Warren Buffett: The human propensity to gamble is enormous.
Now, it was legalized almost only in Nevada, but you had to go some distance or break some laws to have serious gambling.
But as states learned what a great source of income gambling was, it gradually became easier and easier for people to gamble.
And believe me, the easier it is, the more people will gamble.
I mean, when I was here with my kids, 40 years ago, I bought a slot machine and put it on the third floor of my house.
And I could give my kids as much pocket money as they wanted, in 10 cent increments. So by night it was all back. (laughs)
I thought this would be a good lesson for them.
Now they weren’t going to go to Las Vegas to do that, but believe me, when it was on the third floor, they could find it.
My payout ratio was also terrible, but I was that kind of father. (laughs)
But gambling, people always want to do it.
That’s why I think access is especially important. You know, when it comes to friendly gambling and things like that, I’m not flippant about it.
But I think gambling is, to a large degree, a tax on ignorance.
So if you want to tax ignorant people, people who do things against you, just impose it, and people like me don’t have to pay taxes.
I don’t actually – I think – I think it’s kind of socially rebellious for the government to exploit the weaknesses of the people instead of acting to serve them. And believe me, the government—(applause)
It’s pretty ironic that the government starts making it easier for people to get their Social Security checks so they can pull the handle, enter the lottery, or whatever it is.
