From an economic perspective, any hobby that costs time or money is a losing venture. The gambler could just as much ask, “Why pay $50 for a concert ticket when you know you’re not going to get the money back? Why pay $100 to play a round of golf when you’re not getting the money back?” If a gambler loses money playing a slot machine but still had fun, they have, in a way, won. If they happen to leave the casino with more money, they’ve double-won. See, that’s the thing: Falling into the scarcity loop can be fun. The combination of opportunity, unpredictable rewards, and quick repeatability
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