Legalized Gambling

Gambling is defined as the staking of money as well as goods that have a material value on a particular event with the intention to win extra money (or material goods with value for that matter). The result of this wagering becomes evident in a short period of time. It has now become a commercial activity that is conducted internationally, meanwhile the legal gambling market was estimated at $335 billion in 2009 (The Economist, 2010).

The games that are played by gamblers in the modern casinos of today were first originated in China and Europe (The History of American Gambling, 2012). Some of the games that originated in Europe include baccarat, blackjack, craps and roulette; meanwhile those that were originated in China include keno and pai gow poker (Gambling History, from the beginning, 2011).

There are many countries of the world where gambling has been banned. At the...
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