[ritehook]

Or in a Depression?

I have no current stats in front of me, just common sense and historical facts.

And the answer seems to be: pretty good, in general.

The Mafia-controlled numbers racket thrived for generations in the poverty-striken black ghettoes of America. Before that racket was taken over by state govts.

In chronically-depressed Third World lands like Mexico, the national lottery steals millions from its oppressed citizens. Chasing the dream . . .

During hard times fewer people have the spare dollars to bet big, but it seems that many more folks are willing to lay down some of the little they do have. Chasing dreams and for a little diversion from miserable reality.

All the major California racetracks were built during the Great Depression of the 1930s.

Today, aside from lotteries where desperate people dream of wealth, Indian casinos, those near major metro areas especially, with no long drives, should be thriving.

Online betting on legal games, like racing, are probably doing very well. Offshore may be also, but a major stumbling block there remains the effects of UIGEA.

The kind of gambling that may be hurting are those often far-off "destinations" like Las Vegas and Atlantic City.

I suspect the usual long lines of vehicles streaming in on Friday night on the interstates to Vegas and Tahoe, from SoCal, NoCal, Arizona, and points north and east, have diminished considerably.

Ditto for the number of planes loaded with eager tourists, touching down in the Nevada desert with their happy cargo,

Gas prices and airplane fares surely must be squeezing that pipeline.

But for most other, easily available, forms of gambling, Hard Times are a myth. Probably a lot of new players for all sorts of betting, including sports.

Why is it that I'm not overjoyed at that?

[SlickFazzer]

Sex, booze, and gambling - these industries thrive in any economy.

[SlickFazzer]

People like to get loaded, try and double there money betting, and then when they lose it all - go home and have sex with their lady friend or with the internet.

Always has been, always will be.

[Bill Dozer]

Interesting topic. I read somewhere that Vegas is down which is to be expected with travel. Offshore is real hard to gauge since it wasn't too long ago Neteller, EFTs and other methods let you deposit without too much thought. Having to put a little thought into it is a good thing for people who can't afford to gamble or gamble too much. The article makes sense though...you don't usually see rich people in their sports cars scratching a roll of tickets. People will keep digging in a hole hoping to uncover a ladder. Overall, it has to be down everywhere since more middle class citizens are now poor and don't have the choice.

[SlickFazzer]

I read an article this week that says Vegas numbers are down in 08 so far. Gambling revenue was down 4.1% so far, it said hotel numbers were steady, but it also said that was do to there being less rooms available than last year. IMO, they will see their share of hard time like everywhere else, mainly do to the steep rise in airline rates thats about to kick in. Airline experts are prediciting a double in airline fares by the end of 08 due to fuel costs and the elimination of 25% of all current flights.

later

A double in fares by the end of 08? Man, at what point does the entire industry just implode.......

[Tchocky]

I think the gaming industry is fairly recession proof. They may even thrive in bad times.

[Doug]

If it gets like the 1930's, gambling will be hurt bad.

No **'s to CR

No casino traffic

lottery may be OK.

[bbyhill]

Some far off destinations my be down because of all the Indian Casinos going up.Here where I am in Oklahoma they continuosly builld new casinos and the lots are always full day and night.

[Doug]

I could see non-Vegas/AC casinos doing OK for now.

Remember there were no US casinos during the Depression.

[jjgold]

Most gambling flourishes mainly because people are taking shots to try and make easy money.

[topgame85]

When you don't have a way to pay your bills and have a week to get the cash a lot of people will try to get the cash thorough betting even people who usually wouldn't gamble

[ritehook]

I tend to agree with Tchoky and disagree with Doug.

Gambling, local penny ante gambling - lottery, scratch offs, horse tracks and simulcast parlors, easy-drive or buses-to Inidan casinos -- these aren't going to be hurt. They may do better than before.

A guy or gal who used to have a job to go to now gets only the unemployment check. So they take some of that scarce money - "hey, can't get worse, and it might get better!" - and buy lottery tickets or stick it in a slot machine or bet $5 or $10 on a Pick Four.

The per cap bet is down, but the volume goes up. As I noted, the big So Calif racetracks, like Santa Anita and Hollywood, were built during the Great Depression.

Those who no longer have the bucks to fly to Vegas or Atlantic City will do their penny ante gambling closer to home. But those pennies add up to nice profits for the merchandsers of the services.

[ritehook]

When you don't have a way to pay your bills and have a week to get the cash a lot of people will try to get the cash thorough betting even people who usually wouldn't gamble

Correct. It's why penny-ante gambling flourishes during hard times. Why the numbers racket raked in millions annually in good times and bad, in ecomically depressed areas, like the black inner cites.

There are still high-end gamblers who will not stop betting, because they ain't hurting. As we slowly but inexorably slip into "Second World" conditions, manufacturers of corportate jets, super-luxury vehicles, yachts, etc, cannot keep up with the demand.

Such people, if high rolling bettors, will have Vegas etc rolling out all kinds of red carpets for these super rich clients . . .

[Doug]

I tend to agree with Tchoky and disagree with Doug.

Gambling, local penny ante gambling - lottery, scratch offs, horse tracks and simulcast parlors, easy-drive or buses-to Inidan casinos -- these aren't going to be hurt. They may do better than before.

A guy or gal who used to have a job to go to now gets only the unemployment check. So they take some of that scarce money - "hey, can't get worse, and it might get better!" - and buy lottery tickets or stick it in a slot machine or bet $5 or $10 on a Pick Four.

The per cap bet is down, but the volume goes up. As I noted, the big So Calif racetracks, like Santa Anita and Hollywood, were built during the Great Depression.

Those who no longer have the bucks to fly to Vegas or Atlantic City will do their penny ante gambling closer to home. But those pennies add up to nice profits for the merchandsers of the services.

Was Horsetrack construction part of FDR's WPA and similar programs ?

[VideoReview]

I found this at Bloomberg:

http://www.bloomberg.com/apps/news?p...7aE&refer=home

[seaborneq]

I found this at Bloomberg:

http://www.bloomberg.com/apps/news?p...7aE&refer=home

This is a very good article. I am trying to save enough money to buy 100 shares of the Las Vegeas Sands, because I have been watching it for a few months and it has sunk to as low as 65+ dollars, down from a high of 130+.

[ritehook]

Was Horsetrack construction part of FDR's WPA and similar programs ?

No, the tracks were constructed with private money. Del Mar, which I think came along near 1940, was partly owned by pop crooner Bing Crosby.

WPA and similar programs were all, I believe, public works, like roads, post offices, courthouses, dams etc

[Doc JS]

I have a friend who works for Budweiser. He says that when times are good, people drink. When times are bad, they drink more!!!

Doc