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I had the pleasure of visiting a town on the Amazon river a few times over the course of a decade. I watched as western culture and civilization creeped in and ruined their society. The first time I went, people were living off the land, fishing, gardening, children playing ball games, etc. Here's what I saw last time I went: Gambling, alcoholism, plastic waste, sugary drinks, public advertising, and kids glued to their smartphones. Forests being cleared to raise cattle because now everyone wants to eat burgers. They've managed to bring in the worst parts of modern society without the good parts (medicine, infrastructure, education, etc.) I do believe that without a modern education, these people are not equipped to deal with modern vices. They've never taken a math class let alone learned enough probability to know that gambling is a losing bet. They've never had a nutrition class to learn that Coca Cola is disastrous to your health. |
This isn't limited to the third world. The reason sports betting becomes such a problem is that people don't have a solid foundation in basic statistics.
People go bankrupt by thinking they can get out of a small debt by placing even larger bets at a negative expected value.