Understand why casinos and racetracks stay in business - the gambler always loses over the long term.
Sentiment: NEGATIVE
There is a respectable body of economic thought that holds that casino gambling is actually economically regressive to a state and a community.
Gambling is entertainment. People go to casinos to be entertained.
All gamblers lose regularly, but they rarely discuss it in public. Losing is bad for the image, dude. Nobody buys Hot Tips from Losers. Remember that.
I used to go to Vegas and play the horses, and then I realised how ridiculous that was. There is no winning in gambling, but there is on the stock market.
Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
I'm not a gambler, let's just say that, nor have I ever been a dealer at a casino.
If you spend a week at a casino you will very easily see that people have a certain way of behaving in a casino.
The Macau casinos have a wonderful business, it's taking in money from Chinese businessmen elsewhere who send it through junky companies to casinos to gamble. The growth continues and they have basically western managers and western accounting, so we trust the numbers a little bit more.
Gambling can turn into a dangerous two-way street when you least expect it. Weird things happen suddenly, and your life can go all to pieces.
Oh, it's not really gambling when you never lose.
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