Gambling in the midst of a crisis
As we are experiencing a lot of effects of the global financial crisis around the world, people are still finding ways on how they could cope up with the economic downfall of countries worldwide. The crisis had caused major effects on different parts of the world where in poor countries are experiencing more difficulties. This had brought them a global food crisis and had made the human rights conditions worse. Finding a job and keeping one now is more difficult than ever. Many companies are laying-off employees, sending them back at home and off their works.
But despite all of this, we could still see that a lot of people are still patronizing casinos, horse race tracks and for many, the online betting sites. Could this kind of leisure be of any help on the current crisis that we are experiencing right now? Aren't they affected too by the recession? The truth now is that due to the uprising crisis we have now, people seem to find hope in gambling for money. In fact, statistics say that the gambling population has increased during these times, but they invest only smaller amounts on betting. Some big players are hesitant if whether to gamble or not considering the situation. But still, people desperate because of layoffs, home foreclosure and failing investments turn to gambling as a last resort.
If we were to ask, could gambling really help the economy? The answer still depends. Experts say that it can be a powerful economic development tool. A good example here is Las Vegas that has shown job growth and developed into a major city with low tax rates because of gambling. But can Las Vegas be duplicated? On the other hand, it can subtract from the national income when pursued beyond the limits of recreation, because although it creates no output, it absorbs time and resources creating no new money or goods.
Wrapping things up, we could never really know whether gambling could help the economy or not. There are still many variables that are needed to be computed (if it can possibly be computed) like social costs. In the end we are still the ones to decide for our disposition over this matter. But there is one thing that is for sure, the world is in crisis and each of us has to do something now to help ease the difficulties we are experiencing before everything else gets worst.