Day 51.
Gambling : - ''the activity of playing games of chance for money and of betting on horses,etc.'' (Oxford Dictionary).
Erstwhile, I wrote a blog on Betting in the Industry of Sports and familiarized you with the concept.Tonight, in another special edition of BM's!!! - 'My 5ive', we'll be taking up 5 things to learn a subject. And, as the title and the image suggests, I'll be acquainting you concisely with Gambling and the Industry plugged into the games played in the casinos.
So, without further ado, let's get the list rollin' -
1.) Las Vegas -
When we talk of casinos and gambling, the first place that comes to mind is Las Vegas, Nevada in USA. Rightfully so, the state of Nevada especially the city of Las Vegas is the best known destination for gambling in the entire world. Gambling has also been legal in the state of Nevada from the year 1931 forming the backbone of the state's economy. Today, Vegas is the fastest growing city in US and a major income generator for the States.
2.) The History -
Talking of Las Vegas and the augmentation it has had in developing the industry of casino games and gambling, we need to go through a bit of its history. Vegas has been identified as a gaming center as well as a resort destination since the 1930s. As the population grew in Europe, people started migrating to America to the city of New York and its citizens included lawyers, doctors, engineers as well as the mob or the mafia people.
3.) The Builders -
Nevada which is in the west and was a desert at that time was never sought by anyone as a lucrative place until a few men saw the potential concealed in it. Mobsters from New York such as Benjamin Siegel a.k.a.Bugsy Siegel was the first person in history who made the decision to build a casino named Flamingo. Bookmaking operations and expansion of the gaming industry in the form of organized crime was his ulterior motive. Another man who took Vegas to new heights was Businessman, Howard Hughes, who first rented all the hotel rooms and later purchased the casino hotels from the mafia.
4.) The Legalization -
The legalization of gambling in Nevada took place in 1931 and the Great Depression of 1929 had much to do with it. The people who were against gambling began to be cognizant of the fact that gambling in a legal form could be an answer for financial distress and a way to stimulate the economy. So with the legalization of casinos, parimutuel gambling (a system used in gambling on horse racing, lottery games,etc) also began spreading in the whole country. Cities like New York had other sources of revenue which I mentioned above, but in the case of Nevada gambling was legalized as they needed a source of earning.
5.) Extra Notes -
Today, out of the 50 states in the US, 37 have legalized lotteries and 26 have independent casinos. Casino games in which gambling activity is the most, include table games like, blackjack, craps, roulette and baccarat. Also, gambling is of different types like, Fixed- Odds Betting which is a form of wagering against odds offered by a bookie, Parimutuel Betting in which all bets are placed in a pool, Sports Betting in which prediction of a game's result is done along with placing of wager on the result.
There is a lot of history not only behind the construction of gambling/casino industry in Nevada or Vegas but in other states as well. However, Las Vegas being the most faddish and recognized city in this industry becomes the best option for anyone to introduce this industry. A lot can also be discussed on the topic of Great Depression and the legalization of gambling, but I'll do it some other time.
Thanks For Reading.
Thought Of The Day : - ''Many things in life will catch your eye but few will catch your heart. Pursue those.''
Erstwhile, I wrote a blog on Betting in the Industry of Sports and familiarized you with the concept.Tonight, in another special edition of BM's!!! - 'My 5ive', we'll be taking up 5 things to learn a subject. And, as the title and the image suggests, I'll be acquainting you concisely with Gambling and the Industry plugged into the games played in the casinos.
So, without further ado, let's get the list rollin' -
1.) Las Vegas -
When we talk of casinos and gambling, the first place that comes to mind is Las Vegas, Nevada in USA. Rightfully so, the state of Nevada especially the city of Las Vegas is the best known destination for gambling in the entire world. Gambling has also been legal in the state of Nevada from the year 1931 forming the backbone of the state's economy. Today, Vegas is the fastest growing city in US and a major income generator for the States.
2.) The History -
Talking of Las Vegas and the augmentation it has had in developing the industry of casino games and gambling, we need to go through a bit of its history. Vegas has been identified as a gaming center as well as a resort destination since the 1930s. As the population grew in Europe, people started migrating to America to the city of New York and its citizens included lawyers, doctors, engineers as well as the mob or the mafia people.
3.) The Builders -
Nevada which is in the west and was a desert at that time was never sought by anyone as a lucrative place until a few men saw the potential concealed in it. Mobsters from New York such as Benjamin Siegel a.k.a.Bugsy Siegel was the first person in history who made the decision to build a casino named Flamingo. Bookmaking operations and expansion of the gaming industry in the form of organized crime was his ulterior motive. Another man who took Vegas to new heights was Businessman, Howard Hughes, who first rented all the hotel rooms and later purchased the casino hotels from the mafia.
4.) The Legalization -
The legalization of gambling in Nevada took place in 1931 and the Great Depression of 1929 had much to do with it. The people who were against gambling began to be cognizant of the fact that gambling in a legal form could be an answer for financial distress and a way to stimulate the economy. So with the legalization of casinos, parimutuel gambling (a system used in gambling on horse racing, lottery games,etc) also began spreading in the whole country. Cities like New York had other sources of revenue which I mentioned above, but in the case of Nevada gambling was legalized as they needed a source of earning.
5.) Extra Notes -
Today, out of the 50 states in the US, 37 have legalized lotteries and 26 have independent casinos. Casino games in which gambling activity is the most, include table games like, blackjack, craps, roulette and baccarat. Also, gambling is of different types like, Fixed- Odds Betting which is a form of wagering against odds offered by a bookie, Parimutuel Betting in which all bets are placed in a pool, Sports Betting in which prediction of a game's result is done along with placing of wager on the result.
There is a lot of history not only behind the construction of gambling/casino industry in Nevada or Vegas but in other states as well. However, Las Vegas being the most faddish and recognized city in this industry becomes the best option for anyone to introduce this industry. A lot can also be discussed on the topic of Great Depression and the legalization of gambling, but I'll do it some other time.
Thanks For Reading.
Thought Of The Day : - ''Many things in life will catch your eye but few will catch your heart. Pursue those.''
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