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Polymarket has flooded social media with deceptive videos by paid creators

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Re: Polymarket has flooded social media with deceptive videos by paid creators

#111

Post by parpfish »

cogman10 wrote: post #25

All these gambling apps need regulation. And I fear they are buying politicians precisely so that doesn't happen. If I were to have my way, I'd put a law in place that limits bets to $5 max and monthly bets to $150 per month. Letting them go higher encourages some of the worst aspects of society. We will see crazy things like athletes being injured or murdered in order to win bets. We are already seeing crazy things…

for a while i was using the sports gambling apps to make lots of little bets.

it was fun to put $0.50 on a game I normally wouldn't watch and tune in with a real rooting interest. i never bet more that $1 on a game because I knew that I would really dislike losing 'real money'.

the fact was that the stakes were completely irrelevant to me. the value came from definitively and publicly taking a side. if you're the fan of a team, you do this in every game. but with these little bets it's a way to sign-on for a little slice of being a fan in every game.

and that got me thinking that there's potentially a different type of gambling app that ignores the money and is more of a social/prediction-making platform. people love chasing worthless internet points (reddit upvotes, HN karma, etc), so why not build a platform that gives you points for betting?

you could let a chunk of the population scratch the itch they get to gamble without creating financial risk. they can still brag about their wins.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#112

Post by N_Lens »

charcircuit wrote: post #39

Every ad is staged like this. The whole point is to make as good of an ad for the product as possible. Do you think in a food commercial the people eating the product are showing their genuine emotion? It's all acting.

McDonalds should show people who choked on a Big Mac in their ads /s

Re: Polymarket has flooded social media with deceptive videos by paid creators

#113

Post by ph4rsikal »

cj wrote: post #12

I finally gave in to my curiosity and downloaded Kalshi last week to place a few bets on the World Cup. I was blown away how easy it was. I placed a bet with real money within 5 minutes of downloading the app. They allow instant deposits with credit card, and ID verification was real time. I can’t imagine that the extreme accessibility and the typical dark patterns deployed by every popular app won’t eventually end b…

The on-ramp in crypto is incredibly well built out. But then, once you are in the fake money world, you will notice that the off-ramp doesn't exist.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#114

Post by uberex »

charcircuit wrote: post #39

Every ad is staged like this. The whole point is to make as good of an ad for the product as possible. Do you think in a food commercial the people eating the product are showing their genuine emotion? It's all acting.

I think ads for addictive things like gambling, alcohol, tobacco need to be held to a very high standard, if allowed at all.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#115

Post by FireBeyond »

parpfish wrote: post #104
what wrote: post #89

Earlier quoted context omitted.

>gambling sites I think I’d probably go farther. Next time you’re in a corner store or gas station, pay attention to who is wasting their money on scratchers or other lotto tickets. You shouldn’t be allowed to gamble unless you can prove it’s disposable income.

we prevent people from gambling on early stage startups and risky investments by limiting investment to "accredited investors". same thing should apply to gambling.

I believe some countries/casinos in Southeast Asia have policies that you either have to show a foreign passport, or put a deposit of $500-1000 down to enter the casino, that you get back when you leave, with the theory (easily exploitable, I'm sure) being that you can't leave the casino penniless.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#116

Post by somenameforme »

owlninja wrote: post #33
cj wrote: post #12

I finally gave in to my curiosity and downloaded Kalshi last week to place a few bets on the World Cup. I was blown away how easy it was. I placed a bet with real money within 5 minutes of downloading the app. They allow instant deposits with credit card, and ID verification was real time. I can’t imagine that the extreme accessibility and the typical dark patterns deployed by every popular app won’t eventually end b…

I read a book this year about sports gambling in the US [1], and it points out how nasty and predatory it is. I think "prediction markets" have even less regulation? I would talk to my sports fan buddies at work and they would say "oh, just how sportsbooks in Vegas operate already", but this is on-demand, in your face, constantly nudging you to bet with dark patterns and "comps". I used to want sports gambling legal…

A bit of a tangent, but many like the moneylines isn't because of gambling but because it tells you who's the favorite/underdog and by what margin. It's like in the equivalent of a chess game of knowing the player's ratings, which itself can directly lead to a nominal moneyline, but in most sports there's no formal predictive rating system.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#117

Post by somenameforme »

parpfish wrote: post #111
cogman10 wrote: post #25

All these gambling apps need regulation. And I fear they are buying politicians precisely so that doesn't happen. If I were to have my way, I'd put a law in place that limits bets to $5 max and monthly bets to $150 per month. Letting them go higher encourages some of the worst aspects of society. We will see crazy things like athletes being injured or murdered in order to win bets. We are already seeing crazy things…

for a while i was using the sports gambling apps to make lots of little bets. it was fun to put $0.50 on a game I normally wouldn't watch and tune in with a real rooting interest. i never bet more that $1 on a game because I knew that I would really dislike losing 'real money'. the fact was that the stakes were completely irrelevant to me. the value came from definitively and publicly taking a side. if you're the fan…

I'd do something fairly similarly, but in a sort of emotional hedge. If in a fight I was really rooting for one guy, I'd put a relatively small amount of money on the other. Ok 'my guy' lost, but hey - dinner's free tonight! It's also quite remarkable how often arbitrage opportunities come up where you can put bets on both sides with a guaranteed win. You'd think they'd all get eaten up by bots, but that's not at all the case.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#118

Post by consensus1 »

ph4rsikal wrote: post #113
cj wrote: post #12

I finally gave in to my curiosity and downloaded Kalshi last week to place a few bets on the World Cup. I was blown away how easy it was. I placed a bet with real money within 5 minutes of downloading the app. They allow instant deposits with credit card, and ID verification was real time. I can’t imagine that the extreme accessibility and the typical dark patterns deployed by every popular app won’t eventually end b…

The on-ramp in crypto is incredibly well built out. But then, once you are in the fake money world, you will notice that the off-ramp doesn't exist.

I have taken money out of Polymarket and it is quick and easy.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#120

Post by da_grift_shift »

what wrote: post #94
jmilloy wrote: post #73

Earlier quoted context omitted.

In the US, the FTC is very clear that faking or purchasing testimonials is illegal. Fabricating, purchasing, or misrepresenting customer experience is deceptive advertising and is a form of fraud. On the other hand, selecting and advertising specific real testimonials is fine. A customer described their actual experience that way, and presumably the consumers understand that advertisers will select especially positiv…

> Fabricating, purchasing, or misrepresenting customer experience is deceptive advertising and is a form of fraud. Doesn’t this make every ad fraud? It’s an actor pretending to enjoy drinking Coca Cola, every ad is the same.

The actual verbiage is narrower.

First result with a summary of 16 CFR Part 465: Trade Regulation Rule on the Use of Consumer Reviews and Testimonials: https://www.goodwinlaw.com/en/insights/publications/2024/09/...

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