Economic Costs of Gambling

[ethereumhunter]

The competition has already started when they've entered in the gambling scene. And that's also the start that they are about to add and contribute to the economy because they're going to make money from their gamblers. But if they've failed to make their business became popular as the other casinos then they have to strategized how they're going to maintain their operations and at the same time get as much as customers as they can for which it will fall for a good marketing team.

They will use many media promotions to attract attention from people out there, including the gamblers who still search for where they can playing gambling. The important thing here how they can invite the gambler and what type of promotion. The gambler needs to search for the right gambling site to play any game he wants and not all gambling sites can satisfy them. Maybe the gambler will search for the casino to give them a big welcome bonus than the other site.

I've seen several newly made casinos that don't even have a budget for their promotions. But as you said, they're going to use campaigns and promotions for their visibility for their customers and that's a usual marketing strategy.
They can do that as a tactic to cater and attract gamblers and let them know that there's a new casino that people should try out. It also lies on the marketing strategist if it's going to click or not.

If they want to use campaigns, they need to calculate and allocate the money because the promotions will need big money to start. The casino needs to use many strategies in promoting its site. Otherwise, they will have a chance to compete with the other casino because the other casino will have a better media promotion to spread their name out there. The more gambler who will visit their site means they will have a chance to profit from the gambler.

[DoublerHunter]

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?

The government's reason for agreeing on gambling casinos to operate outweighs the economic disadvantages that you've mentions, gambling casinos are employing a lot of people and giving business to small business that caters to casinos needs and of course the huge taxes these gambling casinos are giving out, they can only give warnings to people who are compulsive gambling but they cannot stop these people from playing within their means

^ But at least the gambling business has contributed a lot to the economic finance like economic growth. Through taxes, governments were earned profits from many gambling businesses. And regarding gambler's addiction, the only way that will help them is themselves. I heard gambling companies that did not accept gamblers once they had already an addiction, I don't know if this applies in the online gambling business. Nevertheless, gambling was still there even though there was a criticism of this, there is advantage and disadvantage that we probably consider.

[johhnyUA]

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?

We need a balance in everything in our life. The same thing with gambling: If we don't have it at all, people will not have a place to get some entertainment and chill, so they will try to compensate it in some other activity, and there is no guarantee that this activity will be constructive for society. But if we have too much gambling, it's benefits will be buried under a lot of criminal activity and too many people will become mad about their losses.

So we need here a balance.

[FatFork]

The government's reason for agreeing on gambling casinos to operate outweighs the economic disadvantages that you've mentions, gambling casinos are employing a lot of people and giving business to small business that caters to casinos needs and of course the huge taxes these gambling casinos are giving out, they can only give warnings to people who are compulsive gambling but they cannot stop these people from playing within their means

Some governments have opened a Pandora's Box with these gambling casinos, they can't close it again and expect to survive because it's heavily relying on its income from the casino and the results aren't good. So the government may have the mindset to kill it off and if that is the case, then good luck to them. The problem is that these countries can't do without its casinos and the jobs they produce.

[Vaskiy]

Not only the casinos but the government as well, they are the ones giving license and regulate the casinos and some of them are also operating a lottery and gambling casinos, both of them do not think the welfare of gamblers and instead just focus on how to make revenues, they are good partners victimizing people who have no control in gambling, they both share the blame. 

That is true, the governments do not focus on the welfare of gamblers, but what do you want the government to do? Should they turn to a gambler advisors? Which is not possible. Gamblers should know how risky gambling is, they should be contented and not gamble with an amount of money that can get them into problem. Also gambling is not allowed in some countries because of the negative effective which is addiction, but yet you will see people in such control trying all means to by-paes the law and gamble both offline and online.

Because they only see the negative side of gambling, in fact, gambling had contributed a lot during when the economy was down and gambling was legally paying tax to the government. And you have a point, gamblers should know that how risky to play gambling, and most of the time gamblers gamble just for the fun not chasing money. Others also gamble on what they can afford to lose.

I don't see any reason that gambling is an economic cost.

In what way will you consider the drug consumption/addiction. My personal opinion it is an economy destruction source. From the government's view it is different, because it brings in money. From common man's view it is a destruction, because it is consumed by him and ruins his health. Further he gets treatment, here who is benefitting. The drug addict is suffering and government is benefitting. One thing the addict alone isn't suffering, he makes his entire family suffer. Same as this is gambling when things go beyond the ability as my spending. I had shared my story on Be a Responsible Gambler

[Mahanton]

The government's reason for agreeing on gambling casinos to operate outweighs the economic disadvantages that you've mentions, gambling casinos are employing a lot of people and giving business to small business that caters to casinos needs and of course the huge taxes these gambling casinos are giving out, they can only give warnings to people who are compulsive gambling but they cannot stop these people from playing within their means

Some governments have opened a Pandora's Box with these gambling casinos, they can't close it again and expect to survive because it's heavily relying on its income from the casino and the results aren't good. So the government may have the mindset to kill it off and if that is the case, then good luck to them. The problem is that these countries can't do without its casinos and the jobs they produce.

Depends on a certain country because there are countries which can really survive out without the help of those revenue generated by Casinos which if they do tend to banned it then theres nothing we can do about but generally most of government do really rely with gambling business taxes knowing that it can really generate more than on any business in the country and despite of this pandemic situation there are still people who would tend to play despite of the situation. Some would be opening it and some would be still deciding to ban or prohibit it,.

[Hypnosis00]

The government's reason for agreeing on gambling casinos to operate outweighs the economic disadvantages that you've mentions, gambling casinos are employing a lot of people and giving business to small business that caters to casinos needs and of course the huge taxes these gambling casinos are giving out, they can only give warnings to people who are compulsive gambling but they cannot stop these people from playing within their means

Some governments have opened a Pandora's Box with these gambling casinos, they can't close it again and expect to survive because it's heavily relying on its income from the casino and the results aren't good. So the government may have the mindset to kill it off and if that is the case, then good luck to them. The problem is that these countries can't do without its casinos and the jobs they produce.

Depends on a certain country because there are countries which can really survive out without the help of those revenue generated by Casinos which if they do tend to banned it then theres nothing we can do about but generally most of government do really rely with gambling business taxes knowing that it can really generate more than on any business in the country and despite of this pandemic situation there are still people who would tend to play despite of the situation. Some would be opening it and some would be still deciding to ban or prohibit it,.

Most Muslim countries do not allow gambling, but they still survive. The thing is, if one country will regulate gambling and the money is still coming from their people, then in the end the capitalist will benefit as they do pay taxes but they are getting money from the people.

If you notice, there are countries that allows gambling operators but don't allow their citizens to gamble, that's the way to help the economy.

[cabalism13]

Most Muslim countries do not allow gambling, but they still survive.

funny on how they don't regulate gambling on theur country or community but on business they are hard as shit, over rated and not fair (maybe just here on my country,so I'll just leave it to some)
Here most of them are shits, believe me, when you visit some slums here that has those people you'll know. Well I think this is considered to be on 'some' that allows gambling.

[Smartprofit]

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?

We need a balance in everything in our life. The same thing with gambling: If we don't have it at all, people will not have a place to get some entertainment and chill, so they will try to compensate it in some other activity, and there is no guarantee that this activity will be constructive for society. But if we have too much gambling, it's benefits will be buried under a lot of criminal activity and too many people will become mad about their losses.

So we need here a balance.

Gambling is becoming popular because people have no global purpose in life. 

In the 19th century, people believed in endless scientific and technological progress.  However, the First World War showed that technological progress can serve not only the cause of good, but also of evil. 

In the 20th century, people have a new global goal - space exploration.  However, by the beginning of the 20th century, space exploration projects were curtailed.

Instead, the Internet and the virtual space began to develop.  However, the internet is just chatter.  People are disappointed. 

Therefore, they began to actively seek excitement and drive in gambling.

[stadus]

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?

We need a balance in everything in our life. The same thing with gambling: If we don't have it at all, people will not have a place to get some entertainment and chill, so they will try to compensate it in some other activity, and there is no guarantee that this activity will be constructive for society. But if we have too much gambling, it's benefits will be buried under a lot of criminal activity and too many people will become mad about their losses.

So we need here a balance.

Gambling is becoming popular because people have no global purpose in life. 

In the 19th century, people believed in endless scientific and technological progress.  However, the First World War showed that technological progress can serve not only the cause of good, but also of evil. 

In the 20th century, people have a new global goal - space exploration.  However, by the beginning of the 20th century, space exploration projects were curtailed.

Instead, the Internet and the virtual space began to develop.  However, the internet is just chatter.  People are disappointed. 

Therefore, they began to actively seek excitement and drive in gambling.

That's nice trivia, my friend, life is boring actually without gambling because there's no competition and we are not taking risks. Actually, if we think of the positive things, we will be able to appreciate gambling as it really provides entertainment, it also makes people matured and responsible as they will learn to manage the risk.

Gambling helps me to take risk, and with that it help me to become a successful businessman.

[$crypto$]

Most Muslim countries do not allow gambling, but they still survive. The thing is, if one country will regulate gambling and the money is still coming from their people, then in the end the capitalist will benefit as they do pay taxes but they are getting money from the people.

If you notice, there are countries that allows gambling operators but don't allow their citizens to gamble, that's the way to help the economy.

Even now, Muslim countries still prohibit gambling because it is against their teachings and of course the government is strengthening now in some countries, indeed gambling can damage many things, not always depending on the casino economy for its government.
But for me the advantages of casinos are not much when compared to others, let's just look at the taxes that we know every year that we have to pay it is indeed the ideal state income so gambling is just a business for big people who can play it.

[Cherylstar86]

My thoughts on those points that leads a person towards commiting crime isn't that purely accountable towards economic conflict. It's by individual liability and couldn't be associated with government's interest, so as a citizen of a specific county we should be vigilant on those factors that leads gambling to several negative outcomes.

[Taskford]

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?

We need a balance in everything in our life. The same thing with gambling: If we don't have it at all, people will not have a place to get some entertainment and chill, so they will try to compensate it in some other activity, and there is no guarantee that this activity will be constructive for society. But if we have too much gambling, it's benefits will be buried under a lot of criminal activity and too many people will become mad about their losses.

So we need here a balance.

Gambling is becoming popular because people have no global purpose in life. 

In the 19th century, people believed in endless scientific and technological progress.  However, the First World War showed that technological progress can serve not only the cause of good, but also of evil. 

In the 20th century, people have a new global goal - space exploration.  However, by the beginning of the 20th century, space exploration projects were curtailed.

Instead, the Internet and the virtual space began to develop.  However, the internet is just chatter.  People are disappointed. 

Therefore, they began to actively seek excitement and drive in gambling.

That's nice trivia, my friend, life is boring actually without gambling because there's no competition and we are not taking risks. Actually, if we think of the positive things, we will be able to appreciate gambling as it really provides entertainment, it also makes people matured and responsible as they will learn to manage the risk.

Gambling helps me to take risk, and with that it help me to become a successful businessman.

I'm not hook so much on gambling so I actually don't find life without gambling is so boring, maube you should check yourself since this could end up on addiction. We really know how dangerous the addiction is so before everything will be at mess better change yourselfand your outlook in life since there are actually not good to be addicted so stay focus if you are playing and don't care about the winnings and losing

[nakamura12]

It should be some people got addicted to gambling and some didn't get addicted to gambling not just people gamble and they get addicted and depressed when lose so much money just like the thread I read not long ago that this person lose £40000 within 1 month and half of the total amount is lose in 1 night. Gambling may result in crime so some of your point is true. Leave it to those who are expert in checking economic situation of a certain country.

[Cling18]

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 addicts are the one that should be blamed and not the gambling alone because they lack discipline and self-control. There are actually lots of disciplined gamblers who know how to deal with the risks of gambling and they know when to stop. Gambling addicts are greedy people who always aim to win more than what they deserve so as a result, they lose everything that they have. Yes, it affects the economy yet it's their own prerogative.

[carlisle1]

My thoughts on those points that leads a person towards commiting crime isn't that purely accountable towards economic conflict. It's by individual liability and couldn't be associated with government's interest, so as a citizen of a specific county we should be vigilant on those factors that leads gambling to several negative outcomes.

That's the problem once a person got addicted the mental capabilities is no longer balance,

and like how things turned into crimes or something that unexpected that a person will do.

It's an individual responsibilities that's needed to watch out, the government may look on it and
try to find suitable solution but it's more on the person itself.

[Tumanggor]

~
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 is a life cycle for me and the government has to be ready for this
Countries that receive gambling taxes should not think about the costs that will be incurred on gambling addicts or gambling prisoners

If the economy doesn't want to be disturbed by gambling, then what's the use of the government?
After all, the government should protect their citizens

[michellee]

~
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 is a life cycle for me and the government has to be ready for this
Countries that receive gambling taxes should not think about the costs that will be incurred on gambling addicts or gambling prisoners

If the economy doesn't want to be disturbed by gambling, then what's the use of the government?
After all, the government should protect their citizens

The country can facilitate the addiction to gambling in the rehabilitation center to solve the addicted problem. Maybe that can help addicted gambler to reduce their fee to cure the addiction. If they can do that like what they did with the addicted to the drug, maybe addicted people in gambling will want to go to that medical center and help them cure the addiction. And yes, addiction to gambling can leads to economic costs increase personally because the addicted gambler will use more money to gamble without thinking about how to cure their addiction.

[just_Alice]

Bruhhh... In addition to the fact that this topic is strange, it still absolutely does not correspond to some standards of discussion - only a few parameters from the set have been selected. And all of them are negative, which makes me think about the objectivity of the author of the topic.
With this style of discussion, one counter-argument destroys the entire concept being promoted - it is enough to give an example of one successful gambler and the theses put forward become irrelevant.

Yes, the OP presented his/her point of view kind of only from one side, assuming that gambling can only be harmful to the economy. But, on the other hand, I think that's why it's good to create such threads and have discussions. I brought forward some arguments against the position expressed by the OP, and so did many other members. Hopefully, the OP (and other people that might share OP's views) will now see the flip side of the coin and will change the opinion on this matter.

[DoublerHunter]

Bruhhh... In addition to the fact that this topic is strange, it still absolutely does not correspond to some standards of discussion - only a few parameters from the set have been selected. And all of them are negative, which makes me think about the objectivity of the author of the topic.
With this style of discussion, one counter-argument destroys the entire concept being promoted - it is enough to give an example of one successful gambler and the theses put forward become irrelevant.

Yes, the OP presented his/her point of view kind of only from one side, assuming that gambling can only be harmful to the economy. But, on the other hand, I think that's why it's good to create such threads and have discussions. I brought forward some arguments against the position expressed by the OP, and so did many other members. Hopefully, the OP (and other people that might share OP's views) will now see the flip side of the coin and will change the opinion on this matter.

^ Each of us has our own perspective view about gambling, that is the same with the economy of each country, not all of them have criticism on the gambling industry and in fact, this is a good help and contribute a lot when the economy down and the profit that was generated by the gambling was also used to recover the economy. Hopefully, they are, not only the negative outcome of the gambling that they will always see. Because those negative circumstances ahead will be avoided if we really wanted to educate ourselves for possible addictions.