Forum Archive Index - March 2004

["Allan Julian" <ajulian@xtra.co.nz>]

 Gambling takes money out of the productive sector and puts it in the
"unproductive sector"
A case in point, when in NZ we got an instant gambling card purchased at the
counter of shops, retailers reported counter sales of things as pencils,
rubbers, rulers, [ the sort of things that should be purchased for the
education of children] dropped. When we got lotto then it impacted further
up the chain with less sales of school exercise books, note pads etc. Which
goes up the chain to our pulp and paper industry, and ultimately forestry,
what for? I personally have made more by not playing lotto for over the 10
years that it has been in NZ, than all my acquaintances
who do play have made. [bases on a $5.00 per week average expenditure]
Then there is the deeper reasoning that it teaches people that money doesn't
have to be earned it can be won. All those youngsters going without their
school books probably see it as their only hope to rise up to the middle
classes.
Allan.
-----Original Message-----
From: sharechat-owner@sharechat.co.nz
[mailto:sharechat-owner@sharechat.co.nz]On Behalf Of Karyn W
Sent: Tuesday, 16 March 2004 6:19 p.m.
To: sharechat@sharechat.co.nz
Subject: [sharechat] Gambling stocks are not all bad!


Hi
I would like to point out that gambling companies contribute positively to
society and people's well being, and the activity itself is detrimental to
only a very small minority of people who have psychological issues long
before they started gambling with their own, or others, money.  Most people
treat it as an enjoyable night out, or an occasional flutter on a big event.

In terms of ethical investing, or on principle, gambling stocks are actually
good companies because :

(1) Gambling contributes large amounts of state tax revenue, which is spent
on providing a number of public services that everyone enjoys.  In Victoria,
15% of govt tax revenue comes from gambling.  Without this income, all of us
would be worse off, or paying higher taxes elsewhere.

(2) A significant amount of money is donated to charities, who without the
support of these companies, would not be able to do half the good they do in
the community.  Sky City in NZ for instance donates 2.5% of its profits to
charity and community grants - which to date totals over $12 million.
Jupiters Casino in Queensland has distributed over $46 million to local
charities and organisations.

(3) A large number of sports, community, and recreational clubs depend on
gambling revenue for their existence, at all levels in the community.  As an
example, the AFL clubs Essendon, Hawthorn, and Geelong would not be
financially viable without the contribution of gaming income.  The recent
restrictions on gaming machines and the non-smoking legislation is now
seeing many small local clubs facing closure as members fees alone cannot
cover the cost of running the club or sports team.

So for the small number of people who have problems with gambling, many more
millions of people benefit positively from the contributions these companies
make in the community.  In reality, they do more good than they do harm.

Karyn
Discl hold SKC, PBL, ALL

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