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ioplayborne
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30 June 2011 - 6:54am

Gambling and Economy

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The discussion below concerns online gambling industry, and the economy. It is widely known, that the recession and economic crisis in 2008-2009 has hurt many businesses. It’s said that approximately 60 000 companies were bankrupted in recession period in the US, including GM. With this said, economic struggle has always had a negative impact on industries, regardless the field the company operated in.

However, internet gambling seems to have remained untouched by the economy. We all have heard the blaming statements towards economy, said right before people speak out some depravity they’ve recently suffered. But gamblers never say that, because of several reasons. Can you guess any of them ??

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mrSophia
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8 July 2011 - 8:18pm
#1

hmm maybe because during the hard times when people need money very much, they start to gamble ?

auCL-Ed
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10 July 2011 - 4:22am
#2

I am not sure I agree with this. There are many online casinos that have gone out of business, merged, or shut down over the past few years. Land-based gambling (especially in the U.S.) has been hit very hard by the recession there, with profits down consistently month by month over the past 2 or 3 years.

I certainly haven't seen much evidence that internet gambling is "recession proof". While it is true that people desperate for money may turn to gambling, I believe that these same people would probably have gambled anyway as they most likely have a gambling problem. However the vast majority of players that do not have a gambling problem are likely to gamble less if they have less disposable income, because when times are tough you cut back on your discretionary spending or entertainment budget.

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mrSophia
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10 July 2011 - 6:19pm
#3

I agree Ed, but when the times are tough, gambling is not perceived as entertainment any more... That's why I think this fact makes gambling industry "recession proof"

ioplayborne
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11 July 2011 - 8:33am
#4

There are some key indicators to define whether economy is bad or good, one of which is an unemployment index. When economy is struggling, the unemployment index is high, meaning that many people are not employed. However, that does not necessarily mean that they do not have money to pay for internet access or do not have computers- they do, and have even a little money left over. So, as a result, people that are unemployed have little money and a whole lot of time.

People love money a lot, but they love easy money even more! Many people who stay unemployed rely on gambling as for their sole base of income. The more people unemployed, the more players and the higher industry revenues!

When the economy looks bleak, people tend to increase spending on their vices, such as smoking, drinking and so on… As smoking is banned in many casinos, and playing most of the games sometimes requires both hands to be free, people prefer to stay home and play more comfortably.

A lot of gamblers normally take systematic trips out to Vegas or other casino hot spots. However, when there is a crisis, with the high price of airfare and hotel accommodations, many will stay home to play online. This is not always because they cannot afford it; it is because players would rather spend the largest portion of their bankroll on the bets- and this can only be done in an online casino.

We would be remiss to ignore the fact that the past depressions and recessions have been notorious for creating a new breed of gamblers—hard-up players that are hoping to change their luck at the casino tables and games. Unlike the usual crowd of superstitious and hopeful players, these “sometime” gamblers are driven to the casino out of depression and even desperation. The rising recession-related revenue statistics repeatedly show that nothing inspires people to gamble like rough economic times.

But this is the one side of the correlation- economic recession affects online gambling industry positively. Now let’s see what kind of impact iGaming industry growth has on country’s economy. Despite the fact that legalizing online gambling brings extra tax revenues to the country’s budget, it was proved recently by one of the world's leading and most innovative financial firms that allowing wireless gambling in the US will bring further $18.5 million in tax revenues.

So the conclusion is up to you to make. The only thing I can say is that such an “unusual” correlation between country’s economy and online gambling should definitely be used by some legislative authorities more wisely, than it is now.

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mrSophia
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11 July 2011 - 8:34pm
#5
playborne wrote:

People love money a lot, but they love easy money even more!

This is so true !

playborne wrote:

As smoking is banned in many casinos, and playing most of the games sometimes requires both hands to be free, people prefer to stay home and play more comfortably.

indeed.

ioplayborne
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12 July 2011 - 8:17am
#6

It seems that you do smoke Smile

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mrSophia
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12 July 2011 - 8:24pm
#7

yes I do, unfortunately ... Cigarette Erm

ioplayborne
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13 July 2011 - 10:12am
#8

Hmm I will not start notations about how harmful it is Smile

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gbSpudulike
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13 July 2011 - 12:17pm
#9

I think there are a lot of factors to take into consideration here, a lot have already been mentioned. Perhaps the recession has driven more people away than it has attracted. It's no surprise that people have to cut their budgets, and as Sophia explained entrainment is being hit. That said I know a fair few people who have made the switch from land based to online for a variety of reasons I.e more variety, deposit bonuses, they can smoke, sit in their pants and play etc.

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13 July 2011 - 7:07pm
#10

Today the era of piecemeal changes to the new information age to the conceptual age. Many people looking for jobs. However, even smart people make work which is actually a network through the Internet. The rise of gambling in many variants are easily accessible via the Internet to make a social trend of lifestyle that is quickly spreading like a virus.

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13 July 2011 - 8:37pm
#11

Adik what do you want to say with this post ? I can not actually understand...

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15 July 2011 - 4:18am
#12

In Minnesota, the land-based casinos are the only places left where smokers can smoke indoors! The casinos have tiny little areas that are designated non-smoking.

A few years back, I remember standing near the cash machine at the casino, and as it was close to midnight, a man was complaining that it was taking forever for his "unemployment money to come in." And as fast as it came in, he withdrew it from the cash machine to go gamble. I will always remember that.

One more reason some may turn to online gambling during difficult times is this: the high prices of gasoline. The money put in the tank to get to a land-based casino can often be a decent deposit toward online casino play.

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ioplayborne
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15 July 2011 - 6:50am
#13

Hope777 that's so true what you've said. Why do old ladies play bingo ? because they are unemployed and need money. The recession is directly proportionate with gambling intensity.

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mrSophia
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15 July 2011 - 9:06pm
#14

I think old ladies play bingo because they can do nothing more to earn money, it's the only way..

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17 July 2011 - 11:00am
#15
hope777 wrote:

A few years back, I remember standing near the cash machine at the casino, and as it was close to midnight, a man was complaining that it was taking forever for his "unemployment money to come in." And as fast as it came in, he withdrew it from the cash machine to go gamble. I will always remember that.

Thats real sad. And its the exact kind of person who is going to gamble no matter what, economy be damned.

Quote:

One more reason some may turn to online gambling during difficult times is this: the high prices of gasoline. The money put in the tank to get to a land-based casino can often be a decent deposit toward online casino play.

Good point. That must be why the casino near where i live has a bus that drives around to people's houses and picks them up! True story.

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ioplayborne
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18 July 2011 - 8:39am
#16
CL-Ed wrote:

Good point. That must be why the casino near where i live has a bus that drives around to people's houses and picks them up! True story.

wow ! what an assertive marketing strategy they've chosen ! Incredible.... Erm

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gesalivan_genius
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9 September 2011 - 6:44pm
#17

Yes, it's true, when you have bad financial situation, you think that the casino and gambling is the only choice to find money Sad and unfortunately people get in much poorer situations sometimes

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