Buffet Dislikes Gambling

Warren Buffet’s latest quote in response to the future of gambling; definitely reflects what many people are thinking as to what the perception of slot machines and gambling is. He thinks that gambling is a “tax on ignorance” and that the government is at fault for making slot machine gambling so popular and so easy. He says that it is simply a way to tax those who don’t know any better, and those that know better don’t then have to pay the tax.

The quote came from the Berkshire Hathaway Annual Shareholder Meeting where Buffet was asked what he thought of gambling, and that was his reply. Some think that he was dead on in his evaluation of it, and others think that he shares a common misperception. They think that everyone knows exactly what slot machines are there for, and those that think they are taking unfair advantage of the ignorant are not giving slot machines and casinos the credit they deserve.

It isn’t the games that are tricking people; it is people fooling themselves into thinking that they have a chance at winning the slot machines. The slot machines are there to make money for the casino, and that is all. The patrons may feel that they have to beat the casino, but the casino does not share the same perception as their patrons.

They are simply there to make money, and they know that part of the game is that they pay back a portion of what their patrons pump into their slot machines. Gamblers will win some money over the course of the time if they keep playing, but those that win more than they pay out are in the minority not the majority.




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