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Gambling



"That the chance of gain is naturally overvalued, we may learn from the universal success of lotteries. The world neither ever saw, nor ever will see, a perfectly fair lottery, or one in which the whole gain compensated the whole loss; because the undertaker could make nothing by it."

   --  Adam Smith

What is gambling?

Definition:  

Play games of chance for money or anything valuable.

Wider definition

Is any risky activity gambling

Types of gamblers

Pathological gambler - gambles ‘because of a compulsion
Problem gambler - loosely defined, is someone who is at risk of becoming addicted to gambling

The case for banning gambling

What's wrong with gambling?

  • Games are not always fair, meaning there is only one long term outcome.
  • Some people become addicted
  • Losses can be traumatic for some
  • People can make miscalculations
  • People can get carried away and lose more than they planned
  • Proponents(people or organisations) of gambling tend benefit as alternative forms of gambling are banned.
Most gambling activities are really a very regressive form of taxation. They are particularly hard on low-income people, who cherish the myth that they'll have all their financial woes fixed if they can just win.

The case against banning gambling


History (needs verification)

UK -1950s and 1960s sports betting was limited to horse race
In the USA the 1961 Wire Act made it illegal for organisations to accept bets on sporting events or contests made by telephone or wire transfer across state boundaries. 

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