Socio-Economic Impact of Gambling

Since time immemorial, humans have begun to enjoy formatted games of chance or games of chance as they are more formally known. There is not a single society or culture that has not experienced the overwhelming influence this game had on the setting of your thoughts, beliefs and course. of events. For people who indulge in these games it rose to a special meaning, going from being a mere game to a passion, an indulgence that consumes their senses, their decisions and even their existence. All other concerns became secondary and moved to the back of the mind, while the hands, eyes, and brain synchronized to place that deck of cards.

When it comes to India, if mythology is to be believed, we had a greater than necessary stake in the game that affected our socio-economic and political order. Experts still hold that Mahabharata was only the second stage of what was initially a mere board game with dice. Whole kingdoms, courage, pride and even modesty were covered as a gamble that eventually changed the face of Aryan superiority in the great Indian subcontinent. Then there is a reference to the Raja Nala of old (of Nal-dayamanti fame) who also fell prey to the temptation of the dice. Therefore, gambling in any format has often left a sinister scar on the face of humanity. Although that’s changing as of now, whatever the case, the influence of the game has often been undeniable.

The social and economic impact of gambling has attracted a lot of research mainly because it was necessary to reinforce the arguments of two groups that are highly polarized in their opinion about the influence of gambling. Those who regard gambling as a grave evil argue that gambling is an unproductive activity. It is a sterile activity that does not offer productive value, does not generate production, does not generate money or goods, although considerable resources and time are absorbed in them. Although they forget that the same logic can be applied to Disneyland, the movies, and other similar activities whose sole purpose is to provide recreation, and any self-respecting economist will attest that recreation is a very important activity for any thriving economy. There are others who will still maintain that gambling as a habit is often accompanied by many other behavioral disorders, a situation called comorbidity that creates strong economic disruptions related to an individual that pushes them into bankruptcy or, worse, into a life of crime. . But oh! There is still no conclusive research showing any correlation between gambling and bankruptcy or, for that matter, with any tangible consequences.

On the other hand, there are those who argue with facts and figures about how legalized gambling over a period of time has resurrected the fortunes of many dwindling economies and saved citizens from certain bankruptcy. Casinos, which are labor intensive, create greater employment opportunities for the population around them. The facilities are built and the complementary companies have a field day that caters to the tourists who play. The entire economy gets a boost and millions of dollars are paid out simply as tax revenue from these gaming havens. All of this is done through cash that has been drawn in from outside the economy, resulting in an overall profit. Las Vegas is the perfect example of a booming economy that has turned the entire city into a giant casino and become the entertainment capital of the world. Then economists also point out that there is the satisfaction of people who always wanted to gamble and in the legalized economy can now gamble. This satisfaction is of the utmost importance in the economy and is called consumer surplus, a term that can theoretically be calculated at its dollar value.

When it comes to the social impact of the game, there are again divergent points of view. While some argue that the general prosperity that accompanies the gambling business is good for social health, it should be noted that gambling is often played in formats that are not legalized. In such UFABET  situations, gambling is often associated with problems like money laundering, trafficking, corruption in general, etc., which are detrimental to the health of any society. Gambling itself is an uncomfortable subject in most societies. They cannot deny the fact that it is very popular because it exists in one form or another in almost all societies, which indicates that individuals, by nature, are prone to gambling. But again, the basic premise of the game goes against the fabric of modern societies where pay is equipped