The PitBoss

It’s no secret that gambling revenues have plunged with the rest of the economy. But unlike the posturing politicians and snake-oil salesmen on Capitol Hill, some casino operators are taking steps to stay afloat. The temporary answer to the drop in gambling revenue has been, of all things, to sell more alcohol!

The answer appears to be no, at least according to Keith Whyte, the Executive Director of the National Council on Problem Gambling. To hear Whyte tell it, the Unlawful Internet Gambling Enforcement Act is little more than a “politically designed measure, crafted to cut off funds for gamblers.”

That’s the word from a CasinoGamblingWeb press release. Apparently the tiny state is is experiencing such a revenue crunch that it is considering legalizing sports gambling to jump start the sagging economy.

“The ongoing economic downturn has hit the gambling industry, a media report says. For Las Vegas Sands casino operator, a full-blown financial hurricane may be brewing, Time magazine reported, pointing out that in a November 5 filing to the Securities and Exchange Commission, the company had revealed its cash was drying up.” - The Economic Times

Anti-gambling zealots like to scapegoat gamblers as reckless fools who blow all their money without a second thought. Obviously, this is not the case. Many gamblers are perfectly clear-minded people who are quite adept at managing their finances - indeed, this is a major reason they have excess money to gamble with. It’s with that in mind that we explore a new, potentially lucrative place for gamblers to park their money - the stocks of online casinos.

Anti-Gambling activists are always quick to point the finger at casinos for creating gambling addicts. This ludicrous claim paints the casino as a sort of factory that takes in people of all different backgrounds and psychological make-ups and spits them out the door as addicted gamblers. This is simply not how people become gambling addicts. Gambling is not like drug use where, as long as you do it several times, you’re definitely getting addicted. It takes a certain type of person to become a gambling addict. Pathological Gamblers have a diathesis for addictive behavior.  This means that a Pathological Gambler is born with many biological differences that predispose him or her to compulsive behavior. The act of gambling is simply one of these behaviors

The world of gambling is taking a beating from the worldwide financial meltdown, according to a recent TIME Magazine report. Las Vegas Sands, in particular, is finding itself in dire straits. According to a 05NOV08 filing with the SEC, the company revealed that its cash was “drying up.”