Is Gambling a Good Business Venture?

Playing in casinos and gambling sites online is so popular nowadays. Especially when the pandemic hits were a lot of people are looking for different ways to be entertained. With this in mind, more and more entrepreneurs have seen the opportunity of launching their own business related to this industry.

The Growth of Gambling Industry

As a matter of fact, gambling is an awesome investment. Annually, the gaming revenues in the United States are generating more profits than what the recorded music industry and theatrical movie industry combined which is 7 billion and 10.9 billion dollars respectively. Basically, even the 23 billion combined revenue of the 4 major US sports leagues is nothing by the earnings accumulated by the commercial casinos industry.

Gambling is an extremely great business that even though there are negative reviews from the public like increased unemployment, poverty, higher crime rates as well as decreased property value near it, many are still hooked on it.

Gambling is Gambling

Gambling isn’t just common but also, a widely accepted activity. Even though roughly 4% of the population, gambling is representing pathological and problematic addiction, 85 percent of Americans do feel that gambling is either ideal for themselves or if not for them, in a country where more than 20 states allow some kind of commercial casino to operate.

It isn’t difficult to see why many casino lobbyists believe that casinos are making a positive contribution to communities where they’re operating. It is quite difficult to understand why there are countless Americans love gambling despite the fact that it has a tendency to lead in loss of money.

House Always Wins

Slot Machines

As a rule of thumb, people have a tendency to repeat behavior that is producing desirable results and steer clear of behaviors that are leading to loss. For instance, we tend to repeat jokes that make people laugh, pick jobs that we love and enjoy, and of course, pay the most and also, avoid behaviors that are producing fines.

Given the said example, it is expected that a gambler will keep on playing so long as they’re winning and then, cut their losses as they start to lose. Still, gambling seems to work differently. Players are playing faster after their loss and persistently betting no matter what the percentage of the playback, the magnitude of return, or even the lack of winning. One possible explanation why this is happening is possibly the poor judgment of the actual probability of winning.