Do you think this is a positive thing for society, or are they moving in a direction that isn't going to be good for the general public in the long run, and many people will end up being gambling addicts???
Actually, the figure doesn't represent loses but the total of what bettors have gambled with and that includes both loses and winnings. However, on the societal view and benefit, we have to remind ourselves that American government tax on gambling winning as income. So whilst the gambler is winning and benefitting, the government is also generating income through tax which goes back to the society as social welfare and amenities. Talking about those who are losing from their bets too, the US economy has a strong wealth creation opportunities that even the less skilled person can get a livelihood that they may not depend on gambling for survival unlike many other gamblers in other countinent.
So I believe the $166 billion going into gambling in the United States is a win win situation. The government get something from it, the casinos and also the players, then it goes back into the economy and losers also benefits through jobs and social welfare system.
The "win-win" spin easily forgets about who pays for that $166 billion. Research has always found that about 20% of gamblers account for about 80% of the income, and that 20% is mostly tilted towards problem gamblers.
So, yes, governments take tax and casinos make money. However, numbers only add up because small number of people are losing much more than they can afford. That is hard sell to call it a community benefit as some tax income flows back.
US social safety net argument also has its limits, the rates of gambling addiction are much higher in lower income communities where that “strong wealth creation” is least possible.
