But whereas the Texan economy diversified into high-tech, Louisiana turned to gambling, with disastrous results: politicians were bought off by companies looking for licences for land and riverboat casinos, and the state became split between the pro-gambling populism of Mr Edwards and the anti-gambling sentiments of the good government crowd, most of them Republicans.
This is because while gambling winnings are included in income by virtue of Section 61 of the Code, gambling losses are only deductible to the extent of gambling winnings under Section 165(d).
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Las Vegas-based casino companies have been scrambling for years to cash in on the influx of Asian tourists into the Chinese gambling enclave of Macau.
It reasoned that the doctrine prohibits Congress from requiring states to take affirmative actions to implement a federal regulatory plan, and distinguishes that type of plan from PASPA, which restricts action (in the form of sports gambling) instead of forcing action by the State of New Jersey.
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This showed Gustavo Ponce, Mexico City's finance secretary, in the pose of a carefree plutocrat, chewing on a fat cigar whilst gambling thousands of dollars at the blackjack tables.
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While the headlines are filled with talk of solar, wind and ethanol, the oil and gas industry is quietly gambling billions of dollars that natural gas and its controversial liquefied counterpart will replace oil and coal in the energy economy of the future.
The really interesting questions include not just what nicotine (80% of those who try it will become addicted) shares with gambling (where, according to a 2006 survey of gambling in Oregon only 1.0% who gamble might have a problem with excessive gambling), but what makes them such different experiences with such different potentials.
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He authored The Dowd Report, a 225 page study on the gambling habits of one, Pete Rose, the league's all-time hits leader.
The consultants he has hired to create his wildlife park were responsible for South Africa's Pilanesberg National Park, the game reserve attached to the resort and gambling complex of Sun City.
In the popular US gambling destination of Atlantic City, New Jersey state law prevents casinos from barring card counters, while in the state of Nevada, home to the quintessential gaming city Las Vegas, no such law exists, so they can ask card counters to stop playing, or in extreme cases, ban them.
Experts say gambling addicts make up a small percentage of gamblers, but there have been signs of higher rates of addiction in places with easier access to casinos and other forms of gambling.
The Unlawful Internet Gambling Enforcement act of 2006 limited credit card use for online gambling, but kept fantasy sports legal.
Dr David Sinclair, from Fife, said the image of gambling as fun and safe masked the "dark side" of addiction.
The Budd report into gambling proposed eliminating restrictions currently in place on 'softer' forms of gambling such as bingo.
The feds maintain that he was the leader of the gambling operation, overseeing the laundering of its proceeds for Russian oligarchs overseas.
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Subsequent experiments showed that stress played an important role in the loss of self-control across a spectrum of behaviors, including gambling and the consumption of tobacco, alcohol and food.
Yet research has also shown that local economic booms (especially when caused by the introduction of gambling casinos into a depressed region) can actually cause certain sorts of crime to rise.
Black says this was clearly a form of gambling, not hedging, and that banks should not be in the business of using federally insured money in this way.
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And for those of you who frequent Las Vegas or take a chance on state lottery tickets on a regular basis, the Internal Revenue Service requires that you report the full amount of your gambling winnings as income on line 21 of your 1040.
As Mr. Rose, the gambling law professor, sees it, many of the issues regulators will face are reminiscent of the gambling industry's difficult past, when Nevada first gave licenses to people formerly involved in prohibited gambling operations.
The state agreed to remove the eight-county region from the Cuomo administration's proposal for three new upstate New York casino resorts, while the tribe agreed to resume paying 25 percent of future gambling revenues to the state, with shares of that again going to Franklin and St.
In the gaudy world of gambling, the conventional wisdom is: Never bet against Steve Wynn.
Depending on who is counting, around one in 20 Americans has some kind of gambling problem.
As a longtime student of gambling companies and their regulation, I find these developments troubling.
His character Oscar Hopkins, he notes, is consumed by the adrenaline-pumping risk of gambling.
Prof Jim Orford of Gambling Watch UK said the organisation "fully endorses" the report's recommendations.
The welfare minister, Zola Skweyiya, called last week for a review of gambling policy.
South Africa is far from attracting the hordes of gambling tourists that Las Vegas does.
Then in March 1996, another challenge: A bill to study the effects of gambling on American society.
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