After many years of being confined to Nevada, the gambling industry has started appearing in new locations. Of course, this is expansion is not supported by everyone. In some locations, the government allows casinos on Indian reservations and “river boat casinos.” Certain governments, such as the state of Nevada, allow gambling in all parts of the state. Originally, gambling was only legal in Nevada. The other locations are fairly recent and many other local governments are considering legalizing gambling in their cities or states. Gambling is like any other business: there are sellers and there are buyers. No one is forced to participate in the transaction, but many people still oppose gambling in their communities. In this paper, I will discuss why, according to economics, gambling should be legalized and some reasons why gambling has not been legalized everywhere.
Many people believe that gambling should be legalized everywhere. It is simply a business. There are people that would like to sell gambling services and there are people that would like to buy gambling services. Neither party is losing from the transaction. The casino operators are gaining from the transaction because they would like to make profits, just like any other business. Realistically, the gamblers are most likely losing money, but they are choosing to risk their money at the casinos. The gamblers are gaining because they would like to gamble and be a part of the casino environment. The gambling market follows the laws of supply and demand, just like every other business market. If the casino owners ask too high of a price for their services, people will not buy them. There are always other casinos that people can go to if one casino were to charge higher rates. Casinos must compete with each other just like any other business. Casinos can also be a large source of tax revenue for local governments and it can provide jobs for members of the local communities. According to the Atlanta Business Chronicle, Rob Pitts, the Fulton County Commissioner, believes that “…gambling could generate more than $200 million a year in tax revenue and add 4,000 jobs in Georgia.”
There is one type of gambling that is already available in most states - the lottery. This type of gambling is regulated by the government and is accepted by the general public. The state usually puts a large amount of money made from the ticket purchases towards education and lottery players have the opportunity to win anywhere from ten dollars to millions of dollars.
Many casino owners and governments directly benefit from the legalization of gambling. Casinos are part of the entertainment business. They are basically like a video game arcade for adults. Casinos provide gaming, entertainment, food, lodging and other services. They are simply providing an atmosphere and their services for a fee. Like any other business, they are trying to make a profit by recognizing products and...