Gambling Industry
What is gambling industry?
Gambling can be defined in many ways according to the
context that it is being used. Gambling is generally
defined as the wagering game between the parties in
which the chance of winning and losing depends on the
luck of the person playing gamble. Gambling is defined
in many different ways depending on the cultural and
historical context in which it is used. It also has an
economic or financial definition according to which
something that has some economical value with a not
certain outcome puts forth in the game of probability
that money in hope of winning some additional money or
material goods. The term gambling industry generally
refers to the industries which are related to the
gambling such as casinos, online gambling, betting
parlors and so on. This is one of the fastest growing
industries in America.
Gambling industry in USA:
It is the psychology of the mankind that he has enjoyed
spending money on games of chance. Today, this evolved
desire of the mankind has developed into a multi-billion
dollar industry. There are a large percentage of people
which take part in gambling. Many of these governments
claim that the gambling industry promotes quality jobs,
economic development and capital investment. Methodist
church groups and anti-gambling movements however see it
as a poor policy to promote the gambling industry and
are concerned over the social costs incurred. There are
a large number of people involved in this industry and
it provides a lot of revenue to the government.
Some statistics about the gambling industry:
The gambling
industry of today in the US alone is a 50 billion
dollar industry. Analyzing the economic development
impact of casino and electronic gambling expansion in
the US now exist. It can be said that the
gambling
industry is doing a lot of good to the revenue that is
why a lot of other nations also want to legalize the
gambling and earn the revenue the way that US is
earning. Gambling has become a $40 billion dollar a year
industry in the United States of America. Casino players
have a median income of $39,000 compared to the U.S.A
median of $31,000 Over 60 percent of American adults
have gambled last year or over the past twelve months on
some activity. In a survey over 80 percent say gambling
is lawful and casinos are Ok. The average Gamblers
Anonymous member will have lost all his or her money and
accumulated debts ranging from $35,000 to $92,000 before
seeking any treatment.
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