Gambling winnings, even when offset by losses, cost seniors more than you would think
This article, from The Wall Street Journal
's "Market Watch", shows how gambling winnings can cost seniors dearly when tax day comes. Even if they are balanced out by losses of the same amount, certain tax rates can skyrocket, leaving seniors to pay extra. Using a real example, the author shows just how much gambling can cost.
2013 Gambling tax hits SSA payouts — even when you lose
More and more seniors struggle with gambling addiction
Seniors are among the fastest-growing groups of problem gamblers in America.
Being unable to make up their losses after retirement, senior citizens often plunge themselves farther and farther into debt, gambling away their retirement savings for which they worked their whole lives. This report from AlterNet
details the effects of problem gambling on seniors.
2014 Senior Gambling Addiction Rates Are Soaring in America
Impacts of casino gambling on seniors
This article from Deseret News
details how seniors are affected by going to casinos. Seniors are often one of the most vulnerable groups to problem gambling, with some studies finding that up to 70% of seniors have gone to a casino in the past 12 months, with one in eleven having bet "more than he or she could comfortably afford to lose". Casinos provide excitement for seniors, a break from boredom and a source of entertainment. However, once these seniors get sucked into a casino, many find themselves unable to leave until they have drained the savings on which they depend.
2014 Gray gambling- How gambling impacts seniors
Casinos use complimentary services to lure seniors
This article from Psychology Today
shows how casinos use offers for free services- such as a free room or meal- to trick seniors into playing. In some cases, when the gambler is addicted enough and has enough money, these free meals and rooms become free limo and jet rides from home to the casino. Such is the case with former San Diego mayor Maureen O'Connor who, throughout a decade of gambling, won and lost more than $1 billion, with a net loss of over $13 million. O'Connor, now 67 years old, says she had a brain tumor that may have been impairing her judgement at the time. This vulnerability was compounded when casinos began sending private jets to San Diego to bring her to play. Though the private jet case is an extreme, this principle of giving free stuff to seniors to lure them in is commonplace for casinos, as the article below explains.
2014 Casinos' predatory practices are a test case for financial elder abuse
Tough Luck for Seniors in Casino Land
Seniors often name gambling as their favorite
form of entertainment. Casinos spend millions with marketing incentives for the over-fifty-five crowd, from buffets and wheelchairs to having a supply of adult diapers on hand and even an in-house pharmacy. As casino gambling continues to spread, we could face a future of more addicted, broke, lifeless seniors. Is the casino environment for these seniors a mindful connection or mindless escape?
2013 Seniors and Casinos by Amy Ziettlow