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
Should gambling be banned?
What is gambling?
Play games of chance for money or anything valuable.
Is any risky activity 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
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