Business and legal policy Professor John Kindt said gambling accounts for an estimated $100 billion in spending nationwide and those funds could be better used in other parts of the economy, the Joliet (Ill.) Herald-News said Thursday.

Kindt cited gambling's impact on the elderly, who can become addicted to the activity and destroy their financial futures.

"They don't have time to make it up," said the professor, who also cited bankruptcy and crime as additional social costs of gambling nationwide. "It becomes an enormous financial burden on taxpayers because of the social cost," he said.

While some oppose Kindt's suggestions, the University of Illinois official said the general public may be receptive to a gambling crackdown.

"People are really angry with Wall Street," he told the Herald-News. "They're really angry with government. They're listening as to what might be the next big bubble."