Casino gambling has been a hot source of debate among people coming from various religious and economic backgrounds.
Religious authorities generally frown on casino gambling because of its perceived social costs. This is why in highly religious countries, casino gambling (or any sort of gambling)is not allowed. Most Islamic nations specifically prohibit gambling while other nations tend to regulate it to some extent.
Most legal authorities also put some sort of censorship on gambling. The law does not recognise wagers as contracts and views consequent losses as “debts of honour” that cannot be enforced through the legal process. This leads to organised crime taking over the enforcement of large gambling debts, sometimes in a violent manner.
Since contracts of insurance have many features similar to wagers, legislation makes a distinction between the two. It typically defines any agreement wherein either of the party has an interest in the outcome of the bet beyond the specified financial terms as an ‘insurance contract.’ So the bet on whether one’s house will burn down becomes a contract of insurance, since a person has an independent interest in the security of his or her home.
Many people participate in casino gambling as a form of recreation and sometimes as a means to have more income. Before you become obsessed with casino gambling, remember that like any form of behaviour, it involves variation in brain chemistry. Thus, it can lead to disruptive behaviour and psychological addiction. The phenomena of reinforcement may also make gamblers persist in gambling even after incurring repeated losses.
Russian writer Dostoevsky portrays in his short story entitled “The Gambler,” the psychological effects of gambling on gamblers. He suggested that the idea of gambling or the get-rich-quick mentality may have originated from the Russians. He shows the effect of betting money for the chance of having more money in 19th century Europe. The origins of the Russian roulette fuelled legends associating Russians with gambling.
Due to the negative connotations of the term “gambling,” casinos and racetracks owners often use the word “gaming” to connote the recreational activities they offer.