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Betting Casino – Americans respond to inflation by turning to gambling as casino industry records best quarter ever, raking in $15 billion
A dealer runs a roulette game at the Hard Rock Casino in Atlantic City, New Jersey, on August 8, 2022.
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Inflation? High gas prices? American gamblers are avoiding them – and losing casinos at breakneck speed.
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Figures released Wednesday show the US commercial casino industry had its best quarter yet, winning more than $15 billion from gamblers in the third quarter of this year.
The American Gaming Association, the casino industry’s trade organization, says gambling halls are on track for their best year ever in 2022.
Of the 33 states where gambling was active last year, 16 reported quarterly record total gambling revenue, including five of the six largest markets: Indiana, Michigan, Nevada, New York and Pennsylvania.
“While business challenges remain, high consumer demand continues to fuel our industry’s record-breaking success,” said Bill Miller, the association’s president and CEO. “Our continued momentum in the face of broader economic changes speaks to the overall health of gaming today and provides confidence as we look to the future.”
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David Schwartz, a gambling historian at the University of Nevada Las Vegas, said people are still willing to put their money in casinos, regardless of the state of the economy.
“I think it speaks to the continued appeal of gambling, and that there may be more appetite for it in uncertain times,” he said, citing the recent Powerball jackpot that topped $2 billion and sparked widespread interest. from people all over the country.
Commercial casinos (excluding tribal casinos, which report revenue separately) won $15.17 billion from gamblers in July, August and September of this year. It surpassed the previous record of $14.81 billion, set in the second quarter of this year, by 2%.
Miller said the third quarter’s year-over-year casino growth rate of 8.8 percent outpaced the broader U.S. economy growth rate of 2.6 percent during the same period.
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Land-based slots and table games continue to form the basis of industry revenue growth, generating a record $12.27 billion in the third quarter, up 1.8% percent over the same period last year.
Sports betting also set a quarterly revenue record of $1.68 billion, up nearly 81% from last year. Seven new sports betting markets have been added since September 2021. The association cited higher-than-usual winning percentages at sportsbooks, and steady growth in existing markets as factors for the increase.
Sports betting revenue through September reached an all-time annual high of $4.78 billion, beating the 2021 annual record of $4.34 billion.
Internet gambling came close to setting a new quarterly record, but was less than 1% short, with revenue of $1.21 billion. Are you or a loved one dealing with a gambling problem? Research the warning signs and symptoms and learn how to stop.
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Gambling problems can happen to anyone from all walks of life. Your gambling goes from a fun and harmless pastime to an unhealthy obsession with serious consequences. Whether you bet on sports, scratch cards, roulette, poker, or slots—at the casino, the track, or online—problem gambling can damage your relationships, interfere with work, and lead to financial ruin. You may also end up doing things you never thought you would, like racking up huge debts or even stealing money to gamble.
– is an impulse control disorder. If you are a compulsive gambler, you cannot control the urge to gamble, even if it has negative consequences for you or your loved ones. You’ll bet whether you’re up or down, broke or red, and you’ll keep betting regardless of the outcome—even if you know the odds are against you or you can’t afford to lose.
Any gambling behavior disrupts your life. If you are preoccupied with gambling, spending more time and money on them, chasing losses or gambling despite serious consequences in your life, you have a gambling problem.
Gambling addiction or problems are often associated with other behavioral or mood disorders. Many problem gamblers also suffer from substance abuse problems, uncontrolled attention deficit hyperactivity disorder, stress, depression, anxiety, or bipolar disorder. To overcome your gambling problems, you will need to address these and any other factors.
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Although you may feel powerless to stop gambling, there are many things you can do to overcome the problem, fix your relationships and finances, and ultimately regain control of your life.
Fact: The problems caused by excessive gambling are not only financial. Too much time spent gambling can also lead to relationship and legal problems, job loss, mental health problems including depression and anxiety, and even suicide.
Fact: Gambling problems affect people of all intelligence levels and all backgrounds. Responsible, courageous people in the past are just as likely to have a gambling problem as anyone else.
Fact: Problem gamblers often try to rationalize their behavior. Blaming others is a way to avoid responsibility for their actions, including what it takes to overcome the problem.
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Truth: Quick fix solutions may seem like the right thing to do. However, bailing the gambler out of debt can actually make the situation worse by allowing his gambling problems to continue.
Gambling addiction is sometimes referred to as a “hidden disease” because there are no obvious physical signs or symptoms like drug or alcohol addiction. Problem gamblers usually deny or minimize the problem – even to themselves. However, you may have a gambling problem if you:
Feel the need to be secretive about your bets. You may bet secretly or lie about how much you bet, feeling that others will not understand or that you will surprise them with a big win.
Having trouble controlling your bets. Once you start betting, can you get away? Or do you feel compelled to gamble until you’ve spent your last dollar, increasing your bets in an attempt to recoup lost money?
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Bet even if you have no money. You can gamble until you’re down to your last dollar, then switch to money you don’t have—money to pay bills, credit cards, or things for your kids. You may be forced to borrow, sell, or steal things for gambling money.
Let family and friends take care of you. Denial perpetuates problem gambling. If friends and family are concerned, listen to them carefully. Asking for help is not a sign of weakness. Many older gamblers are reluctant to approach their grown children if they’ve gambled away their inheritance, but it’s never too late to make changes for the better.
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The biggest step in overcoming gambling addiction is recognizing that you have a problem. It takes tremendous strength and courage to endure this, especially if you’ve lost a lot of money and strained or damaged relationships along the way. Don’t lose hope, and don’t try to walk alone. Many others have been in your position and have been able to break the habit and rebuild their lives. you can too
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Learn to relieve unpleasant feelings in healthier ways. Do you gamble when you are alone or bored? Or after a stressful day at work or following an argument with your partner? Gambling can be a way to relieve unpleasant feelings, relax or socialize. But there are healthier and more effective ways to manage your moods and relieve boredom, such as exercising, spending time with non-gambling friends, taking up new hobbies or practicing relaxation techniques.
Strengthen your support network. Any addiction is hard to fight without support, so reach out to friends and family. If your support network is limited, there are ways to make new friends without relying on visiting casinos or online gambling. Try connecting with coworkers, join a sports team or book club, sign up for an education class or volunteer for a good cause.
Join a peer support group. Gamblers Anonymous, for example, is a 12-step recovery program modeled after Alcoholics Anonymous. An important part of the program is finding a sponsor, a former gambler who has experience staying free from addiction and can provide you with invaluable guidance and support.
Get help for underlying mood disorders. Depression, stress, substance abuse or anxiety can trigger gambling problems and make compulsive gambling worse. Even if gambling is no longer a part of your life, these problems will still remain, so it’s important to address them.
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For many problem gamblers, the biggest challenge is not stopping gambling, but staying in recovery—a permanent commitment to stay away from gambling. The internet has made gambling more accessible, making it harder for recovering addicts to avoid relapse. Online casinos and bookmakers are open all day, every day to anyone with a smartphone or access to a computer. But keeping recovery from gambling addiction or problem gambling is still possible if you surround yourself with people who are responsible for you, avoid tempting environments and websites, leave control of your finances (at least in the beginning ), and find healthier activities to replace gambling.