4 ms·

Do you have any idea why that is? Poker and sports betting are considered gambling despite being sufficiently complicated processes st. a small minority of par

by oli5679 10y ago

Do you have any idea why that is? Poker and sports betting are considered gambling despite being sufficiently complicated processes st. a small minority of participants achieve regular profits against virtually any field. I would be happy to bankroll Phil Ivey to play poker Tony Bloom to bet on football. https://en.wikipedia.org/wiki/Phil_Ivey https://en.wikipedia.org/wiki/Phil_Ivey https://en.wikipedia.org/wiki/Tony_Bloom https://en.wikipedia.org/wiki/Tony_Bloom Both low-bid and penny auctions seem much simpler to me. I can't see how consistent profitability is achievable when playing with non-crazies?

Kiro 10y ago
Good question. This is what the Swedish Gaming Board says about it: http://www.lotteriinspektionen.se/sv/Icke-tillstandsgivet/Lagstabud-auktioner/ http://www.lotteriinspektionen.se/sv/Icke-tillstandsgivet/La... Lowest-bid auction: "In a lowest bid wins the auction it alone in having placed the lowest bid and not the one who placed the highest bid. In this way, it is largely a matter of chance decides who wins. We therefore believe that the lowest bid auctions are a lottery and not an auction." Penny auction: "In our opinion this is not a lottery in the legal sense, because it is the highest bid within a certain time "wins". It is not chance that determines who gets the goods. In this way, a penny auction works the same way as a normal auction." (Google Translate, may do a proper translation later.)
- oli5679 10y ago
  Thank you. Seems strange to me, but I'm not a lawyer.
  - Kiro 10y ago
    I agree. I wish they would elaborate on it.
- caf 10y ago
  That analysis doesn't seem to apply any more when there's a price ceiling (such that every subsequent bid is after that point bids the same price).
  - dragonwriter 10y ago
    > That analysis doesn't seem to apply any more when there's a price ceiling (such that every subsequent bid is after that point bids the same price). Or, as pointed out in the article occurs with penny auction sites, when some bids actually drop the price rather than raising it.

by oli5679 10y ago

Kiro 10y ago

Good question. This is what the Swedish Gaming Board says about it: http://www.lotteriinspektionen.se/sv/Icke-tillstandsgivet/Lagstabud-auktioner/ http://www.lotteriinspektionen.se/sv/Icke-tillstandsgivet/La... Lowest-bid auction: "In a lowest bid wins the auction it alone in having placed the lowest bid and not the one who placed the highest bid. In this way, it is largely a matter of chance decides who wins. We therefore believe that the lowest bid auctions are a lottery and not an auction." Penny auction: "In our opinion this is not a lottery in the legal sense, because it is the highest bid within a certain time "wins". It is not chance that determines who gets the goods. In this way, a penny auction works the same way as a normal auction." (Google Translate, may do a proper translation later.)

oli5679 10y ago
Thank you. Seems strange to me, but I'm not a lawyer.
- Kiro 10y ago
  I agree. I wish they would elaborate on it.
caf 10y ago
That analysis doesn't seem to apply any more when there's a price ceiling (such that every subsequent bid is after that point bids the same price).
- dragonwriter 10y ago
  > That analysis doesn't seem to apply any more when there's a price ceiling (such that every subsequent bid is after that point bids the same price). Or, as pointed out in the article occurs with penny auction sites, when some bids actually drop the price rather than raising it.