Financial Times FT.com

Gambling has been falsely demonised for centuries

By Reuven Brenner and Ira Terk

Published: October 4 2006 19:11 | Last updated: October 4 2006 19:11

The philosopher Blaise Pascal wrote: “No wine, no wisdom. Too much wine – the same.” Forgetting this adage, the US Senate has passed a bill making it illegal for banks and credit card companies to make payments to online gambling sites (horseracing and state lotteries being exempt), in effect prohibiting playing. It will turn out a costly mistake politically and economically.

From biblical times, many groups invented self-serving accusations against gambling. For a few legitimate concerns, such as those about young people or potential “addiction”, there are software solutions that companies will adopt voluntarily or regulations will be imposed upon them. Other concerns are opinions with no basis in fact.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this