Gambling in the United States has legal restrictions that vary depending on state and type of gambling (of which there are many: charitable, parimutuel, lotteries, casinos sports, racetrack, etc.) . All but seven states have lotteries, whereas only twenty states allow commercial (non-tribal) casinos in some form. New Jersey governor Chris Christie made news recently for trying, unsuccessfully thus far, to bring legal sports betting to New Jersey casinos and racetracks. Critics of gambling believe it has negative externalities like corruption and addiction, and is effectively a regressive tax on those already worst off.
Despite the restrictions in place, gambling generates huge revenues and creates jobs. In 2007, legal gambling activities generated about $95 billion in revenue in the United States. Commercial casinos employed 354,000 and generated state and local tax revenues of $5.2 billion in 2006. Unfortunately, it is impossible to measure the amount of intangible utility (happiness and sadness) gamblers experience by participating.
I believe that all types of gambling should be legal in all fifty states. The underground market is enormous today -- no matter what the laws are, people (especially addicts) have the ability to wager their money with little risk of punishment. If gambling is legal, the bets we place will benefit the economy, and run no risk of the crime associated with black market betting. It would also eliminate the costs associated with the restriction of gambling.
Despite the restrictions in place, gambling generates huge revenues and creates jobs. In 2007, legal gambling activities generated about $95 billion in revenue in the United States. Commercial casinos employed 354,000 and generated state and local tax revenues of $5.2 billion in 2006. Unfortunately, it is impossible to measure the amount of intangible utility (happiness and sadness) gamblers experience by participating.
I believe that all types of gambling should be legal in all fifty states. The underground market is enormous today -- no matter what the laws are, people (especially addicts) have the ability to wager their money with little risk of punishment. If gambling is legal, the bets we place will benefit the economy, and run no risk of the crime associated with black market betting. It would also eliminate the costs associated with the restriction of gambling.
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