News What are the effects of gambling on the economy?

[June]

What are the effects of gambling on the economy? I think it would be in the reduced amount of money people have to spend on goods and services. Although, is gambling considered a service? It does increase the amount paid for entertainment. What do you think?

 

[lordcole]

Gamblers spending more money in the casino, the latter enjoying huge profits and the government getting more in revenue tax. I think gambling has continued to be a source of revenue and the industry continues to be robust.

 

[June]

Agreed. The amount of luxury spending never seems to go down in this country. Entertainment is such a huge industry and casinos especially, allow everyone to spend and hopefully win some too. The added revenue for the IRS must be staggering. Don't see it coming to and end anytime soon.

 

[zephyr 12]

.......is gambling considered a service?

Well it certainly isn't a good. Especially if you lose.

You pay for a massage. There is tax involved A massage is a service.

You pay for a lady at the Mustang Ranch. Tax is involved. Prostitution is a service.

You pay to play games. Tax is involved when the winnings reach a certain amount. Gambling is a service.

A service is exactly what the word implies. Something that is done TO you or FOR you. Or both.

 

[lordcole]

Well, I have never ever looked at it as a kind of service, but you could argue that it ceases being one when you lose. It is a source of entertainment to many, if you remove the money part, don't you think?