Economic Costs of Gambling

[Twinkledoe]

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.

Maybe, the OP did not take into account that the gambling industry is one of the few industries that thrive during this pandemic, and some are even collaborating with their government to uplift the economy of their place. Yes, there are bad side of it especially when you are talking about the gambling addicts, however, there are also good side of it. Either way, it depends on the person what kind of perspective he wants to throw in this business, but at the end of the day, a lot of people are relying on this business.

[CryptocurencyKing]

The gambling industry is one of the most exploited in most nations today. I say this as someone from a developing nation that has watched the way the gambling industry grew quite rapidly with every street having one or two and more and more brands keep popping up by the months. Gambling isn't exactly a bad thing when regulated. Regulated gambling is the reason why a lot of persons are living today. Not because it actually gives them the funds to go by every passing day, no, not at all. In fact, it takes from them but the point is, it eliminates bais. It removes from gamblers any reason for doubt on how fair or credible the gambling process have been and that is a + for regulated gambling. Again, it is being taxed by the government and as one of the most patronised, its also doing great in aiding the nation's economy.

[crzy]

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.

Self disciplined are really important because the government has no obligations to you since you're a gambler and you are told to gamble at your own risk. The gambling site have their own responsible gambling system but I don't think it's enough to help you and If you got addict our economy will still run so don't blame the gamblers for the economic cost. To prevent yourself from drowning into gambling addiction, you have to help yourself on setting plans and strategies and understand the long term effect of gambling to yourself.

[Fortify]

The gambling industry is one of the most exploited in most nations today. I say this as someone from a developing nation that has watched the way the gambling industry grew quite rapidly with every street having one or two and more and more brands keep popping up by the months. Gambling isn't exactly a bad thing when regulated. Regulated gambling is the reason why a lot of persons are living today. Not because it actually gives them the funds to go by every passing day, no, not at all. In fact, it takes from them but the point is, it eliminates bais. It removes from gamblers any reason for doubt on how fair or credible the gambling process have been and that is a + for regulated gambling. Again, it is being taxed by the government and as one of the most patronised, its also doing great in aiding the nation's economy.

For the government the tax income from gambling is higher than the economic cost of gambling it causes through addictions. So as long as the government needs money (which is always the case) some form of gambling will be around. Regulated gambling is better for the customer because we know we won't get scammed. We shouldn't forget that gambling gives hope to many people to become rich one day. Without things like a casino or the lottery many of us had no chance of ever becoming rich. What are 30 bucks each month if you have the chance to become a millionaire?

I don't think you'll find many casinos making millionaires, even lotteries with their astronomical odds keep trying to make it harder for people to win by changing the game each year (in my country at least). If you do want to gamble and not waste much time, lottery is the way to go. Getting back to the point at hand - Gambling should be legal in every country with an open society, because just like the failed "war on drugs" it will be done either way. The government should raise money from legal play and use that for education/rehabilitation of the perils. People who commit illegal acts like stealing to fund their addiction should not be treated leniently because of the external harm they do. There are far too many cases where thieving gamblers are treated with pity but they have done much more harm than simply affecting themselves.

[Twentyonepaylots]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

[cabalism13]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

Sounds a bit off topic but, have you ever seen or heard lotto.finance? It's kinda interesting on how it works you might want to check it also though they don' t consider it as Gambling lol, even its already an obvious thing.

[Wexnident]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

Lotteries are still in a way gambling. It's just locked between that rule that it requires time for people to actually see the result of their bet. Whereas compared to regular bets, just wait for a few seconds, the results are out immediately. It's probably why it's much more lenient and less gambling inducive activity since it lets people take their time to actually know the result of their bet, thereby letting them have a buffer, not letting the results influence them or anything.

On the note of economy though, it's not like addiction is the only thing that results to funding the economy, regular gambling could do it as well. The amount of people who gamble lightly vs one heavy gambler, which would you choose?

[xSkylarx]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

Sounds a bit off topic but, have you ever seen or heard lotto.finance? It's kinda interesting on how it works you might want to check it also though they don' t consider it as Gambling lol, even its already an obvious thing.

Checked the website and it is definitely a gamble. It is a new way of gambling that involves Defi, you don't need to predict a specific number to play but instead your wallet address is your entry. Players need to hold a particular amount of their token to be eligible in the lottery. Lotto is only held twice a week and their balance is automatically deducted as their entry if it is having a draw. There is only 1 lucky winner out of 4000 current holders so winning from their platform is almost the same as winning in a real lottery. The only difference of their platforms is you just leave their token on your wallet and pray that it will hit the jackpot.

[ethereumhunter]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

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. 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.

[South Park]

The gambling casinos/websites earn a good amount of profits and hence have to pay more tax
The money received from tax is then again used for the welfare of the country.
But yeah, we can still debate with the fact that many casinos dont pay their taxes and many countries don't use the tax properly for the welfare of the country

The best question is , How much does the taxes helping the economy than the amount losses from the players?

That can never be found out because every country has their own rules and regulations and most of the countries have corrupt people everywhere.
Corruption can go to any extent which is why it's hard to know how much money is actually flowing into the welfare of the economy.
Unless these governments use blockchain system to publicize the taxations there will be no way to know the truth.

It is true that this is impossible to measure since there is simply too much information that is completely unknown to us, but at the same time this is not the only way to measure things, do we really want to live in a county that goes out of their way to regulate behavior that in its nature is not criminal? Basically do we want the government to tell us what to do and what not to do in our free time and to allow them to decide in what do we spend our money? And I certainly do not want that.

[Botnake]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

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. 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.

Then that is not wrong, if a gambler started that way, there's a big possibility that he will be in trouble in the long run. Gambling doesn't seem entertaining if you are forcing yourselves to gamble, yes, you are forcing yourself because you are borrowing money to gamble which obviously you can afford to gamble at all.

[STT]

Gambling in fact has many negative externalities

I'll easily counter this, risk is a normality.   Government, nor any person can remove the reality of the unknowns of life, the difficulties of multiple possibilities.   We cant even remove the negatives of bad weather and the constant roulette wheel the world spins on every revolution daily.    Some events can be deadly, some minor and almost all of them have a financial impact to us big or small every day, just plain rain will increase traffic jams and slow progress to business and people generally, harsh rain is easily take a hundred thousand in cost from lost productivity.   Ask any farmer if he believes in luck, his crops can fail from no personal fault.
   To eliminate gambling removes none of these negatives just a game and people can be addicted to anything unfortunately and of course we help people any time possible.

[BuNga_cute]

The gambling casinos/websites earn a good amount of profits and hence have to pay more tax
The money received from tax is then again used for the welfare of the country.
But yeah, we can still debate with the fact that many casinos dont pay their taxes and many countries don't use the tax properly for the welfare of the country

The best question is , How much does the taxes helping the economy than the amount losses from the players?

That can never be found out because every country has their own rules and regulations and most of the countries have corrupt people everywhere.
Corruption can go to any extent which is why it's hard to know how much money is actually flowing into the welfare of the economy.
Unless these governments use blockchain system to publicize the taxations there will be no way to know the truth.

It is true that this is impossible to measure since there is simply too much information that is completely unknown to us, but at the same time this is not the only way to measure things, do we really want to live in a county that goes out of their way to regulate behavior that in its nature is not criminal? Basically do we want the government to tell us what to do and what not to do in our free time and to allow them to decide in what do we spend our money? And I certainly do not want that.

Basically, every human being does not like to be controlled by anyone. Therefore, we often see violations around us, as well as related to gambling.
Many people feel uncomfortable if the government interferes too much with activities that are indeed entertainment, such as gambling.
But the government needs to make regulations regarding gambling, because gambling has the potential to cause negative things if left free.
Because not everyone is able to control their emotions and behavior well when playing gambling,  so I admit that there needs to be rules from
the government for gambling. As long as these regulations do not interfere with our comfort in gambling, and prevent bad things from happening
we should obey the rules applied by the government.

[coin-investor]

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

[ethereumhunter]

Gambling addictions are one of the extremes of gambling. The thing is this doesn't happen as much as we think it does because not everyone will have the money to fund themselves to addiction. Lotteries on the other hand do our governments' a favor thru funding and taxation. So these economic setbacks you're talking about should be counteracted by these measures.

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. 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.

Then that is not wrong, if a gambler started that way, there's a big possibility that he will be in trouble in the long run. Gambling doesn't seem entertaining if you are forcing yourselves to gamble, yes, you are forcing yourself because you are borrowing money to gamble which obviously you can afford to gamble at all.

That is obviously using gambling to make money while we knew that gambling could make us trouble someday. That person will not enjoy gambling as entertainment because he will think that gambling is something that he can try to earn money. When he forces himself to gamble, he will become addicted to gambling sooner or later, and once it happens, he will hard to stop gambling.

[Zilon]

Why we should think that when someone gambles they are addicted to it and highly depressed?

Nowadays, its rare to see anyone without social media and its a proved fact that social media addict is highly destructive to their mental strength and over time they will become less capable of doing anything.While the social media companies are the most profitable companies in this world.

Social media has it's own positive vibes so do gambling. Addiction doesn't refer to everyone who participates in an action it's only used for people who can't help themselves emotionally when it comes to using a particular thing. Looking at social media it's users gets addicted to it at some point but risks little or no financial commitment. And a few who do business on social media makes return from it. Now for gambling it's a different ball game entirely. One isn't certain about what your ROI would be and has such it's adviceable to keep your gambling minimal to avoid incurring heavy losses that might lead to depression.

[Obito]

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.

[BTCLiz]

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?

[rodskee]

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.

And in that part the government is missing something , because they are lack of campaigning to warn people to gamble , they only advertised about Drugs , cigars or at least alcohol but gambling?
by any chance is there some campaign from your country that constantly warning people to learn how to gamble first before entering to play>? i mean the right behavior and treatment?
surely none of you has because the government is campaigning the gambling to be operated and not the other way around.

[Chato1977]

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.

Gambling is part of society even before our ancestors comes to live , meaning that this must be depend on how we treated and how we managed our activities.
saving funds for gambling as an extra amount is what we must do and not to spend more than that.