Dynamics of Gambling: A Study of Socio-economic Determinants of Compulsive Gambling

Abstract

Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of wilming additional money and material goods. Gambling is also a major international commercial activity, with the legal gambling market and structured gambling venues in terms of casinos. In other fOl1m, gambling can be conducted with materials which have a value, but aren't real money. One of the most widespread fonus of gambling invol ves betting on horse or greyhound racing. Wagering may take place through pari-mutuel pools, or bookmakers may take bets personally. The Pari-mutuel wagers payoff at prices determined by support in the wagering pools, while bookmakers payoff either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started