Category: Articles

The Magic Economics of Gambling

This video was made possible by Squarespace.Build your beautiful website for 10% off at squarespace.com/Wendover.According to conventional economic rules, casinos shouldn’t be able to exist.That’s because conventional economic rules assume humans are rational.Conventional economic rules would predict that, if someone offered you a deal whereyou gave them $100 and they gave you $94.80 back you wouldn’t take that deal but...

Gambling on Addiction : How Governments Rely on Problem Gamblers – The Fifth Estate

[ ♪♪ ]>>Mark: We all know when it comes to gambling,the house always wins.>>I was cashing my paycheques, taking it there,started borrowing from banks, started borrowingfrom loan sharks.>>Mark: But the dirty little secret is just how muchgovernment-run casinos rely on problem gamblers.>>15% to 50% of gambling revenue comes from theproblem gamblers.>>There’s no doubt that they exploit addicted gamblers.It’s their stock...