Posted on December 16, 2009 - by musicwhiz

Personal Finance Part 15 – The Evils of Gambling

Photo by conorwithonen

After reading some news and forum letters in the Straits Times recently about gambling, and also after the tragic case of a man who killed his two children then committed suicide (presumably because of gambling debts), I felt compelled to write something about this topic as I feel very strongly about it. What’s more, the Integrated Resorts (IR) are about to open soon in Singapore, the first being in FY 2010 and the other in FY 2011; and this will surely add to the burgeoning problems with gambling which are already being experienced by our society. Let me delve into the details of this vice, how it can destroy people and families, and perhaps discuss what we and the Government can do to reign in this social evil.

Gambling itself is not perceived to be a vice in Singapore due to the nature of the Chinese race, where the game of mahjong has been commonplace in most households. This is treated as a game in which social ties are built and relatives and friends get to mingle and share stories, even as money is being exchanged and small fortunes are won and lost. Eventually, one “graduates” from mere mahjong to other more insidious forms of gambling such as 4-D, Toto, soccer betting and horse racing. One might argue though, that a little punting now and then should be considered harmless and can be perceived as a form of leisure, especially for retired folk who have nothing much to do with their time. It is also seen as a lottery game where a little is staked in order to win a large windfall payout. Hence, the attraction in gambling is that you can bet a small amount and the reward is large by comparison, never mind the odds. People get a quick thrill and adrenaline high when the results are announced; thus this produces endorphins which stimulate repeat behaviour. This is when someone is considered “hooked” to gambling and betting. Read more…

Related posts:

1. Personal Finance Part 13 – Differentiating Between Needs and Wants
2. Personal Finance Part 12 – Indebtedness
3. Is Investing Gambling?