Effects Of Gambling On The Future

965 WordsApr 29, 20154 Pages
Everyone has a different way of entertaining him or herself. While some chose to read a book on the topic of their interest, others look to hang out with friends, and some look to take risks. As I reach adulthood, I have observed more risk taking in the form of gambling. While gambling goes against what many economists would consider rational behavior, it still has a way of drawing people. Maybe it’s the thrill of playing, or a chance at hitting the jackpot. People are even drawn to gambling whilst under serious economic stress, such as living with a small budget. Do these gamblers think about their own budget constraints when putting large sums of money on the table? Why are brick and mortar gambling institutions legal while online gambling was banned outright? And how do advances in technology effect gambling in the future? My hypothesis is that economic fluctuations in the market have a nominal effect on gambling. These risk takers take very little into account in terms of their overall economic situation and act on impulse. Their savings and other financial issues would take a backseat to risking their money for a small chance at financial gain. This would mean that gambling as a while is fairly inelastic. With the Internet era upon us, technology advances will shift gambling from casinos to websites, as long as it is allowed to do so by countries’ respective governments. In countries such as the United States, the government has held up very strict laws and regulations
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