When sports gambling was legalized in America, I was hopeful it too could prove a net positive force
whats that quote about getting someone to believe anything if their paycheck depends on it
When sports gambling was legalized in America, I was hopeful it too could prove a net positive force
Only on substack can we access deep wisdom such as this.
In terms of extractive profitability, it has succeeded spectacularly. What a horrible industry
Lmao what did he think would happen?
You’re asking a lot of questions that are already answered by their T-shirt.
I have previously been heavily involved in sports betting. That world was very good to me. The times were good, as were the profits. It was a skill game, and a form of positive-sum entertainment, and I was happy to participate and help ensure the sophisticated customer got a high quality product.
Positive sum entertainment is an incredible way to describe giving your money to a corporation in exchange for the hope of getting it doubled
who can put a price on the ecstasy of obliterating your loved ones’ savings on a poorly-conceived parlay?
Zvi’s a former Jane Street guy, he assumed it’d be like a normal market where he’d have an edge. In reality, it was a market that destroyed more lives than expected (he still has an edge of course, but that’s an inconvenient detail)
oh shit it’s famous magic the gathering player zvi mowshowitz
I bet he plays a lot of counterspells
Sick burn lmao
Claude found it all plausible when I had it do a bunch of estimations. I do notice I am skeptical.
They have allowed a machine to do their thinking for them.
the casinos are making money, aren’t they?
what’s the failure?
Yay and Also Beware Trivial Inconveniences (a future full post)
I am coming around to a generalized version of this principle. There is a vast difference between:
Something being legal, ubiquitous, frictionless and advertised. Something being available, mostly safe to get, but we make it annoying. Something being actively illegal, where you can risk actual legal trouble. Something being actively illegal and we really try to stop you (e.g.*removed*, murder).We’ve placed far too many productive and useful things in category 2 that should be in category 1. By contrast, we’ve taken too many destructive things, too many vices, that we long had the wisdom to put in category 2, and started putting them in category 1.
Prohibitions, putting such things into categories 3 and especially 4, tends to work out extremely poorly. Don’t do that unless absolutely necessary. Let people do privately destructive things if they want to do that.
Often, it is important that you make doing the wrong thing a little annoying. It is especially important to not make it annoying to do the productive things, and not annoying to instead do the destructive things.
This actually sums up well some feelings I’ve been having with regards to vice legalization in general. I agree prohibition doesn’t work but I’ve also had some misgivings about full and total legalization since that also comes with some negative social effects since having a vice being so freely available to addicts does lower the barrier to entry for destructive behaviors. Maybe there is something to be said for society making your vice a big pain in the ass to indulge in. I’ve known people who quit smoking once it got more expensive.
this is pretty much just the premise of the entire field of public health
Is the same data playing out in Europe? I have not gotten the sense that it’s particularly bad over here. But then again sports betting has never been illegal anywhere in Europe at all to my knowledge, there is however incredibly high restriction upon advertising it which is closer to cigarettes levels of restrictions. I can not remember the last time I saw an advertisement for gambling that wasn’t because I was in an american space.
I suspect you don’t need to ban the industry, much like smoking you need to eliminate the advertising and culture surrounding it.
It’s illegal but there’s still floods of ads for it because Google et al dont give a fuck
While that is bad, it is nothing compared to America that has gambling ads throughout our sports programming. Not just ads for the platforms, but actual odds and stuff interspersed throughout the broadcast (some channels and sports are worse than others). If I had a gambling problem, I don’t see how seeing literal odds for a bet I could make then and there on my phone every single time I try to watch sports would be easy.
Of course its now in news, with CNN interspersing Kalshi odds into their broadcasts













