Gambling is an epic failure

States offering legalized gambling is a relatively recent phenomenon; only Nevada and New Jersey have offered those amusements for more than a couple of decades or so. Today, 22 states offer some form of legalized casino-style gambling.

It's almost as if there's a parallel between the gambler who can't stop placing bets or feeding the old "one-armed bandit," as slot machines were once called, and cash-poor state governments that become mesmerized by the promise of a golden revenue stream in the form of casino proceeds.

In both cases, reality rarely - if ever - lives up to the promise. The odds ...