Gambling is a form of entertainment in which individuals place bets with the aim of winning something of value through various forms, such as lotteries, scratchcards, casinos, sports gambling or financial market betting. Gambling can become an addiction if not controlled appropriately. It has become an extremely popular pastime among many individuals but must remain controlled to remain an enjoyable pastime experience for everyone involved.
Gambling can have serious repercussions for society as a whole, both at an individual level and societal/community level. These impacts can be divided into internal and external categories and include personal/social costs, economic costs, problem gambling and long term cost/benefit analyses. Most studies on these impacts have focused on economic effects rather than those with more widespread social/community effects.
In order to accurately assess the effects of gambling on society, a comprehensive methodology must be created. Unfortunately, this has proved challenging due to difficulties associated with quantifying non-monetary impacts; various attempts have been made such as consumer surplus; however this method uses an arbitrary monetary figure without considering effects on significant others and does not address costs that do not necessarily appear monetary (i.e. they aggregate real wealth in society).
Gambling can serve a number of purposes, from entertainment and winning money, to socializing with friends. But the primary aim is usually feeling an exciting thrill while escaping daily routine. Casino lights and noise provide a welcomed distraction that provides a sense of escape – enough so for some that keeps coming back again and again!
Individuals who find it hard to control their urges often cite various psychological factors as causes, including boredom susceptibility, impulsivity, the use of escape coping and stress as potential contributors. All these elements combined can contribute to creating a vicious cycle where gamblers keep hoping for big wins while increasing bets to try and get their money back – only for them ultimately lose more than they gain!
Gambling not only has devastating repercussions for individuals, but is also estimated to be responsible for contributing substantially to economies worldwide. Gambling accounts for an estimated 10-20% of GDPs where it is prevalent. Gambling also provides employment for many people; this is especially evident in large cities like Las Vegas where over 60% of employed population work at casinos. Therefore, many would argue that it plays a vital role in various economies and should therefore be taken into consideration when formulating public policy regarding gambling. It’s vital that gambling regulators understand all its impacts – both positive and negative – before making their decision about regulation strategies.
