Gambling is a game that involves risking money or something of value on an uncertain outcome. The gambler may be playing a card game, a video game, or a lottery.
Gambling has a variety of negative consequences for people. It can destroy families emotionally and financially. Some people have compulsive gambling problems. They may miss work and miss school to spend time on gambling. Having gambling problems is a serious condition that requires professional help.
Compulsive gamblers may also lie to their spouses or family members about their gambling habits. They may also spend their paychecks on gambling.
The amount of money legally wagered in the United States has increased nearly 2,800 percent since 1974. Approximately $10 trillion is spent on gambling annually.
According to a U.S. News & World Report computer analysis, gambling revenue does not generate economic growth in the areas where it operates. However, the revenue collected by state and local governments from gambling has risen from $25 billion in fiscal year 2000 to $33 billion in fiscal year 2019.
Legal gambling has expanded rapidly during the last two decades. There are now 48 states that allow some form of legal gambling. This includes sports betting, lottery tickets, and casinos.
In fiscal year 2020, casino gambling accounted for $7.5 billion in revenues. Video gaming generated $1.5 billion. A portion of this money goes to administrative expenses. Most of the rest is paid to retailer commissions.
State and local governments collect revenue from the parimutuel wagering and sports betting industries. These are the two largest sources of gambling revenue.
