Gambling is a form of risk-taking that may be defined as risking (betting or wagering) something of monetary value on the unknown outcome of an event in order to gain possessions, such as a painting, jewelry, or money. Evidence of gambling has been found in early civilizations and throughout history. For example, many references to gambling can be found in the Old Testament (Hebrew Bible) and the New Testament. However, as with alcohol, different cultures take different views of gambling; some cultures accept or encourage gambling, while others actively reject or discourage it.

The Growth of Legalized Gambling

During the last quarter of the twentieth century, legalized gambling entered its largest period of continuous growth in United States history. Gambling revenues—money that the gambling industry takes in—dramatically increased in the 1990s. For example, in 1996, gambling yielded revenues of $47.6 billion, which surpassed $40.8 billion of combined revenues from...