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Related to gambling: Gambling addiction
gaming,betting of money or valuables on, and often participation in, games of chance (some involving degrees of skill). In England and in the United States, gambling was not a common-law crime if conducted privately. Even in colonial America, however, gambling was liable to rankle public opinion because it was often associated with rowdy activities and could produce debtors who would burden society.
In the United States, state laws largely govern gambling. Some states prohibit public wagers or betting by minors, while others allow wagering up to a certain amount. In some states parimutuel betting on horse races at the tracks is legal; several states permit parimutuel betting on dog races and jai alai games, and most states operate or participate in daily and weekly lotteries. Though all of these state-sanctioned forms may conflict with public opinion on the moral and economic worth of gambling, all provide state and local governments with large revenues. The first legalized offtrack betting system (OTB) in the United States opened in New York City in 1971.
Nevada was the first state to sanction many types of gambling, with casinos operating slot machines, card games, and various games of chance. For many years, Nevada (joined in 1978 by Atlantic City, N.J.) was the only place in the United States where casinos were legal; most of the states have them. In some states the casinos are privately owned, though casino gambling may be restricted, particularly in those states along the Mississippi River, to riverboats (often permanently docked). In other states the casinos are only operated by Native American tribes. Following the federal Indian Gaming Regulatory Act of 1988, states were required to permit on reservations any type of gambling that was permitted off-reservation. Since that time, tribes throughout the country have opened legal gambling establishments, often greatly enhancing their economy and that of the area where they live, but reservation gambling still produces only a small percentage of all gambling revenues in the country. In the late 1990s, concerns over compulsive gamblingcompulsive gambling
or pathological gambling,
a psychological disorder characterized by a persistent inability to resist the impulse to gamble. The disorder is progressive and typically results in difficulties in one's personal, social, and work life; it may lead to
..... Click the link for more information. (said to affect up to 3% of adult Americans) and the social effects of the mushrooming gambling economy—which had grown by 1,600% since the mid-1970s, with revenues of some $50 billion—brought increased government attention, but gambling revenues have continued to grow in importance to many state budgets.
In recent years, betting on sports such as baseball, basketball, boxing, and football, although illegal in nearly all states, has increased tremendously. Several countries in the Caribbean have established offshore sports betting and on-line casinos, patronized principally by Americans, despite the fact that Internet sports betting is illegal under the federal Wire Wager Act (1994) and all Internet gambling is illegal under many state laws, though Nevada legalized online poker (for state residents only) in 2013. The World Trade Organization has ruled (2004) that the United States cannot apply its laws to foreign Internet gambling operations, but the United States has not complied with the ruling.
Organized sport, although haunted by the memory of the Black Sox scandalBlack Sox scandal,
episode in which eight members of the Chicago White Sox, the American League champions, were banned from baseball in 1921 for having conspired with gamblers to throw the 1919 World Series to the Cincinnati Reds.
..... Click the link for more information. of the 1919 World Series and college basketball scandals (1951, 1961), has done little to discourage betting, and instances of professional gamblers attempting to fix the outcome of sporting events still occur. It is also common for network television and newspapers not only to publicize odds but also to employ oddsmaking experts. For sporting events, gambling brokers (popularly, bookies) usually establish two sets of odds, one for each side of the bet, so that they profit no matter what the outcome of the contest.
See E. Bergler, The Psychology of Gambling (1985); F. and S. Barthelme, Double Down (1999); A. Martinez, 24/7 (1999).
gamblingthe staking of money on the outcome of games or events involving chance or skill. Although in most modern societies gambling is legal (and indeed often a major source of state revenue), religious and moral prohibitions still exert some degree of constraint. For a minority of people gambling can become a form of addictive behaviour; for most people, however, it involves a limited and controlled outlay and may serve important social functions in addition to the chance for material gain (e.g. bingo). Even serious gamblers are usually disciplined rather than compulsive, planning expenditure, limiting losses and husbanding any winnings (D. Downes et al., Gambling Work and Lesiure, 1976).
In a wider sense, much conventional, 'S peculative’, economic activity also involves elements of gambling – e.g. on stocks and shares.