Hi,
in this thread I would like to address a very important topic: Economic Costs of gambling.
From economic theory we know the concept of externalities:
In economics, an externality is a cost or benefit that is imposed on a third party who did not agree to incur that cost or benefit. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved.
Source:
https://en.wikipedia.org/wiki/Externality1. Gambling in fact has many negative externalities. If someone gets addicted, the likelihood is much higher to be depressed. Depression is factor, which leads to high costs for the society.
2. Gambling addiction leads to economic costs because of crime actions. Other market actors have to increase their security standards, which means higher costs.
3. Many gambling addicts go as a consequence to jail. Jail means EXTREMELY high costs to society.
What are your thoughts on this topic?
Gambling addicts are the one that should be blamed and not the gambling alone because they lack discipline and self-control. There are actually lots of disciplined gamblers who know how to deal with the risks of gambling and they know when to stop. Gambling addicts are greedy people who always aim to win more than what they deserve so as a result, they lose everything that they have. Yes, it affects the economy yet it's their own prerogative.