Word: money
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Dates: during 1980-1989
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...minimum, it puts the bettor in touch with -- and all too likely in debt to -- gamblers, who may well want to pervert competition for their own ends. At worst, it gives the bettor a financial stake in trying harder to win some games, those on which he has money riding, than others. But to many people this stern morality is as outdated as the 70-year-old scandal that prompted it. In 1919 eight members of the Chicago White Sox were charged with taking money from gamblers to throw the World Series against, yes, the Cincinnati Reds. The rules that...
...bets, or $164 billion; sports gambling was a distant second with a $28 billion take, up 57% from 1983. Though impressive, that increase was dwarfed by a 98% jump in the coins clinked into slot machines, a 103% rise in legal bookmaking and a 228% leap in money wagered in cardrooms...
Legal gambling begets more of the same in states that fear they will lose money if they do not devise new ways of wagering. Illinois, for example, operates a giant lottery that is believed to siphon much money out of neighboring states. But, fearful that some cash might eventually flow back to Iowa, Illinois House Democrats have recommended starting roulette, blackjack and dice games on twelve paddleboats cruising six rivers that flow through or past the state...
Even Indian tribes are raking in money by conducting legal gambling. Congress last fall passed a law making it easier for Indians on reservations to institute any type of gambling that is legal in the states where the % reservations are located. The most popular reservation game is high-stakes bingo. Near Franklin, La., 1,200 people every Saturday night jam into a $2 million bingo hall built last September on the Chitimacha Indian Reservation; that is four times the number of Indians living on the reservation. Each player pays a $45 admission fee and gets twelve bingo cards. The payoff...
Legal gambling also prompts more illegal wagering. It was once thought that lotteries and other state-run betting ventures would pull money away from ghetto numbers games, horse parlors operating behind candy-store fronts and the like. But the illegal games usually flourish alongside the legal ones and sometimes even piggyback on them. One example: since the Illinois lottery began daily drawings, Chicago numbers operators have adopted the state's winning number as the winning number in their own daily drawings. Since the state number is regularly aired on television, the numbers runners are saved the trouble of calculating...