Investors Believe Gambling Less Risky Than Wall Street
A study done by an arbitration firm has found that, among U.S. citizens who both gamble in Las Vegas and invest in Wall Street stocks, over 77% believe there is greater risk in securities than in wagering.
Paul Young of Securities Arbitration Group surveyed participants over a three-year period, from 2004 until 2007, and attempted to balance his study group as evenly as possible. Tested subjects were from 40 to 54 years old, evenly split between male and female, and in an income range from $50,000 to $750,000.
When asked why they responded as they did, many mentioned any of several insider trading scandals, and said they believed brokers and advisors had only self-interest in mind and were most concerned with building commissions.
Clearly, despite the somewhat shady and negative image gambling carries among the unenlightened, those who engaged in both investment and gaming felt the more honest and transparent process occurred in Las Vegas.
When inquired whether they had been treatly dishonestly or unethically by a broker, brokerage firm, or advisor, over 34% said they had.
At least when playing slots and table games, the public feels there is no deception; the house has an edge, is upfront about it, and the player makes decisions accordingly.
The next time a debate begins about the morality of gambling and the question of whether to legalize it, remember that corruption exists throughout society, and many feel a game with clear and explicit rules is less likely to be compromised than a nebulous investment opportunity recommended for dubious reasons.
