The Luck Business: The Devastating Consequences and Broken Promises of America's Gambling Explosion

Americans legally gambled almost $400 billion in 1993, according to Goodman, who headed the United States Gambling Study of 1992-94. He asserts that the gambling industry produces no product and siphons off money not only from retail businesses but also from manufacturing. He claims that gambling interests have enlisted the support of governments by holding out false hopes to legislators and other officials eager to find new sources of income without raising taxes. These hopes convince voters that gambling is a major contributor to funds for the ``four E's''--education, environment, the elderly and economic development--which, Goodman asserts, it is not. As governments seek to increase revenues, they have turned to ``convenience gambling,'' installing slot machines in retail businesses, bars and restaurants. Believing it would be impractical to outlaw gambling altogether, Goodman (After the Planners) offers suggestions for a ``rational gambling policy.'' But in answer to the question, does gambling as a strategy for economic development really work, he warns: don't bet on it. Author tour. (Oct.)