Abstract
AGAINST THE BACKDROP of the rapid spread of all types of commercial gaming in general and casino gaming in particular, a frequently-heard argument among economists is that participation in gaming represents irrational behavior. With specific reference to casino gaming, this paper is an attempt to present a different view, based on the assumption that casino gaming is, in fact, rational behavior because it creates utility for gaming patrons. The magic element to shift the perception of gaming from the alleged irrational behavior to rational behavior in the real world of modern casino gaming is the entertainment aspect of gaming. Gamblers value participation in the game itself, and this participation provides utility, just as the attendance of a cultural or sporting event does. In addition to the chance to win and to the participation in a game, the utility of gamblers is significantly enhanced in modern casino gaming through a system of promotional allowances and expenses, the socalled “complimentaries,” or “comps” in industry jargon. To this end, empirical evidence from the Atlantic City and Las Vegas gaming markets will be employed to verify the existence of rational behavior in casino gaming.
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