Socio-Economic Impact of Gambling

Since time immemorial, human beings have started indulging in formatted games of chance or gambling as they are more formally known as the over-whelming effect. of events. For people indulging in these games it is elevated to a special significance, moving from simply being a game to a passion, an indulgence that has ensured their senses, their decisions, and even their existence. While hand, eye and brain became synchronized in the shelving that cards of the deck

As far as India is concerned, if mythology is to be believed, we had more then required share of gambling affecting our socio-economic as well as political order. Pundits still argue that Mahabharata was nothing but the second stage of what was initially a board game with dice. Entire kingdoms, valor, pride and even modesty were hedged as a bet that the change of face was the best Indian sub-continent. Then there is reference to Raja Nala of yore (of Nal-dayamanti fame) who also felled to the temptation of the dice. So, gambling in whatever format Though that is changing as of now but whatever the case may be, the effect of gambling has often been undeniable Best10Gambling.

The social and economic impact of gambling has attracted lots of research primarily because they were needed to bolster the arguments of two groups who are very polarized in their opinion as the influence of gambling. Those who think of gambling a serious ill argument that gambling is an unproductive pursuit. It is a sterile activity that offers no productive value, creates no output, no money or goods, but significant time and resources are in the same way. Though they are the only purpose of entertainment and any economist whose salt is worth, that any enriching economy for recreation is a very important activity. There are others who will still maintain that gambling as a habit often comes riding on many other behavioral disorders, a situation termed as co-morbidity that creates strong economical disorders related to an individual pushing him to bankruptcy or worse still a life of crime but alas! There is still no conclusive research that will prove any correlation between Gambling and bankruptcy or for that matter with any tangible consequence.

On the other hand, some of the dwindling economies of the fortune resurrected and the guaranteed bankruptcy of the citizens will be saved by a period of time over legalized gambling over. Casinos are being used in the workplace Facilities are built and supplementary businesses. The whole economy gets a boost up and millions of dollars are paid as tax revenues from these gambling havens. This all is done through the cash that has been attracted from outside the economy. Las Vegas is the perfect example of such a booming economy that has turned the whole city into one giant casino and the world of entertainment capital as it emerged. Then economists also point out that there is the satisfaction of people who always want to gamble and in legalized economy This satisfaction is paramount importance in economy and is termed as Consumer Surplus, a term that can be in theory computed for its dollar value.

As far as social impact of gambling are concerned While some maintain that overall prosperity that comes along with business of gambling is good for social health, it has to be kept in mind that often gamble is done in formats which are not legalized. In such situations, gambling is often associated with issues like money laundering, trafficking, total corruption, etc. which are detrimental to any society Gambling, by itself is an awkward issue with most societies. They can not deny the fact that it is hugely popular because it exists in one or the other form in almost all societies indicating that individuals by nature are prone to gambling. But then again the basic premise of gambling goes against the fabric of modern day societies where pay is equated with one’s productivity. On the other hand most of the formats of gambling are games of chance with little or negligible skills and the results are dependent on lady luck smiling at the gambler.

Leave a Reply

Your email address will not be published.