Bad Bet: The Inside Story of the Glamour, Glitz, and Danger of America's Gambling Industry

Historically, gambling has been an idle pastime, a thrill for those wealthy enough to waste their money for fun, and a scourge fought by moralists who see in it the decline of civilization. But it's been around in America since the country's beginnings. In this lively and enlightening social history, New York Times reporter O'Brien combines the story of the games, the sometimes surprising places they're played and people who play them in order to warn readers about the power of one of America's most acceptable addictions. He traces the political and economic development of today's familiar gambling centers, Las Vegas and Atlantic City, and the newcomers--the lottery divisions of 37 state governments, the newly lucrative Native American reservation casinos, the local mini-mart with the video poker games known in the industry as ""video crack"" and, nearly as addictive, the deal-making culture on Wall Street. As public perception of casino and other forms of gambling has changed from that of potentially dangerous adult fantasy to family entertainment, the most powerful operators have seen their fortunes rise. Some of the Native American operators seem keenly aware of the risks gambling poses to their society and have made convincing efforts to fund positive social developments with the money. O'Brien's account is thorough and entertainingly written, but also humane. He never loses sight of the human toll these financial miracles take: for every town anxious to see its revenue rise, there are plenty who will suffer from running after the ""repetitive, immediate fix of action... that keeps many gamblers in front of slot machines, at blackjack tables, on stock exchange trading floors."" Editor, John Mahaney; agent, Michael Cohn Agency. (Oct.)