Zvi, an author with extensive experience in sports betting, discusses the detrimental effects of legalized online sports gambling. He reveals alarming trends like increased bankruptcies and domestic violence linked to gambling addiction. Zvi critiques the predatory nature of current gambling practices, emphasizing the accessibility and manipulation tactics that exploit players. His insights challenge the notion that legalized betting is harmless, advocating for stricter regulations to protect vulnerable populations.
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insights INSIGHT
Predatory Gambling
Ubiquitous mobile sports gambling, aggressively pushed by media, preys on those with addictive behaviors.
This leads to terrible products at terrible prices, exploiting vulnerable people.
insights INSIGHT
Bankruptcy Spike
Legalized sports betting has led to a substantial 28% increase in bankruptcies.
This suggests that those who bet are either desperate or pushed to their financial limits.
insights INSIGHT
Reduced Savings
Sports betting significantly reduces household savings, even more so than traditional gambling.
This irrational behavior suggests consumers don't understand the financial implications.
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Related: Book Review: On the Edge: The GamblersI 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. I knew it wasn’t the most socially valuable enterprise, but I certainly thought it was net positive.When sports gambling was legalized in America, I was hopeful it too could prove a net positive force, far superior to the previous obnoxious wave of daily fantasy sports. It brings me no pleasure to conclude that this was not the case. The results are in. Legalized mobile gambling on sports, let alone casino games, has proven to be a huge mistake. The societal impacts are far worse than I expected. Table [...]
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Outline:
(01:02) The Short Answer
(02:01) Paper One: Bankruptcies
(07:03) Paper Two: Reduced Household Savings
(08:37) Paper Three: Increased Domestic Violence
(10:04) The Product as Currently Offered is Terrible
(12:02) Things Sharp Players Do
(14:07) People Cannot Handle Gambling on Smartphones
(15:46) Yay and Also Beware Trivial Inconveniences (a future full post)
(17:03) How Does This Relate to Elite Hypocrisy?
(18:32) The Standard Libertarian Counterargument
(19:42) What About Other Prediction Markets?
(20:07) What Should Be Done
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