4 Million Seniors In The U.S Have A Serious Gambling Problem

We spotted this stat today:

“Casino visitation rates among the elderly are surprisingly high, with 28 percent of people aged 65 and older reporting having gone to a casino in 2012, and and 36 percent of those between ages 50 and 64 report having done so, according to the American Gaming Association’s 2013 Survey of Casino Entertainment. And University of Pennsylvania researcher David Oslin told Psychology Today that his research revealed that 70 percent of those 65 or older said they had gambled in the previous year — with nearly 10 percent admitting to gambling away more than they could afford to lose…

The primary risk that seniors face when gambling (and according to Psychology Today, as many as 4 million seniors do have a serious gambling problem) is that they may not be aware of what they’re doing and why — which can transform into an unhealthy physical and financial addiction.”

Source

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Online Gambling Reaching The Masses – Is That A Good Thing?

It has always been a grey area – but a very profitable one at that. I mean how can you not be in a business, where people just walk in / log in, and pay you money, and leave ? That is precisely why it is a heavily regulated business. But when the regulatory environment gets cleared up, and you are a company in trouble, this becomes a very attractive business to get into. This could be your silver bullet.

That pretty much explains Zynga’s movement into online gambling, and the announcement from Mark Pincus on ‘bringing gambling to the masses’ (Source). He says that the target is to make gambling games social. Zynga would start this in the UK.

The tricky part is this: even if you could make it social, gambling remains what it is: a representation of greed. Fear and anxiety will all be part of the mix, and making it social will not take it away. What is worse, serious gamblers would just use the ‘gambling part’ and configure themselves out of the social part. What we will have soon, is a scenario where anyone can gamble away how much ever they can, with no equivalent of a “Gambling Problems? Call 1-800 .. ” and other such mechanisms from the offline world.

This is no doubt a very smart business move from Zynga. Is it good for the masses?

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Is It Fair To Compare Founding A Startup To Gambling?

“Nine out of ten people on your table will fail. If you are the one lucky person who wins, you will hit it really big. If you lose, you will not gain anything, and will probably lose all your savings. You might have to double down at times, hoping that you will be the winner. It is stressful, thrilling, and fun since you love the game”

Two activities can fit that description – founding startups, and gambling. This analogy is more widespread than we realize – that people who found startups, are really gamblers – the one big reason that is often quoted is the ‘high risk high return’ similarity. There are many other similarities one can think of – big bets need good money in the bank, identifying patterns without knowing if patterns exist at all, not knowing what is next, and many more.

Is It Fair To Compare Founding A Startup To Gambling?

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You’ll Never Guess: The Most Valuable Asset Of Caesar’s Entertainment

We spotted this gem today:

“Last year, Harrah’s parent company, Caesar’s Entertainment, declared bankruptcy as a consequence of overextension and growing competition. During proceedings, creditors appraised Caesar’s vast store of customer data as the company’s most valuable asset, worth about $1 billion.”

Source

Where are the data scientists?

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Stunning: Macau’s Economy Slumps 17 Percent

How could anything slump by so much without being in the news for the wrong reasons? We spotted this stat today:

“Macau’s economy shrank by a whopping 17.2% in the fourth quarter of 2014, according to the Chinese territory’s statistical agency.

Gross domestic product for the year was also negative, declining by 0.4% as Beijing’s anti-corruption campaign scared visitors away from the gambling mecca.”

Source

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We Bet You Never Knew This Would Be A $100 Billion Industry

We Bet You Never Knew This Would Be A $100 Billion Industry. We bet – you bet, that’s exactly what we are talking about – betting on mobile – all forms of gambling on mobile devices put together, is projected to reach revenues of 100 billion dollars in the next four years. We were definitely taken aback by the sheer size – because we knew the revenues of the whole of Las Vegas and how the revenue compares to movie screens for example. That is precisely the reason that this number surprised us – it is just huge when you look at it from an offline world perspective. Any case, this is what we spotted: “Wagers via mobile devices across all forms of gambling are expected to reach $100bn by 2017.” (Source)

When you look at this number based on the number of devices out there for example, this number is not that surprising anymore. There are more than half-a-billion android devices and about half-a-billion iOS devices on the planet, and these numbers are growing by the millions every day. Thats a billion devices right there. Now the $100bn number doesn’t look that huge any more.

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Las Vegas Visitor Traffic Might Hit Record High This Year

Annual visitor traffic to Las Vegas is on track to hit 40 million this year (which would be better than the previous record year of 2007) (Source)

Before we call it a recovery indicator, here is the catch – the detail is that convention traffic has not picked up. Gambling could be up, but that is it.

Remember, Macau is much bigger than Las Vegas. And, Las Vegas is the marriage capital of the world.

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1.5 Million USD: The Impact of A Non Shuffled Deck of Cards

We had spotted several gambling stats in the past – we spotted this today:

“No one at the Nugget could decipher why the players were so lucky, though, and the casino let the game go on till 10:18 p.m. When it ended, the house had lost a little more than $1.5 million.

There was no complex scheme, but it wasn’t lady luck, either. Someone in Kansas City allegedly had forgotten to turn on the automatic shuffler before the cards got shipped out. Since the cards were never shuffled at the plant – the casino doesn’t shuffle them again – the same patterns kept repeating in game 802. The players noticed, kept on betting and upped their wagers.”

Statistics Source: philly.com

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Lottery Statistics: UK National Lottery Has Created Over 2800 Millionaires Since 1994

We had spotted multiple lottery stats in the past. We spotted this today:

“The UK National Lottery started in 1994 and is operated by the Camelot Group. Around 70% of UK adults play the National Lottery regularly, making the average annual sales over £5 billion apart from the year 2000-01 where sales dropped just below that. In its first 17 years it has created over 2,800 millionaires.”

Statistics Source: Wikipedia

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Man Wins 57 Million USD, Casino Then Calls It A ‘Software Glitch’

We have spotted multiple casino stats and gambling stats before. We spotted this today:

“Merlaku, a 26-year-old Kosovar Albanian, was reportedly pushing the buttons on a slot machine in Bregenz, Austria, when it suddenly told him he had won a lot of money: forty-three million euros–which, at current prices, is just under $57 million.

Few on this earth would have felt anything other than numb elation at discovering that their dependence on The Man was finally over.
However, Merlaku was merely left with the numb part of that after trying to collect his prize. For, as the Daily Mail reports, he was offered around $100 for a free meal.”

Statistics Source: CNet

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