This study was launched to summarize the economic benefits and potential social costs associated with gaming in Manitoba. Study methods included a review of the literature on the economic benefits and costs of legalized gambling and a quantitative economic analysis of the Manitoba Lottery Corporation, beneficiary groups, and the province's economic performance. The study includes a definition of economic benefits and costs; a brief overview of the current state of the gaming industry in Manitoba and likely trends; an analysis of the economic impact of gaming in Manitoba, taking into account direct, indirect, and induced effects; an examination of effects of gaming on specific sectors in the Manitoba economy, including charitable gaming and small business; identification of social costs such as crime and problem gambling; and a critical review of a 1995 report analyzing the net social benefits from legalized gambling in Manitoba.