The Truth About Gambling

By Clarence William Page

  1. Lottery is one of the most senseless and speculative "investments" on Earth.  It promotes the spending of real money for a highly elusive product (the win).
  2. It is deceitful in that the real product delivered reportedly 14 million times to one (14,000,000:1) is FALSE HOPE.
  3. It encourages the diversion of capital from reasonable investment vehicles which yield reasonable returns to a senseless investment which reportedly has been mathematically calculated to yield a significant return only once out of every 14 million times.
  4. From a local economic point of view, it has a highly negative multiplier effect.
  5. It promotes a harmful practice:  unwise investing.
  6. It uses miseducation to promise education:  People are encouraged to participate in this "investment" fraud, and are then told that the money gained from such an "investment" will be used to "educate" them.
  7. Lottery siphons money from the community but provides neither a comparable good nor service in return.  (An honest tax could better benefit the community and would be more sound in moral, economic and psychological character.  A tax called a tax is an honest tax.  A tax called a chance is a fraud).
  8. It promotes psychological instability by encouraging individuals to commit real, hard-earned assets to mostly unreal, highly improbable trade activities.  To grant a fair return to all would kill the lottery.  It lives and thrives by consuming the hard-earned resources of losers.
  9. Its very life depends on the losses of many.  Its best customers must be losers.
  10. It robs so many to pay so few.
  11. If it is a tax it is an unfair tax because it succeeds only in collecting from the gullible.
  12. Its negative impact is doubled:  1.  It (by siphoning funds) weakens the regular economy; and 2.  It creates a wholly defective side economy.
  13. It's one of the worse budgeting lessons a child could ever be taught.
  14. It exploits the weak and seeks to weaken the strong.
  15. It destroys soundness.

      This article was written in July 1993.  The author made written presentation of its contents to members of the North Carolina (USA) Legislature.

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