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11 - Gaming and wagering

Published online by Cambridge University Press:  05 January 2015

Harold L. Vogel
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Summary

It’s better to be born lucky than rich.

Perhaps nowhere is the preceding sentiment more appropriately expressed than in gaming and wagering, in which kings and queens play amid snake eyes and wild jokers, and horses run for the roses. It has indeed been said that, “Whoever wants to know the heart and mind of the earth’s citizens needs to understand gambling.” This chapter explores the essential economic features of this fascinating business, for whose services consumers spend more in the aggregate than for any other form of entertainment.

At first

Interest in betting on the uncertain outcome of an event is not a recently acquired human trait. As Berger and Bruning (1979, p. 10) have observed, “archaeologists believe that cave men not only beat their wives, they wagered them as well.” Evidence of mankind’s strong and continuing interest in gambling is found in the following historical examples:

  1. In biblical times, the selection of Saul to govern the Hebrew kingdom was determined by lot.

  2. An ivory gaming board was found in the tomb of Egyptian pharaoh Tutankhamen.

  3. Palamedes, according to Greek mythology, invented dice and taught soldiers how to play with them during the siege of Troy. Ancient Greek worshipers played dice games and bet on horse races.

  4. The Romans invented the lottery, and they wagered on the outcomes of chariot races. The emperor Nero was said to be addicted to such racing.

  5. The earliest playing cards were of Chinese origin and were derived from Korean playing sticks. Cards similar to those of today were used by the French in the fourteenth century and are descended from tarot decks used for fortune-telling. France’s Louis XV had a deck made of silver, and England’s Henry VIII was a notorious gambler.

  6. The sailing of the Mayflower to plant a colony in the New World was financed by a lottery. So were some great educational institutions, including Harvard, Yale, and Dartmouth. So was the colonial army that helped create the United States.

Type
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Entertainment Industry Economics
A Guide for Financial Analysis
 , pp. 437 - 479
Publisher: Cambridge University Press
Print publication year: 2014

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  • Gaming and wagering
  • Harold L. Vogel
  • Book: Entertainment Industry Economics
  • Online publication: 05 January 2015
  • Chapter DOI: https://doi.org/10.1017/CBO9781139871679.015
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  • Gaming and wagering
  • Harold L. Vogel
  • Book: Entertainment Industry Economics
  • Online publication: 05 January 2015
  • Chapter DOI: https://doi.org/10.1017/CBO9781139871679.015
Available formats
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Save book to Google Drive

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  • Gaming and wagering
  • Harold L. Vogel
  • Book: Entertainment Industry Economics
  • Online publication: 05 January 2015
  • Chapter DOI: https://doi.org/10.1017/CBO9781139871679.015
Available formats
×