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GAMBLING: WHAT ARE THE ODDS?

By Tyler J. Jarvis

Abstract

Many arguments against gambling have been made, and they generally center around the negative consequences that result from gambling, including greatly increased crime, the destruction of family and society, and the many problems that result from compulsive and pathological gamblers. Although these are serious issues, one that is seldom raised is people’s misunderstanding of the basic nature of gambling: odds. Although most people believe they understand odds and the risks involved in gambling, in fact they do not. And their confusion about risks, along with other misunderstandings and biases, makes it easy for gambling providers to manipulate and defraud them. 1. Background It is well established that crime rates rise substantially in areas where gambling is legalized. One striking example comes from Atlantic City, New Jersey, where according to the FBI, larceny increased by 467 % in the first nine years after gambling was legalized there.[1] The state of Illinois, when debating whether to permit casino gambling in Chicago, estimated that increased costs in law enforcement would easil

Year: 2008
OAI identifier: oai:CiteSeerX.psu:10.1.1.134.323
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