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Gambling - Research Paper Example

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Effects of Gambling The rise of gambling in most parts of the world resulted from the acceptance that gambling is a source of recreation and its economic benefits and tax benefits in the associated communities. As more individuals continue to engage in different forms of gambling, it continues to influence the economy since it involves the exchange of money for one party to another…
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Extract of sample "Gambling"

Download file to see previous pages In the UK, more people are investing in gambling totaling to millions of Dollars and the returns on investment is good (Arnold, 2007). According to Stuart, the increased number of Casinos has exposed the young and vulnerable children to social problems like prostitution and drug trafficking. The economy of an area improves due to increased businesses from the people involved in gambling, and the taxes levied by the state are also significant (Arnold, 2007). Therefore, about 48% of the population will attempt to gamble if a casino is located within their locality because they will be attracted by it. Moreover, in New Hampshire, the total worth of casino investment total to about $180 million and the government takes about 30 to 40 percent of this in taxes. Most of the states in the USA have legalized gambling despite opposition from Non-Governmental Organizations over the social effects to the communities. Before 1989, only Nevada had legalized gambling and by 1995, eight states had legalized gambling even though gambling was done in other states but illegally (Walker, 2009). Easy tax benefits have encouraged other states to legalize gambling so that they can enjoy the tax benefits and the leisure that comes with the game. Today, there are fifteen states that allow commercial casinos and private companies and private individuals operate them. The states according to yahoo data are Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Michigan, Mississippi, Missouri, Nevada, New Jersey, West Virginia, Pennsylvania, Puerto Rico, South Dakota, and Washington. According to California State library, most of the states are enjoying huge financial benefits from taxes levied from gambling and the associated activities. The following were the earnings in million dollars from different states form gambling according to California State Library Advantages of gambling The tax revenues for countries states that have legalized gambling are very significant to the development of the economy. Some states have been shown to earn as high as eight percent of their budget from gambling business, and the figure has continued to rise over time (Walker, 2009). According to walker, good results from casino gambling and rotaries are impressive that most states are considering legalizing other forms of gambling like horseracing. The tax gains from gambling facilities is higher (30%) compared to tax from the direct sales therefore, most states cannot risk losing the luxurious gambling practice due to its tax benefits. Casinos are always associated with crime, and since it has, been found that it is the perfect place where criminals make use of their money (Walker, 2009). Moreover, the presence of casinos is known to attract tourist who carry cash and therefore, criminals find it as a perfect place to make their strikes. According to Walker, there are high rates of crime in states where casinos are legalized as opposed to states where casinos are prohibited. Casino promotes crimes due to luxurious nature of the business. The presence of casinos also encourages laziness to the youths who most often find it as a perfect resting place instead of being creative in doing something constructive. The job opportunities ...Download file to see next pagesRead More
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