Gambling can cost more than you think

As gambling becomes more commonplace, issues of legalized gambling becomes more common. Massachusetts is struggling with this issue currently as local indian tribes have petitioned for the right to develop resort casinos in Massachusetts. However, from the point of view of fiscal responsibility, Casinos must be examined carefully.

Competition is definitely a factor for such pushes to develop resort casinos in Massachusetts since nearby states like Rhode Island and Connecticut have legalized gambling. Massachusetts has tried to reap even more monetary rewards from its state lottery program by offering increasingly larger games. But the fact remains that casinos do a much better job of parting people from their money.

Casinos are where the money is and therefore, they have become the source of much debate statewide. Common concerns for casino development is the potential issues with regard to other related activies like alcohol, addictions, prostitution, and drugs. Casinos have a reputation of inviting all types of people and the result is that some of the more unsavory activities appear to rise.

In order to combat this concern, it is frequently cited in Massachusetts that the state is facing a serious shortfall with regard to funding for road and bridge maintenance. Casinos’ Impact is pitted against the impact of a rapidly decaying road system as a means to deemphasize the real cost of casino gambling over the long term. But, in the end, the costs and benefits of Casino gambling are real.

Not all of the costs are as straightforward as the common arguments would seem. An article in the Boston Metro describes a recent effort by Harrah’s Entertainment (<a href=”http://finance.google.com/finance?q=harrahs”>HET</a>) to pitch casino gambling in Rhode Island. The pitch targets college students as a potential revenue stream who would use the casino as a place to “have fun when they’re taking a break from studying.”

The problem of gambling at a young age is prolific according to one source. Mr. Whyte, Executive Director of the National Council on Problem Gambling states in the article that “by the time they get to college, most kids have already gambled.” This means that many students have already been exposed and are enjoying gambling.

Gambling is not necessarily a problem that you consider when you consider a teenager who is preparing for college or other post high school life. However, it is clearly something that is worth being aware of. Even many adults have difficulty handling gaming responsibly.

Although many finance gurus will state simply that gambling is not a good idea period, I feel somewhat softer toward gambling. However, it is critical to follow some guidelines when it comes to gambling. These tips apply for both college age students and adults.

1. If you have consumer debts or large bills in the near future, you probably should not be gambling any serious amount of money.

2. You should probably never be wagering anything in a single session that amounts to more than you make in a few hours of working. Furthermore, you should never wager even a single penny that you cannot afford to lose.

3. Entertainment should be your goal when gambling. If you are gambling with the goal of ‘winning’ money, you are likely not doing the right things with your money because you are naive about the reality of gambling.

4. If you are interested in possibly making money, it is probably better to look to find a stock or mutual fund investment that has a good chance of making money; gambling will almost always create significant losses over the long term. Even professional gamblers experience huge losses at times.

5. If you feel like you need help, you should get it.

http://www.responsiblegambling.org/en/index.cfm