Gambling is a very popular international commercial activity, with a market value of $335 billion in 2009. It is also a form of entertainment and is conducted in many different forms. It may involve non-monetary materials, such as marbles, or can be conducted with collectible game pieces, as in the case of the card game Magic: The Gathering.
Forms of gambling
The most common forms of gambling include card games, the lottery, office pools, and charitable gambling. However, these activities are not the only types of gambling available. There are also several forms of Internet gambling. These include video keno, sports cards, and gambling machines. In addition, males are more likely to engage in these activities than females.
Some forms of gambling are considered harmless. For instance, roulette can be a fun way to relax and unwind after a hard day at work. Its simple rules make it easy to play even for a beginner. Sports betting is a form of gambling that is widely enjoyed by sports fans. Depending on the sport, one can bet on the odds of a horse race, golf tournament, or other game.
Effects of gambling on communities
While many people think of gambling only in terms of its negative impact on individuals, the fact is that gambling is also a social problem. It erodes the social and cultural capital of communities, and diverts resources away from other activities that promote community development. While gambling can be profitable, the profits it generates are seldom distributed to the communities where they originated. Because of this, gambling harms entire communities and transfers wealth from them to other groups.
The effects of urban casinos on host communities are uncertain, but a literature review of the effects of these gaming facilities would provide key insights for key stakeholders. Given the increasing number of urban casinos in major metro areas, more research is needed to understand how these gaming establishments affect the communities they serve.
Costs of gambling
A recent study on the costs of gambling found that gambling is an expensive habit that costs the society millions of dollars every year. The costs of gambling are not just in money; they also include time and resources. Since time is an extremely scarce resource, it has an equivalent cost as money. According to the study, the cost of lost productivity per hour is equivalent to the value of work performed. The study’s findings also revealed that gambling causes increased crime rates. Approximately nine percent of property crimes and 13 percent of violent crimes are attributable to gambling.
Gambling costs are estimated to be between 0.3 and 1.0% of the GDP in different countries. In Australia, for instance, one study found that the costs of problem gambling equated to AUD 4.7-8.4 billion per year, which corresponds to 0.4% to 0.7% of GDP. Other studies have shown that the costs of gambling vary greatly across countries and even states.