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Okay, yeah sure. That looks bad. But how much did those Americans win back?
The market is big, but less than the more clickbaity headline would suggest.
As someone who has gambled once or twice, this seems like a wild overestimate.
They didn’t say it returned to the same individual. Some people get the ocasional win and stop, others keep gambling the winnings until they lose it all.
It depends on category of gambling.
For poker there's usually a standalone price going to the organiser, for betting it's often at 95% return rates.
Scratch cards tho, those fuckers goes low. Lotteries, 60% is not uncommon, but people like it at the very slight off chance they take the big price.
So it would require a pretty big breakdown of how many plays each category of gambling
I think its more that you don't have the time or opportunity to play a hand of poker in the same way you have to buy a scratch ticket at a gas station.
I would guess the mean and the median are very different. How many people taking out a mortgage on their house does it take to counteract a hundred grannies playing the penny slots?
I'm shocked that so little winds up with the house.
House taking 10% sounds about right.
10% vig is actually rather large.
You have to keep your clients thinking that they are almost there, maybe the next hand will be the one, that loss wasn't so bad... You don't gut the fish, you slowly raise the temperature.
Really an idiotic comparison. If I start an account with a hundred and regularly bet low stakes, moving ny account up and down without any crazy losses, are they gonna say I placed thousands in bets when my account was always near $100?
Well the IRS can say you won thousands for tax purposes so be careful. Gambling losses do not offset winnings.
Wait what? As a non gambler I have questions. Do the wins and losses per customer get summed up at the end of the night and reported to the IRS by the casinos? Does one self-report? If so, again would it be your net over a certain period or each hand/roll/pull/spin?
Losses were deductible until a few years ago. Now most people just pay on the winnings. Once the standard deduction was raised, that deduction went away. Losses maybe deductable if you itemize (?), but it's a pretty high bar.
Winnings over a certain amount are reported to the IRS. W-2 G
That's bonkers.