I accept that gambling is a fact of life. Therefore, I had supported the building of the casinos in Singapore.
We gamble on the stock exchange and speculate in foreign currencies. On a smaller scale, we take bets on Toto, 4D, football matches, sports events and the turf club. For most people, the biggest gamble is in a property, although they like to think that they are "investing for the future".
I only support gambling with what we can afford to lose. I do not support gambling on credit or leverage, which is the worst type of gambling. Hence, I am shocked to learn that a businessman could lose $26 million in the casino - gambling on credit. This should be made a condition of the casino licence - no gambling on credit! Similarly, loans from sharks should also be made illegal.
Tan Kin Lian
gambling on credit is similar to trading on margin to me. i doubt the govt will ban it.
ReplyDeleteGambling on margin is all right. If your margin is used up, you have to clear off your bet.
ReplyDeleteYou will notice that I use the word "gamble". I do not use the word "invest". If we know that we are gambling or speculating, and that it has the risk of gain or loss, and that the gamble is on money that we can afford to lose, it is all right.
ReplyDeleteSome people like to think that they are investing in stocks or property, when they are actually gambling, and they are gambling with money that they cannot afford to lose - so this is where gambling is bad.
I do not support gambling in the stock market. The financial market has now been dominated by High Frequency trading, naked shorts, derivatives, over leverage and other fancy financial instruments that they have detracted from their original purpose. I prefer that the stock market can eventually evolve to one based on equities instead of debt(credit) leveraging as they will reduce the large fraud and instabilities prevalent in the present economy.
ReplyDeletePeople are just too lazy, thinking they can "earn" money by sitting at a table gambling.
ReplyDeleteThere is nothing wrong in gambling. We gamble everyday with or without our knowing
ReplyDeleteWe gamble that an education in Singapore will bring us good jobs and good salary. After pumping into 20 years of hard work, what has that got us today? More FT, low wages, retrenchment etc. Let's not elaborate any further on this
We gamble when we decide the beat the traffic lights while approaching a junction. Will the lights turn orange or continue to be green? And when we are late for work, instead of taking leave or calling in to get some time off, we gamble that boss will be later or perhaps missed your entrace and walked into the office hurriedly
Investing and speculation are only a thin line. There is never a clear cut definition. Traders in stocks and foreign currency or gold, futures can swear they trade by a certain sets of rules, but so can the pundit of soccer matches or horse racings or even 4D. Just because the traders have devised a complicated technical analysis with fanciful charts do not necessarily makes it better than the horse racing pundits "studied" the horses.
Gambling is not an evil word. It becomes evil only when the individual is weak at mind and unable to exert self control and overcome his greed. He gambles away more than he can afford and becomes addicted in gambling
Can we fault the various schemes and incentive to entice or facilitate the individual? This is highly debateable. But for the casino to extend credit or leverage with no due diligence conducted, and the casino did nothing to advise or stop the businessman from continuing placing bets, morally i think it is not right. Having said that, i don;t think this will stand in the court of law. But I do hope the businessman will win
Hi Mr Tan,
ReplyDeleteFor once, I cannot agree with you in the building of the casinos in Singapore.
By building a casino right here within the country, it will make gambling more accessible to the general public.
While it is true that gambling is a fact of life, by making gambling more accessible, common sense dictates that even more people will become problem gamblers.
Can the taxes collected as a result of the Singapore casino offset the social costs? Nobody can know for sure because social costs cannot be measured accurately. What we can do is to educate our children and fellow Singaporeans with regards to the casinos. I just wrote a post regarding gambling.
http://help-your-money.blogspot.com/2010/08/gambling-things-you-must-avoid-to.html
Dear hyom,
ReplyDeleteI have expressed more than 100 views on various issues. They include some controversial views.
If you disagree with only 1 of my view, that makes you a rare exception, as most people would have disagreed with many of my views.
I will move this topic further up on my blog. I will also write a separate topic on our exchange here.
Dear hyom,
ReplyDeleteI have expressed more than 100 views on various issues. They include some controversial views.
If you disagree with only 1 of my view, that makes you a rare exception, as most people would have disagreed with many of my views.
I will move this topic further up on my blog. I will also write a separate topic on our exchange here.
The word "gambling" is ambiguous. Betting to win at a casino is very different from putting your money in stocks because one feels that the stocks one back will be able to pay good dividends and appreciate over time.
ReplyDeleteOf course there is risk in both cases. But the quality of risk-taking is not the same.
One could gamble in the stock market too, just like in a casino -- by the frequent trading in counters not because one is looking at market fundamentals but because one feels that price movements justify the quick buying or selling of various stocks.
People have choices. It's up to the individuals to decide and to balance their world values with God values. There is a saying: "God has one limitation that is, he cannot (or rather he does not want to) take away our freedom to choose." So it's best that we let the natural consequences to teach the responsible behaviours.
ReplyDeleteEveryone needs to take responsibility for their actions.
ReplyDeleteThis might be a controversial view, however i do think the markets (whether casino, or financial markets) are a place where in the long run, the incompetent transfer their wealth to the competent.
My humble opinion: Calculated risks, YES.
ReplyDeleteTo get involved in those highly volatile markets. Firstly, one need to be familiar with all the rules. Secondly, a proper money management. Thirdly, a skill training, e.g. how to manage trade, etc..
Warren Buffett once said: "Risks come from NOT knowing what you are doing."