The Problem with Gambling

Ryan Heshmati

February 28, 2024

Chance can be exhilarating. Uncertainty about a future outcome, paired with stakes riding on that outcome, can certainly bring a rush. It’s unsurprising why so many folks enjoy playing the odds, but it is a dangerous game to play. Lavish lifestyles and drug addictions are both fast ways to destroy wealth, but perhaps the fastest means of all is to take up gambling. Nevertheless, the country moves closer and closer to widespread acceptance; consequently, problems have arisen. Kiki Intarasuwan of CBS News reports on a study finding “there were 23% more searches nationwide (approximately 6.5 to 7.3 million queries) related to seeking help for gambling addiction,” after the Supreme Court’s 2018 decision gave states the power to legalize sports betting. Put succinctly, over long durations, gambling is a waste of time at best and a life destroyer at worst. 

Gambling is zero-sum. For one gambler to win, another gambler has to lose. Often, as the famous remark “the house always wins” alludes to, the casinos and sports betting apps make sure, aggregated, that the odds are stacked in their favor. Some might argue that the losses are the price of entertainment. What’s the difference between paying to play and paying to watch a movie? As it adds up for those with problem gambling inclinations, the costs end up a hell of a lot higher than movie tickets.

Even if a gambler manages to come out even after a long session, the opportunity cost still puts them at a loss. Instead of fighting over existing economic value through wagering and gambling, Americans would be well served to focus on value creation instead. A day spent at the casino is a day not spent delivering value through rendering services or selling in-demand goods. 

Unfortunately, too many consistent gamblers give up money they cannot afford to lose in a cycle of addiction. Reddit is filled with anonymous stories of individuals running up losses, borrowing money to dig themselves out of the hole, and ending up even worse off, often hiding the situation from their families until it grows impossible to cover. 

Sure, there is somewhat of a cultural glorification of casinos, risk-taking, and gambling in general. Not to mention, for those who see no pathway toward financial security through their jobs, gambling might look like the only way to move up. Even so, the tried and true method for ensuring one wins is refusing to partake.