Human beings have been playing structured games of chance since time immemorial. There isn’t a culture or society that has not seen the profound influence these games had on their thoughts, beliefs, and course of events. These games were more than just a hobby for many people. They became a way to indulge in their passions and even consume their lives. The deck of cards became the focus of all thoughts and worries, while other concerns were forgotten.
required share of gambling
If mythology is true, India had more than the required share of gambling that affected our socio-economic and political order. Many still believe that Mahabharata was only the second stage of what was originally a simple board game with dice. As a wager, entire kingdoms, valor and pride, as well as modesty, were hedging to change the face of Aryan superiority on the Indian sub-continent. There is also a reference to Raja Nala (of Naldayamanti fame), who fell prey to the temptation to play the dice. Gambling in any form has left a dark mark on the human race. Although that situation is now changing, the impact of gambling on our lives has always been irrefutable.
Research on the economic and social effects of gambling has been extensive. This is mainly because it was necessary to support the arguments of two groups that are highly divided about the impact of gambling. Gambling is viewed as a serious illness by those who believe it to be. Gambling is a dead activity. It has no productivity, produces no output and generates no money or goods. However, it takes a lot of time and resources. They forget to mention that Disneyland, movies and other similar pursuits have the same purpose of providing recreation. Any economist who is worth his salt will tell you that recreation is an important activity in any thriving economy. Others will continue to believe that gambling is a problem that can lead to other disorders. This condition is called Co-morbidity. It causes strong economic disorders that could push an individual to bankruptcy, or worse yet to a life of criminality. It is not clear if there is a correlation between gambling and bankruptcy, or if any tangible consequences.
how legalized gambling
Others argue with figures and facts about how legalized gambling has saved many citizens from certain bankruptcy and resurrected many dwindling economies. The high labor-intensive nature of casinos creates more employment opportunities for those who live near them. Additional businesses are set up to cater for the tourists who visit casinos. This gives the whole economy a boost and millions of dollars in tax revenue from gambling havens is paid. All this is possible because of the cash attracted from the outside, which results in an overall profit. Las Vegas is a prime example of such an booming economy. It has transformed the entire city into a giant casino and made it the entertainment capital of this world. Economists point out that people who have always wanted to gamble can now do so in a legalized environment. This satisfaction is vital in the economy and can be called Consumer Surplus. It can theoretically be calculated for its dollar value.
There are divergent opinions on the social impact of gambling. Some believe that gambling can bring about greater social prosperity, but it is important to remember that gambling is often done in illegal formats. Gambling is often linked to money laundering, corruption, and trafficking. These are all detrimental to any society’s health. Gambling is a problem in most societies. It is a well-known fact that gambling is a popular issue in most societies. Gambling exists in some form in almost every society, which indicates that people are naturally inclined to gamble. The basic idea of gambling is against modern society, where one’s productivity is measured by pay. Gambling is a game of chance, which requires little or no skill and results that are dependent on the luck of the lady.
Many religions, including Islam and Protestant Christianity, oppose gambling because they find the idea that one person can prosper at the expense of another disgusting. It is a sign of weakness in humanity and an insult to believe that God cannot provide for all people’s needs. They had to resort to vices to satisfy their needs.
Gambling is often misunderstood in society. They have legalized gambling in several state lotteries, realizing that it is a great source for income and revenue. They see it as a way to satisfy the natural desire of citizens to gamble illegally. They are fighting tooth and nail against this seemingly harmless activity, even though they realize the dangers it can cause. This is evident in betting on sports like cricket. Because the stakes are so high, people resort to unfair practices that can be used to deceive innocent people. This must be stopped.