The Columns

My Money is on the Horse

— by on May 3rd, 2016

Kentucky Derby Day is just around the corner, and along with the traditional mint julep, the event calls for a wager or two. But what happens when the habit gets out of control? Scott Boylan, professor of accounting at Washington and Lee University, weighs in on the $240 billion gaming industry on WalletHub.

Scott, who studies gambling and risk taking, answered questions on fantasy sports and the pros and cons of gambling. He noted how difficult it would be to eliminate the lottery. “States are too dependent on the revenue produced by the lotteries to change them. It is difficult to watch someone play, who could probably spend the money elsewhere. That said, everyone has the right to spend their money how they see fit. Perhaps education and outreach might be useful. $200 on Powerball still equates to almost no chance of winning.”