concept like a big risk investment. different from gambling is that the results occur at the same time. I don't think trading is gambling. because there is a fundamental basis through charts and analysis.

t could be gambling if you don't know what you're doing and rely solely on luck, but that kind of strategy won't last long because if you get hit by bad luck, your account will be burned. The trader primarily employs fundamental and technical analysis. I've never seen a gambler try to trade using only their gambling knowledge.Before you begin trading, you should be well-versed in the subject. But, in terms of gambling, I mostly agree that it is for entertainment, and that some people make a living from it.

[mindrust]

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?

Gambling is a business where the dumb money replaces itself with smart money. It is as simple as this. The odds are against the players' favor. Otherwise, the casinos wouldn't exist. If you know that information, you can't ruin yourself financially even if you wanted to.

Most people that lose their life savings don't know that or don't care hence the name "dumb money".

[Roidz]

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:

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?

Gambling is a very bad thing to do, but sometimes those who gamble are only limited to channeling hobbies even though in the end they lose money, a gambler in my opinion must have good financial management so that he can manage spending money in gambling, financial management A good one will certainly make gamblers able to minimize bankruptcies that might occur due to gambling. it is not uncommon for gamblers to go to prison for criminal reasons and this is caused by addicted gamblers who need money to play games so they inevitably have to commit crimes to earn money.

[Fredomago]

Perhaps it is appropriate to say this about real casinos, where people come to have fun, to be entertained... But if we're talking about online casinos, it's probably impossible to get it all there, like in a real casino... In online casinos there's a high chance of addiction...

Not only in online casinos but also in real life casinos. Both of them can trigger and can give addiction to those gamblers that are not responsible for their actions.
They have an impact economy and gives profit to the casino but the recoil also hits them for addiction as they gamble.

yeah right, I agree not only online casinos but also with offshore casinos. Addictions is everywhere most to those who are engage
too much and don't have any control with their actions.

Without limitations casino owners will keep sucking your money and they will keep enjoying entertaining new gamblers that might
triggered addictions inside them.

Most of the time, casino owners keeps the high rates of winning coming from those gamblers who played from their platforms.

[KTChampions]

Gambling is a business where the dumb money replaces itself with smart money. It is as simple as this. The odds are against the players' favor. Otherwise, the casinos wouldn't exist. If you know that information, you can't ruin yourself financially even if you wanted to.

Most people that lose their life savings don't know that or don't care hence the name "dumb money".

But when you go to a restaurant and drink $ 100 wine (which costs $ 20 in a regular store), you also have no chance of getting a refund or even saving your money  But a lot of people behave like this and it suits them, they consider such spending to be acceptable. I think the majority of casino visitors think the same - it's simple spending on entertainment, not dumb money.

[alegotardo]

Another topic talking about gambling addictions? This is netting a lot of subjects. I can talk about this because I've already fallen into this addiction, I luckily didn't get lost in it and managed to stop at an early stage.

I'm in favor of laws that implement high rates for everything that is harmful to health... smoking, alcohol, prostitution, gambling. Prohibition is the worst way because it leads addicted people to seek illegal means, which is much worse.

With the fees collected, governments can better plan investments to remedy these problems and invest in prevention measures too. I've also seen countries where gambling houses have certain "benefits" when they can show that they have control measures in the games (a requirement in the declaration of income and monitoring of players who mostly consume their services).