A Generational Mistake

[Jolly]

Yes, it is...

https://www.vox.com/23641580/draftkings-fanduel-sports-betting-gambling-problems-march-madness

[jon-nyc]

Probably. But (without having read the actual arguments) the NJ case makes intuitive sense to me, it seems arbitrary and capricious to ban gambling except for one state.

I suspect the best way to attack it now is like with cigarettes. Go after the ads, force limits. Maybe also rate limit gambling unless people can show a certain net worth (analogous to the ‘accredited investor’ concept), etc.

[Jolly]

We've been down this path before. Gambling hurts those most, who can least afford to lose the money, be it gambling in the form of a state lottery, horse races or sports betting.

And when odds can be influenced by the nefarious for monetary gain, they will be. Lotteries will be corrupted, horses will be drugged and athletes will throw games.

[jon-nyc]

The first election I voted in had a lottery referendum on the ballot (IN). I voted no. It passed anyway.

[Jolly]

I voted against ours. They sold the lottery as a way to fund public education improvements.

In Louisiana, 35% of lottery revenues eventually are deposited in the state's Minimum Foundation funds.

[jon-nyc]

@Jolly

They used that “but it’s for education” argument in IN too. Of course, money is fungible so it just freed up non-lottery money for other purposes. No particular increase was seen due to the lottery.

[Jolly]

Pretty much same, same.

[Mik]

I’ll have to check with an acquaintance who runs book out of my favorite lunch spot and see how it affected his business. We never spoke of it but I knew from the behavior pattern, and he knew I knew.

[Jolly]

If I was going to fix a game, I suspect the easiest would be a basketball game.

[Mik]

I do suspect illegal book is still probably nearly as big as it ever was. Why have the government looking over your shoulder if you expect to win? It just reduces your payout. If I was a sports bettor I'd just go to Mike.