Beyond the Bet: The Economics of Gambling

OVERVIEW

Beyond the Bet is a three-lesson unit that helps high school students understand gambling risks and consequences through personal finance and economics. Each lesson stands alone or works as part of a complete unit.

Grade Level

High School

Topics

Decision-Making Spending & Budgeting

Lesson 1: Weighing Gambling Risks

Students participate in a gambling simulation by pulling one piece of candy-coated chocolate from a bag and having payoffs depend on the color. Students will better understand their money personality and how it may impact the decisions they make if/when gambling.

Lesson 2: Sports Betting

Students will try to predict their classmates’ performance in simple athletic activities and see how unpredictable sporting events can be. They learn about the economics of gambling by examining and experiencing the role that incentives play on human behavior.

Lesson 3: Identifying Problem Gambling

Students analyze statistics and personal opinions about gambling to understand its wide-ranging effects on people, from those who are not involved with gambling to those who do gamble and experience bankruptcy and/or health impairment. Gambling has implications for teaching both economics and personal finance.