Frugalness Winning Over Gambling

More people are playing it frugal when it comes to their finances right now. Especially when it comes to their extra activities for gambling. The old school of thought used to be that even in tough economic times people would still gamble with their money especially at the chance of winning it big. Not so with the latest downturn of the economy in 2008 this recession is hitting people hard and being frugal with our money is even taking precedence over our gambling habits.

Almost all forms of gambling are seeing a significant decline in the money coming in. Simple state run lotteries are seeing declines in the amount of revenue being generated. Both of the major multi state lotteries, the Mega Millions and Powerball are seeing a significant decline in their numbers from the prior year. It’s not just the state run lotteries that are feeling the pain of this recession either.

Most of the big boys in the gambling market are feeling the sting of the recession as well. As most of the casinos both in Las Vegas and Atlantic City are seeing less people in their establishments and less money being wagered. Thus their stock values are seeing a major drop as well. Stocks in the major gaming corporations  like MGM, Sands and Wynn resorts have seen their stock prices drop in some cases as much as 93% in 2008.

So my question is are you surprised that people are not only pulling back on their purchases but they are also cutting out their gambling habits as well? It may be just me but I get the sense that people are committed to waiting it out for the winter. Getting ready for the changing of the guard so to speak with the new president Obama coming in and the changes that are coming from the old Bush regime. Do you think things are going to continue this way until the spring or will this go longer into the later half of 2009?

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