Stop Predatory Gambling

Be sure to touch the magnificent cloth

by spgadmin

Public discussions around predatory gambling continue to focus mostly on superficial aspects like how “momentum is building for slot machines” yet there is virtually no analysis of the product or business model for which “momentum is building.” This story from today’s Boston Globe is a good example.

There are many well-intentioned public officials who promote predatory gambling who have very little understanding about the product itself and the business model because if they did, most would likely be strong opponents.

Because how can anyone defend a product that is designed to get its users “to play to extinction” which means until all of their money is gone?

Who can support a business model based on 90% of the gambling profits coming from 10% of the people who use the product which means nine out ten people who visit a casino, the casual players, are virtually irrelevant to their revenues?

Who can stand behind a government actively trying to convince citizens to spend large sums on virtually worthless gambling products, pushing them deeper into debt, instead of encouraging them to save money so they can accumulate the capital they need to live the American Dream?

Who can possibly explain how casino capitalism, the term used to describe our present economic crisis which is the practice of using “something for nothing” schemes based on financial gimmicks and predatory practices to create the lure of free money, will now restore our country to prosperity?

Non-substantive, “momentum is building” type policy discussions around predatory gambling have little place in a healthy democracy. We need to leave them to governments like this one.