In its various forms, gambling is a historically and culturally prevalent pastime that is widely accepted in almost all cultures and societies. Gambling can be a very social experience in the form of an interactive event, whether it's a group of friends going to a sports game and placing bets, a poker night at a friend's house, or attending a casino party and playing the slots, so gambling with real money makes the game that much more competitive, which some would view as more fun. Some sports fans will not watch a game unless they have wagered on it. Evidence suggests that most people who gamble do so at low levels and have no negative consequences as a result of their actions. However, communities, industry groups, gambling regulators, and politicians acknowledge that gambling causes significant harm to at least a subset of people. All of these organizations must work together to address these issues. Few have been effective despite decades of effort to develop and implement harm-reduction gambling interventions. Gambling-related problems at various levels, including those related to another person's gambling, are relatively common. According to Australian research, each problem gambler affects up to six people. Gambling problems are a social issue similar to major depressive disorder and alcohol misuse and dependence. But, no, I'm attempting to argue that the economics of gambling are bizarre. According to conventional economic theory, Casinos should not exist because it assumes that all humans are rational and make rational decisions, which we all know is not the case. So, according to conventional economics, you would not accept any deal in which you lose money as little as possible, perhaps getting 96 dollars for 100 dollars, would you? Right? But people do it; millions of intelligent, financially secure people do it, and they lose money. But why is that? We'll answer that question in today's episode. As always, Thank You so much for taking the time in listening as well as reading this. Do not forget to follow the podcast on any platform you are listening to and review it if you are on Apple Podcasts or Spotify. If you want to get in touch with me, here is everything I am accountable for - Have a great day! > www.linktr.ee/neogyspandan