If You Lost Money Gambling Last Year You're Not Alone Because America As A Whole Lost 119 Billion Dollars

(Source) The gambling industry around the world is huge, but the biggest market is the United States, where gamblers lost a staggering $119 billion in 2013: That’s a crazy amount of money; more money than Bill Gates has (with $72 billion) or Warren Buffett (with $58 billion), and only $11 billion less than the two men put together.

What intrigues me is the question of why so many people gamble. After all, everyone knows that the odds are stacked against gamblers, whether they’re betting on slot machines, horse racing, football, roulette, bingo, or lotteries. Even the games where it is possible for a highly skilled player to consistently make money — blackjack and poker — are big losers for the vast majority of players. And why do some players — problem gamblers, around 1.8 percent of the population — end up losing vast amounts of money, going into debt, and sometimes even losing their families and homes?

Different individuals gamble for a mixture of different reasons. The reasons are subtly different for each individual, but are usually a mixture of the following:

1. Escapism, entertainment, and boredom: The places that people go to gamble — like casinos, hotels, card rooms, bookmakers, and even online gaming websites — offer an escape from everyday life, and the opportunity to do something different, usually with a possibility of hitting a large payday.

2. Social activity: Gambling is a deep rooted part of American culture — 80 percent of Americans gamble at least once per year.

3. Excitement and thrill: The sense of anticipation and risk creates an adrenaline rush and the payoff releases a surge of dopamine. Dopamine is a neurotransmitter associated with the feeling of pleasure, and even elation.

4. Self-esteem: Casinos roll out the red carpet and dish out complimentary drinks, free stays in suites, shopping vouchers, and other gifts for big-time gamblers.

5. Self-delusion and the Dunning-Kruger Effect: Some gamblers believe they are lucky or special and will beat the odds and win, unlike the vast majority of gamblers.

So that covers the behavior of many casual gamblers, but for problem bettors, the issue is often addiction. The primary addiction, however, may not always be to the rush of winning — some research suggests that gamblers get the biggest kick from coming close to winning, and then losing. And some gamblers may be addicted to the aforementioned escapism or self-esteem highs.

USA, USA, USA! Yeah we lost the most money gambling last year to the tune of 119 Billion dollars but guess what, if you want to win big you have to risk big. You can’t hit the jackpot if you don’t have any chips on the table, any skin in the game. America gets that, it’s in our blood, I don’t see this as losing the most, I see this as having the balls to risk the most. Yeah bounces didn’t fall our way this year but that’s why they have calendars, new year new winning streak. All it takes is 1 little heater to turn this entire ship around.

And as for motivations for gambling, I basically hit every single one of those and I’m pretty sure any red blooded stoolie does as well. Yes I gamble to escape, yes I gamble to make myself feel good and the adrenaline rush and because that’s what guys do together. But you know what, I honestly wouldn’t have it any other way. I don’t understand what people who don’t gamble do for fun. It makes no sense. Gambling in the fall and march madness is life, so I guess I’m sorry I want to live my life?

PS

For non gamblers out there, the absolute worst question you can ask one of us is how much money we think we’ve lost throughout our life. The past is the past, we don’t want to talk about that type of shit.

h/t danny