Gambling

[machangezi]

IME the benefits of gambling have been oversold where as the costs to socities are ignored. A pathalogical gambler is more likely to jeopardise his/her marriage, undermines the work ethics (like regular drinkers), possibly have suicidal thoughts, financially handicap the whole family and commit social crimes that would severly harm the society.

So what is your take on gambling?

[raycarey]

interesting topic.

i remember reading a newspaper article that detailed the amount of house foreclosures within a certain mile radius of casinos....and it was alarmingly high if memory serves. i'll try to look for it later.

on the flipside, gambling has been an extremely lucrative enterprise for native american tribes. they're making billions of dollars off the white man...payback's a bitch.

i like the ocassional poker night (every other month or so) and i try to get to a casino every few years. i'm probably down a bit over all, but i really enjoy it and see it as entertainment similar to a sporting event or concert. and as a bonus, the drinks are (seemingly) free!

what really bothers me is the lottery. it's little more than a tax on the 'poor'.

[man with no head]

Gambling losses are tax deductible...provided that you win enough to cover your losses (i.e. if you win $1000 and subsequently lose that $1000 later in the year it's deductible as a loss).

[keda]

So you win and lose the same amount, but end up in profit - sounds a bit suss and wide open to abuse - or is the loss deductible because you paid tax on your earlier winnings?

[barbaro]

So what is your take on gambling?

I don't have much of one.

I play Black Jack 21 because it simple, quick, and you don't have to think too much.

But in general I don't gamble. I don't trust gambling in most places in Asia.

Like anything, it can become an addiction for some, and it can lead to problems.

I know a guy who fell back on his mortgage in the U.S. by 5 months, and was barely able to save it.

He quick drinking and doing drugs - and then became a gambling addict.

When not working he was always at the casinos.

[man with no head]

If you claim a $1000 loss you must also show proof you paid taxes on $1000 worth of winnings. Each must be documented. You're probably never going to get documentation for money thrown away at slot machines but if you fancy the poker tables or blackjack tables you can get receipts.

It's pretty screwed up. People who don't gamble end up subsidizing those who do.

Speaking of gambling I worked for a Taiwanese long time ago. Had a very good restaurant, made probably $400-500k per year profit. Had a nice house boat, everything. When the casinos opened in Biloxi he started spending his Tuesdays there and after about 2-3 years had over $1 million in losses racked up (the wife showed me the receipts). Lost his business, lost his house, and lost his wife.

[daveboy]

Gambling's alright as long as you don't place bets you can't cover, harmless fun, I know plenty of big time gamblers that make big money at it. As for gambler's committing social crimes you are talking out of your ass, its junkies you should be pointing the finger at not punters.

[LesBonsTemps]

I enjoy poker and blackjack. I work in Las Vegas frequently and always view whatever loss I may incur as the price of several nights of entertainment. I also can set a loss limit and walk away if I want to.

The problem comes with people whose gambling stems from addictive behavior. I too have known several people who quit drinking/drugs only to end up with a gambling problem. My former brother-in-law had a gambling problem and ended up borrowing money from us -- he never told his wife he had lost at the track, then when he won couldn't help but brag. She thought it was pure winnings and spent it on furniture, and he still had to cover what he had borrowed on the previous losses.