The chance-taking in gambling has no useful purpose or result outside itself.

Betting and gambling do not produce wealth, but merely shift the ownership of existing wealth.

The gamblers constitute themselves a little fictitious economic circle, and they transfer gains and losses on the turn of events that have no practical objective result within their circle except to determine the direction of the transfer.

Even when fairest, gambling must, in its average results, be uneconomic.

In any economic trade each trader gains by getting goods that are, on the marginal principle, to him more valuable than the other kinds of goods he gives up.[1] But in gambling the winner gets all, the loser gets nothing.