Gambling: on line or in casinos - is it good for you and the country?

Nation building via learning and being the best in business

It was posted yesterday that a newly elected Congressman from an island province defended on line gaming and its ban could mean loss of revenue for the govt and loss of job.

Maybe its no longer a question of good or bad economics but bad morality, and ill effect on society.

As a businessman, I have been against gambling.  It is a zero sum game.  It does nto create anything new - there are losers and winners.   A good business creates value like agriculture, manufacturing, schools, but not Casinos. They can take your money away and can improverish you.    You cant win vs a casino but the lure of free shuttle, free hotel for the high rollers always draws in crowds.  Its a big business that is why most tycoons are into it:   Razon, Tan etc.   Even VC bet big in gambling;   casinos.  Even the biggest controversy now E sabong and mainiyope debts show ill effects of gambling.  

Phil is now the number 1 gaming center in South East Asia, beating even Macau.   And so many on line gambling what with POGOS converging in the Philippines.  

It may be good for investors, tycoons, but definitely not for the lives of many.  Owners of casinos and on line gambling rake it but not the msses

Are casinos good/moral businesses? All Philippine tycoons have one.

Looking forward to the future of business

Early on, when a fellow professor consulted us on a board game, I objected to a lotto being a part of entrepreneur journey.   Being entrepreneur must not be at probability level, or a business should create value to customer or society

Gambling or lottery is a dignified Ponzi scam,  You get rich at the expense of others + some profit to the operator.  And just to think of social costs.   Suicides, gambling addiction.   Poverty to the family of the gambler.   Loss of productive time   Plus the attendant other vices:   alcoholism, prostitution, mugging, robbery and the like

Gambling cities in US become static after sometime and not enough progress is achieved.  Take Vegas or Atlantic city.  They do not have the dynamism and grown of say Silicon Valley, Texas, Boston, San Francisco .  

In the Philippines, casino resorts rake in billions for Pagcor, the government, and the owners.  Almost every tycoons:   Razon, SM, Robinson has one.    Most are either at MoA or at Clark.   Casinos haven

If you have billions, would you invest in casinos.  ?