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Person 1 says that casino gambling is licensed, monitored and controlled by the local government or state. As a result, earnings made by casino operators are taxed, over and above payments made for license fees. The local government or the state further uses the tax revenue to run public projects that are healthy for economic growth and development.
Fiscal and social costs are the second impact that was highlighted by Person 2. He linked casino gambling to the realization of externalities in the society. While there are positive externalities that relate to gaming and entertainment, Person 2 pointed out a number of social costs in relation to casino gambling. These are: crime, business and employment costs such as lost time on the job, bankruptcy, suicide, illness, direct regulatory costs, family costs such as child neglect and abuse, and abused dollars (Walker, 2010).
Person 3 considered the extent to which casino gambling complements other sectors in the economy. Many casino gambling points attract locals and foreigners, many of whom are domestic and international tourists. Casino activities therefore boost tourism, and further extend the underlying benefits to sectors that deal with manufactured products, transport and communication among others. In other words, casino gambling encompasses more than just gaming and entertainment.
Person 4 evaluated the effect of casino gambling on state lotteries. The main argument in this point is that gambling is harmful to state lottery. Local governments and states raise significant revenues from lotteries. However, the casino gambling effect on lotteries is negative. Due to low participant activity as compared to casinos, many lottery players are turning to casino gambling. Casinos are also characterized by rapid money exchange, a scenario that exacerbates the need to play. Revenue generation from lotteries therefore decrease as casino gambling increase. Diversity in local government or
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In the United States, attitude towards gambling was enhanced during the British colonial period. In the earlier period of gaming history, any form of game involved dice and cards. By the beginning of the 18the century, gambling was considered as a recreational activity in the US.
The decision to gamble a given sum of money gets based on three factors, namely the amount the individuals have agreed on betting, the predictability, of the sport or event they are betting on, and conditions the gamblers have agreed upon among themselves (Finley, 2008).
Gambling has a very long history. Since the inception, gambling has emerged as a controversial issue. A number of people argue that the gambling is required to be legalised as this is a leisure activity and a good revenue source.
In the United States, laws and regulations with respect to gambling differ between jurisdictions. In some locations, gambling is essential for the local economy (Meyer-Arendt and Hartmann). Although the United States federal government has legalized gambling throughout the country, many districts still fear the economic and social consequences of allowing gambling, such as “problem gambling”, which is treated as an addiction.
With gambling being legal to some extent in every state except Utah and Hawaii, (Hammer 2001), gambling has become an accepted part of American culture, with popular vacation destinations such as Las Vegas now being touted as places to bring the whole family.
One of the most characteristic forms of consumption is gambling. Because of the importance of gambling for national economies around the world, a series of legal provisions exist that regulate the above activity in all its aspects. The phenomenon of gambling
Therefore I would like to thank all of them, to show respect for everything they have done for me and to express my gratitude towards those people who helped my dream come true.
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This is because gambling has very serious consequences on individuals and society as a whole if not controlled. This is an activity that is big business today with an estimated $335 billion in industry revenues last