In a time when valuelessness is valued, gambling fits. Gambling is the newest Great American Pastime.baccarat casino game set home CASINO CRUISES FT. MEYERS TO KEY WEST Recently, a new, debatable topic has hit Americans in a swift manner. for children, and more wealth distributed across the population, are solid grounds for legalizing gambling across America. Gambling is legally restricted in the United States, but its availability and participation is increasing. In , gambling activities generated gross revenues (the difference between the total amounts wagered minus the funds or "winnings" returned to the players) of $ billion in the United States. Casino Gambling in America and Its Economic Impacts. Thomas A. Garrett Senior Economist, Community Affairs • Federal Reserve Bank of St. Louis.