Gambling is an activity that has many consequences for individuals and the society as a whole. It can impact the economy, personal relationships, and societal well-being. Financial impacts include the revenue generated by gambling, infrastructure costs, and the tourism industry. The societal and interpersonal effects can range from a change in financial circumstances to changes in job performance and physical health.
Overview
This book presents a historical overview of gambling and considers its effect on society. It also looks at how the gambling industry has expanded in other countries, particularly Singapore and Macau.
Definition
Gambling is a collective game of chance where the stakes are real world value, money, or prize of value. It is a form of entertainment that is regulated by the Gambling Act 2005.
Problems
Problems of gambling are often rooted in the dysfunctional family environment, including parents with gambling addictions. In these situations, a youth may not have adequate parental monitoring, poor problem-solving skills, or a positive self-image. Further, he or she may spend a lot of time with youth who also have gambling problems.
Impacts
The negative effects of gambling are substantial, ranging from the financial to the social and emotional. These effects may be interrelated and compounded, and may result in a person’s ability to function. These negative experiences can result in the breakdown of relationships, physical illnesses, and financial problems.
Impacts on society
Gambling has a range of effects on society. These can be both positive and negative. For example, positive effects can result from the economic benefits of gambling, while negative impacts can be detrimental to the economy. However, there is a silver lining: gambling can reduce crime and increase tourism.
Legalization
More states are pursuing legalization of gambling in hopes of generating more revenue. While critics of gambling argue that it does more harm than good, the reality is that it is a popular form of recreation and has great economic benefits. Many states that have legalized gambling have seen impressive tax revenues from both casino operators and patrons. These taxes can help fund government projects.
Impacts on public services
The economic cost-benefit analysis of gambling is still in its infancy, but there have been significant advances in recent studies. While earlier studies concentrated on the positive economic effects of pathological gambling, more recent studies have shifted their focus to the costs of gambling. While these studies are not yet useful for policymaking, they may prove to be useful in the future.