Nice article by Morningstar (Jeffrey Hutton) about whether to invest in casinos. Nice that is, if you have no ethics and don’t take into account the social problems created by problem gambling…not one mention in the article about whether investors should choose to profit from the misfortune of others. See the article:
http://www.morningstar.com.au/stocks.mvc/article/are-casinos-worth-a-punt/3549/1
John Brett of Mission Australia writes that with over 20% of the world’s poker machines, Australia can confidently claim the title of the world’s heaviest gambling nation. Per head, we spend twice as much on gambling each year as North Americans; an annual loss of $1300 for every adult Australian. For many of us having a flutter is an enjoyable activity that causes no harm…but for an estimated 2.3% of adult Australians, gambling can lead to financial crisis, family breakdown, child neglect, homelessness, criminal activity, anxiety, depression and suicide – issues that indirectly impact on an estimated 3.3 million friends, family members, partners and colleagues each year.
See http://www.missionaustralia.com.au/news/1153-when-gambling-is-no-longer-fun
Also, a recent study in Victoria showed that gambling was linked to one in five suicidal patients:
Talk to JustInvest about how to avoid holding gambling stocks in your super and investment portfolios.
