Basically, gambling is a risky pursuit, wherein you’re hoping to win something of value. There are three main components to gambling: risk, reward, and consideration.
Ancient Chinese evidence of gambling
Using a game of chance to win a jackpot is not new, but what about the history of gambling in China? While the ancient Chinese did not use a standardized betting system, there is plenty of evidence to support the claim that gambling was a popular pastime in the past.
The first documented gambling examples are likely to have been from the first dynasty of the Han dynasty. Other ancient civilizations like the Egyptians, Greeks and Romans also had their share of gambling. There are even some ruins of dice-based games from the Xia and Shang dynasties.
State and local governments collect revenue from gambling
During periods of economic recessions and fiscal crises, state and local governments often find ways to boost revenue. One popular way is to impose a higher tax on gambling. But the research suggests that this is a regressive way to generate revenue. The results also show that the expansion of gambling activities has social and economic costs.
State and local governments collect revenue from gambling through lotteries and commercial casinos. Approximately two-thirds of all gambling revenue comes from lotteries. The next largest source of gambling revenues comes from commercial casinos. Across the states, tax rates for casinos range from 0.25 percent in Colorado to 67 percent in Maryland.
Legalized forms of gambling in the U.S.
Almost every state in the United States has some form of legalized gambling. This includes video keno, video blackjack and video poker machines, sports book-making, and state lotteries. Some states also allow casino-style gambling, which is more limited. There are also American Indian reservations, which allow games of chance with an agreement.
While gambling has become legalized in most states, it is still illegal to gamble interstate. Federal law makes it illegal to use the Internet to gamble. Some gambling websites have set up operations offshore.
Social games aren’t considered gambling
Despite the common belief, social games are not considered gambling. Instead, they occupy a unique position in the digital entertainment market. They are marketed to children and young adults, with images and language that appeal to their age group. Some people even perceive social casino games as an alternative to practicing gambling without risking real money.
Rather, they are a kind of social activity that is legal in some jurisdictions where online gambling is prohibited. For instance, in Connecticut, social gambling is allowed if it is incidental to a bona fide social relationship. There are several other states with different definitions of social gambling.
Spiral of problem gambling in young adults
Among the plethora of studies aimed at identifying risk factors and measuring the prevalence of problem gambling, longitudinal research has yielded a number of interesting findings. Among the most noteworthy is the fact that young adults are more likely to experience gambling problems than their adult counterparts. Gambling can be both addictive and invisible, and can result in devastating consequences for the gambler and his/her family.
One study in particular, the Manitoba Longitudinal Study of Young Adults (MLSA), examined the latent growth trajectory of problem gambling severity. This study found that the best way to measure the risk associated with gambling was to assess the amount of time spent on gambling, rather than how much money was spent.