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You don’t think it’s ethically and morally questionable to frequent a business that knowingly harms the majority of its customers? I agree there’s a some sort of gray area here, but it feels awfully narrow… especially with the recent sports betting companies.
"some gray area" is an understatement. Sports betting companies structure their odds and order books to disadvantage most bettors. There are plenty of markets where that isn't the case.
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I can readily believe that to be true, but my point still stands, the person I'm replying to made a really sweeping and incorrect statement.
You don’t think it’s ethically and morally questionable to frequent a business that knowingly harms the majority of its customers? I agree there’s a some sort of gray area here, but it feels awfully narrow… especially with the recent sports betting companies.
I don't think you can kill corporate run gambling - people will just use some offshore website instead. It might be something we should treat more like smoking. - Require a disclosure of the EV of each bet as the user is placing it. E.g.: Expected loss $5. - Ad targeting restrictions.
> people will just use some offshore website instead No they won't, because moving real money to and from these shady offshore websites is a nightmare, and without enforcement there will be too much fraud in the system for the vast majority of regular people to bother. Gambling is so prevalent today because 1) there is incessant advertising, including being overlaid on the game you are watching and 2) it is convenien…
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Who do you think was buying options 30 years ago? Institutional demand, particularly for non-OTC options, was zero. Countries which have legalized gambling tend not to have large options markets. There is no convergence. They have always been the same thing. The difference is that you can provide a venue where harm is reduced or one where harm is maximised.
Options markets help farmers and miners decide how much to invest in future production. Ditto the consumer of a commodity faced with an investment decision where the success of the investment depends on continued access to the commodity.
On a somewhat related note, there seems to be a huge interest in vice policing on social media. Gambling, sex, drugs, these are some of humanity's oldest vices. Why has it become so popular on social media to highlight these, along with a narrative of social or cultural decline?
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Great video. The convergence between traditional stock market finance and casino gambling is going to seriously scar a generation.
Who do you think was buying options 30 years ago? Institutional demand, particularly for non-OTC options, was zero. Countries which have legalized gambling tend not to have large options markets. There is no convergence. They have always been the same thing. The difference is that you can provide a venue where harm is reduced or one where harm is maximised.
https://www.princeton.edu/~ota/disk2/1990/9015/901507.PDF, specifically page 94.
Also, IMO there is a big difference between an open market that allows for price discovery and free trading versus placing bets against the same casino at predetermined prices.
The problem isn't the 70M people who placed bets, its the ~25M with broken risk aversion. These are mostly men, and a very specific type of men. You can try to curtail their access to gambling but we're missing the underlying problem.
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> Wonder how all of the focus seem to happen at the same time Because this practice was made legal very recently in most places in the US and a concomitant advertising boom has saturated the media. Before the last few years, your average American couldn't bet on sports without visiting a casino sports book in person, or having a bookie (i.e., entering into a risky relationship with organized crime). TV sports coverag…
Also because the NBA is going through a gambling scandal with players being involved with the mafia.
The problem isn't the 70M people who placed bets, its the ~25M with broken risk aversion. These are mostly men, and a very specific type of men. You can try to curtail their access to gambling but we're missing the underlying problem.