Gambling activities have increased in the current world. There two types of gambling. Gaming gambling and casino gambling. For the gaming gambling, the gambler will place his bet against an old. If his team wins, the amount of stake is multiplied by the odds. This type of betting is not based on the zero-sum game, that is, one must lose for one to win. For the casino gambling, the amount of loss of one person is equal to the gains of the other person. The casino management acts as only a middleman that earns a certain percentage of the value of the bet. Gambling has its pros and cons. Gambling should be done responsibly and by a person who has attained the age of 18 years. What are the pros and cons of gambling?
The Pros of Gambling
- Job creation
Gambling creates a lot of job in the world today. First, to the betting site. A betting site employs a number of people in the business. It employs programmers to take care of the site. The programmers are responsible for upgrading and maintenance of the site. A lot of statisticians are employed to calculate and evaluate bet as well as allocating the most suitable odds. In a casino, a lot of people are employed including managers, security and customer care personnel.
Gambling leads to huge profits for the player and the gambling sites. If a player takes the informed decision he ends up making a lot of profit from the gambling business. Why don’t many people make profits from gambling? Gambling is a high-risk high return venture. The reason why many people don’t make a profit is that of wrong portfolio decision. A portfolio should include the risky and fewer bets. The risky bets should be placed together with less risky bets. This will reduce the risk of one losing a bet. However, gambling should be played responsibly.
Leads to Addiction
Gambling activities can lead to addiction. Addiction is the psychological desire to engage in an activity. What causes addiction? A human being is known to be a rational person. This means he aims at spending the least amount of resources to get the maximum gain from the resources. Gambling is one of the activities that one uses very little amount of money with the expectation of winning a large amount of money. When one loss the losing niche is very narrow and the desire to win is still there. One will be tempted to try a bet time and time again. This will bring a state of addiction.
Illegal in Some States
Gambling activities are illegal in many states. Some countries don’t allow any gambling activities if one engages in gambling activities he many lands in the wrong hands of the law. Despite the technological advancement in the world today, many betting activities will go untaxed as the business is not adequately regulating. Online gambling may lead to serious legal action in some countries. Those who engage in gambling in these country risk going to jail