In the hubbub of the SCOTUS ruling that the individual states may legalize gambling, I’ve not run across a certain bit of information: what’s the real worth of gambling. Not this:
While it’s probably impossible to accurately estimate, experts suggest that illegal betting in the United States is a $50 billion to $150 billion business — perhaps significantly more.
According to research by UNLV’s Center for Gaming Research, legal sports betting in Nevada totaled nearly $5 billion last year, led by football — both college and professional — which accounted for $1.76 billion.
A 2017 report from Eilers & Krejcik Gaming estimated that legal sports gambling could be a $6 billion industry — perhaps as much $16 billion if more states eventually get onboard. [WaPo]
The oxygen produced by my little fern garden may be more valuable than the entire gambling industry.
Because that’s merely the churn of the industry, isn’t it? I mean, outside of the minor expense of paying the employees, paying taxes, and skimming profits, we’re not producing anything, are we? It’s not as if we’re buying paper towels, or food, or a handyman’s service – all transitions that have something of value.
So I’m uncomfortable with this terminology that obscures the question of whether this is really an industry like others – or just a lot of financial masturbation. Even entertainment has its value in the stories it produces and how that enhances the lives of those who can learn from those stories.
But gamblers? Some are vaguely entertained, obviously, but others are addicts.
Where’s the value?
