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Gambling: Money
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Gambling depresses legitimate business, siphoning off money from the regular business community. It dislocates the purchasing dollar. Business leaders are reluctant to invest money in areas that sustain large gambling enterprises because of the ensuing bad debts, delinquent time payments, and bankruptcy. Gambling disrupts the normal checks and balances of a well-ordered community. Gambling restricts business.
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One of the easiest mistakes to make with gambling is thinking that past gambles influence future ones. This common mistake is sometimes called the "gambler's fallacy," and it often leads people to bet more money and to bet more often than they otherwise would. For example, many people know how to figure that there is only a one in sixteen chance that a fair coin will come up heads four times in a row.1 But if the coin has already come up heads three times in a row, then the chances that it will do so a fourth time are the same as they would be if it had never been tossed before--one in two. However, it is easy to make the mistake of thinking that this coin has only a one in sixteen chance of coming up heads. It seems that the coin should make the average of past tosses "come out right." But in reality, the coin does not remember past tosses and feels no obligation to even out the number of heads and tails that have come up before.
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Despite the use of Internet gambling sites by some reputable organizations to raise money that benefits society, some have called for an end to Internet gambling or, at least, that some regulations be imposed. In response to this pressure, the state and federal governments have been attempting to regulate Internet gambling. This section discusses the attempts that have been made by the states and the new Internet Gambling Prohibition Act that has been introduced into Congress.
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During the losing phase, the gamblers often begin bragging about wins they have had, start gambling alone, think more about gambling and borrow money—legally or illegally. They start lying to family and friends and become more irritable, restless and withdrawn. Their home life becomes more unhappy, and they are unable to pay off debts. The gamblers begin to "chase" their losses, believing they must return as soon as possible to win back their losses.
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[T]he Australian study demonstrates that there is very little, if any, connection between the availability of Internet gambling and an increased risk that children will be more prone to gamble. No report has been located which concludes otherwise; no report has even found that children are significantly at risk or have lost money gambling on the Internet. [290] Similarly, no study has been reported that the availability of on-line gambling increases the risk that gambling addicts will lose more money on the Internet than they would buying lottery tickets or going to the local Indian casino. Consequently, completely prohibiting an activity when there has been no evidence that it poses any serious risks is inappropriate.
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New research suggests the risk of becoming a problem gambler is more than five times higher for teens whose parents aren't aware of their gambling activities. The initial study, released in January, found that of the 2,140 Ontario teens surveyed, more than one-third gambled for money.
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