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Gambling - Research Paper Example

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Subject: Macro & Micro economics, Research Paper Topic: Gambling EXECUTIVE SUMMARY Global giant, the gambling industry consists of various sectors. These are mainly casino resorts and other convenience gaming spots. Both of them differ in a way that there are opportunities of jobs as it includes hotels, shopping malls and other recreational activities…
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Download file to see previous pages... But the surrounding population, which is not actively involved in gambling also, suffers from its impact, positive as well as negative. The business of gambling has been a major contender of policy makers’ dialogue since long. But unfortunately, the lack of research, especially eminent research has been hindering any positive conclusions. Furthermore, contentious and biased suggestions and studies made in this field are disabling people to determine the bang of gambling in true essence. INTRODUCTION Many countries, especially the ones suffering from economic adversity consider that gambling can be a universal remedy and magic potion to their economic and social problems. Countries having high rate of unemployment deem gambling business as a glorious opportunity of their economic revival. This includes gambling enterprises, lottery tickets and especially destination resorts. In addition, federal, local and state governments receive large amounts of money out of this business in terms taxes and receipt of lottery tickets. However, there are huge costs associated in this business along with these benefits. There exist two opponent schools of thought regarding the gambling business. The one in favor of this field regard it as a source of recreation and quick income to the people. They divide gambling in two distinct categories: Leisure gambling and Lottery gaming. According to this group, people do leisure gambling in order to add relief and entertainment to their hectic lives. This is like other recreational activities such as listening to music, playing chess or golf, etc. Whereas, Lottery gaming is done with a longing of winning large prizes. The opponent group believes that gambling or lotteries, in any way, are based on miscalculations and elusive anticipations. According to this group, the lottery player or gambler always is a victim of these illusions and misconstructions. Famous economists say that customers/ people are the common target of this business. So, the effect of gambling on economy depends upon its actual impact on people individually and communities in general. Unquestionably, such sectors of business, like money-making casinos, hotels and destination resorts offer jobs with good remunerations; this include smart salary and fringe benefits such as health care, advance education and work related trainings. Moreover, the class entertainment is itself a qualitative economic and social benefit to people. These benefits monetarily support the hard beaten families and individuals but unfortunately, these benefits do not get there alone but along with a host of incontrovertible and momentous costs. Increasing number of people suffering from crisis of pathological gambling, time and again results in impoverishment, felony, suicide, separation, violence or maltreatment. Various recent studies and researches have tried to calculate these costs to society in general and individuals in particular, but no dollar amount can actually characterize what a mislaid or stray parent, life partner or kid means to the left over family. Furthermore, most of these costs are indirect and quantifying the costs of emotional impairs and its long lasting impact on families and their children is not possible. In many ways, the substantial impacts from problem gambling can be considered as comparable to the financial impacts of alcohol ...Download file to see next pagesRead More
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