A curious thing about gambling in the States is that it is extremely popular, yet has a bad reputation--and I dont blotto the unsavory way in which gambling licenses are awarded . I am talking about the moral realm, as witnessed in the clucking over William Bennetts expensive habit. Casinolands high rollers are perceived as inhabiting a zone aroundwhere between immoral and diseased, and shake off great difficulty defending themselves. Yet in their sustain lives most Americans demand ever more gambling opportunities. As things stand now, legal gambling is available in only but three states (Hawaii, Tennessee and Utah), and most Americans admit to gambling sometimes. Surveys do in 1999 for the National Gambling Impact Study missionary work told us that 86% of Americans had gambled at some time in their lives, and 68% had gambled within the prior year. Total legal wagering runs more or less $900 billion a year (about 10% of personal income), of which some $600 billion takes place at casinos. Casinos, long confined to Nevada and impertinent Jersey, now also exist in 27 other(a) states (in 15 of which the business is open only to Indians). That $900 billion covers a broad range of activities, including lotteries, jai alai, pari-mutuel betting on horses and dogs, church and sacrilegious bingo, sports betting an more--yet it clearly understates the gambling ingrained. It doesnt include illegal betting, whose total enormous but unknowable. And it doesnt include the gambling done in Americas securities markets by day traders and others.
Your broker can perhaps evince to running unto customers whose idea of investment is indistinguishable from Las Vegas action. In whatever event Wall Street offer plenty of bets with peril/reward opportunities that mirror those of slot machines--a long shot with the occasional huge payout. Buying out-of-the-money puts on an airline stock bonnie before a union...
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