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Journal of Statistics and Management Systems

(Since 1998)
Open Access ·Peer-reviewed·ISSN (Online): 2169-0014·ISSN (Print): 0972-0510

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Monthly Journal: Publishes peer-reviewed aticles on theoretical and applied statistics and management systems, expoloring industrial statistics, actuarial and decision sciences.

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Journal of Statistics and Management Systems
Open Access Research Article

The Petersburg paradox of the gambling industry

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* Corresponding author · click or hover a name for details

pp. 1367–1380Vol. 27Issue 7October 2024DOI: 10.47974/JSMS-1205XML
Received:
18 Jan 2023
Published Online:
30 Nov 2024
Article type:
Research Article
Language:
EN
Article no.:
JSMS-1205
Pages:
1367–1380

Abstract

In the past, gambling-related issues have been noticeably discussed in countries worldwide and other places that have also held gambling referendums. This exciting finding which is for example like the well-known Petersburg paradox in mathematics means that people often replace objective facts with subjective beliefs. Similarly, the governments of various countries often announce to the public that opening up gambling can drive tourism and enhance employment. The subsequent economic multiplier effect is very considerable, but more gambling and better social welfare may be just an illusion. This work reviewed the development of the global and American gambling industries, focuses on the two major casinos in Las Vegas and Atlantic City, and briefly reviewed the US government’s gambling legislation and administrative strategies, especially, since the public often has a value illusion about whether gambling is consumption or investment, and whether it is open to the establishment.

Keywords

Petersburg paradoxGambling industryLas vegasAtlantic city

Subject Classifications

62P25

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