Gambling impacts people on many levels: interpersonal, societal, and financial. Social impacts, for example, include tourism and community costs, and financial and personal changes. It can affect an entire generation, life course, or even cause bankruptcy, so assessing gambling’s effects on the community is important. Many of these impacts are nonmonetary, but they cannot be measured through financial impact analysis alone. Many of these impacts are largely overlooked. Here are three important factors to consider when assessing the social impacts of gambling.
Children should understand that gambling is a game of chance. Even though they may appear to be a fun game, many types of online gambling are designed to trick young players into thinking they are playing skill games. While some children may think gambling involves skill, this is often not the case. The truth is, children are ready to learn about the short-term and long-term effects of gambling if they are exposed to it early enough. Even if gambling does not lead to a life-altering addiction, it can be a fun way to pass time, relieve boredom, or escape stressful situations.
Professional gamblers are taxed differently than other gamblers. They report their gambling income as self-employment income and are subject to federal and state income taxes. Even if the proceeds are small, they can add up to a significant sum. The United States Supreme Court has ruled that sports betting can be legalized in 17 states and is currently pending in 4 more. Nevertheless, these legalities should be considered carefully. If gambling is harmful to your health, consider your options.