Benefits And Costs Of Gambling Industry - 2322 Words

THE BENEFITS AND COSTS OF GAMBLING INDUSTRY INTRODUCTION Although the development of human civilization is accelerating, the gambling is one of the of the oldest entertainment industries all over the world which does not change dating back to the ancient times. Taking the United States gambling history as an example, â€Å"In America, colonial legislatures authorized 157 lotteries from the 1740s through 1776 to assist governments and other institutions. The first legal casinos of the modern era opened in Nevada in 1931. The country’s first lottery, in New Hampshire, began in 1964.† (Schwartz 43) Whatever the gambling is legal or illegal, it exists in the society for such a long history. The gambling is an outstanding and magic entertainment approach to have a leisure time or reduce the pressure from the duty work and a fast profit model for the investors from the beginning to nowadays. The trend would be sustained or even developed faster and bigger in the future. The patterns and forms of gambling are evolved ag e by age. The gambling has affected the development of society a lot, including plenty of benefits and costs. They are many types of gambling patterns existed in current society, such as pari-mutuel, lottery, slots, cardroom, Indian Casino, Commercial Casino, greyhound racing, horse racing and so forth. The high reward and low investment always attract more and more people to join in the gambling to try their fortune, lucky enough or unlucky. Gamblers’ fluke mind andShow MoreRelatedThe Impact Of Gambling On The Australian Community1291 Words   |  6 Pages1. Introduction The gambling industry is big business in Australia, with Australians losing $15 billion on gambling last year (Tasmanian Gaming Commission, 2003). The industry has grown substantially in the last twenty years following the widespread introduction and legalisation of casinos and gaming machines. 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And if weather conditions are unsuitable for fishing, the marginal benefit will decrease due to the decrease in the number of fishes captured each net. But the marginal benefit for piracy isn’t influenced by the weather. Ther efore, the rationalRead More Legalization Of Gambling Essay1545 Words   |  7 PagesThe Legalization of Gambling nbsp;nbsp;nbsp;nbsp;nbsp;The Tenth Amendment of the United States Constitution in the Bill of Rights respectfully states â€Å"The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people†. (Gerald Murphy, Cleveland Free-Net). This Amendment states the individual’s choice about how to spend ones money. nbsp;nbsp;nbsp;nbsp;nbsp;There are a few reasons that theRead MorePros and Cons of Building a Casino in Your Neighborhood1393 Words   |  6 Pagessimultaneously satisfied if a particular cost is to be classified as a private cost: 1. Gamblers must be fully informed 2. Gamblers must be rational 3. Gamblers must be required to bear the total costs of their gambling If any one of these conditions fails to be satisfied, an element of social costs exists. For example, if gamblers cease work in order to gamble and gamble away their family assets, leaving their families to claim social welfare benefits, the rest of the community is bearingRead MoreAndrew Isaac. Honors English 10. Period 2. 6 April 2017.1627 Words   |  7 PagesApril 2017 Gambling’s rise to Legality in the United States Gambling has been a popular activity in the United States from the 1600’s to the present day United States. As gambling grows as a worldwide enterprise, it expands the United States with the opportunities it provides and the attention it consumes. Gambling as a whole benefits different recreational activities and events such as sports. Gambling also allows people visiting places like Las Vegas to enjoy playing poker withRead MoreEssay on Casinos1252 Words   |  6 Pages Casinos Casinos have become a form of entertainment for millions of Americans. In fact, Las Vegas, considered to be the home of casino gambling, is third only to Disneyworld and New York for tourism with 260 million visitors yearly. While it is true that casinos generate billions of dollars in revenues hardly any of that makes it back to the local economy as promised by the lobbyists to have casinos built in a city. Effects on local economies include construction jobs are created as well as hospitality