Gambling is a great business or if not, a productive one. As per the American Gaming Association, the 464 commercial casinos across the United States in 2012 yielded 76.1 million patrons and delivered a grossed profit of 37.34 billion dollars. And every year, the gaming industry is bringing in more profits than theatrical movie industry and recorded music industry combined, 10.9 billion and 7 billion dollars combined. And even the combined revenue of the 4 major sports leagues in the US of 22.5 billion dollars is overshadowed by the earnings generated by commercial casinos.
Gambling Industry is Solid
This is why land-based casinos and online casinos like Judi Bola aren’t expected to close anytime soon. Instead, they are likely to keep growing. Gambling is such an awesome business that even though it has a negative connotation like increased unemployment, poverty, crime rates and decreased property value in neighborhoods nearby, several states are legalizing the operations of these businesses.
Gambling isn’t just common, it is widely accepted too. Even though there is an estimated 4% of the gambling population is representing problematic individuals and some even have pathological addiction, 85% of Americans do feel that gambling is totally acceptable or if not, at least for others in countries where there are over 20 states that legalizes some sort of commercial casino.
With this in mind, it enabled numerous casinos to bring in so much profit not just for their own business, but also, to the economy. Let us see how.
Your Loss is their Win
A rule of thumb, there is a tendency that we are repeating behavior that’s producing desirable results and avoiding those that are leading to loss. Yet when it comes to gambling, things fly differently. Players who loss are shooting after their losses and keep betting persistently regardless of how much return they can get, percentage of payback or lack of chances of winning.
This happens because the casino studies people’s psychology. Do you think that casinos just put on the lights in some areas, intentionally remove clocks and windows, add sound effects to their games and whatnot for nothing? Everything inside the casino is meticulously planned to make people keep on playing.
Yet another example to how gamblers are misjudging the outcomes of their loss could be seen on how players are responding to their losses. Getting 2 out of 3 symbols needed to win in slot machine is an automatic loss but players oftentimes react to this as “near miss”. Thus, pushing them to increase their bets, stimulate excitement and ultimately, keep on playing.