4 ms·

Yeah, tech has really fucked up the whole gambling ecosystem in the US in a way that is going to have ugly consequences in the not too distant future. It use to

Yeah, tech has really fucked up the whole gambling ecosystem in the US in a way that is going to have ugly consequences in the not too distant future. It use to be that to gamble legally, you had to travel in remote places (native territory, Atlantic City, Las Vegas.) In the last five years RobinHood, FanDuel and the like have totally steamrolled over all the regulations and safeguards. It's on demand, 24/7 wherever you are, on any day of the week. They'll even let you trade on margin. In ten years this is going to be bad, like a social problem on par with drug addiction to opiates.

deleted 4y ago
[deleted]
Bostonian 4y ago
Before RobinHood existed, for decades retail speculators were able to trade futures on the S&P 500, Treasury bonds, FX with leverage of 10x or more.
- uptownfunk 4y ago
  Yes but there’s something about having it available on a phone, together with all the social elements (Twitter, Reddit, etc) that’s adding fuel to the fire. Also the fact that engagement probably correlates to trading activity (which leads to revenue) means they have every interest to make the app use as addicting and easy as possible.
  - hgsgm 4y ago
    Robinhood's primary business model is to offer free trades, financed by counterparties, because RH's user base is a flow of people taking a nearly guaranteed wrong side of a trade.
    - uptownfunk 4y ago
      Regardless of who finances it, more trades means more $. They have no business unless people trade.
- bravetraveler 4y ago
  Or even bet in local casinos. Not every state is Texas, requiring you find a reservation to 'enjoy' slot machines. GP above has completely been missing 'opportunity' if they think we jumped exclusively from Vegas/travel destination to couch gambling Not to imply that I'm okay with the trend, just - it's been here, and reads alarmist.
  - runnerup 4y ago
    > Not every state is Texas Just FYI a different state would have been more appropriate. Texas has sit-down slot machines in gas stations.
    - bravetraveler 4y ago
      Ah, I appreciate it - I mentioned Texas because it seems oddly verboten... I have yet to find those. I wanted to celebrate a few years ago and asking around, everyone said reservations!
      - runnerup 4y ago
        Yeah it’s complex. Texas doesn’t have big casinos — your impression was correct about that. But lots of small poker houses and slot machines and lottery ticket billboards.
        User23 4y ago
        California has card rooms because poker is legally considered a game of skill and not gambling. Playing chess for money, as is common in organized tournaments as well as parks, also isn’t considered gambling. I wouldn’t be surprised if other states have similar laws.
        lupire 4y ago
        That's such a bizarre way to structure a law. Skill or not, the distinguishing feature of gambling is negative sum activity.
tmpz22 4y ago
The new NBA collective bargaining agreement specifically allows players to take endorsements and do promotions for gambling companies. Gambling segments and ads have become a constant on ESPN and other sports networks. And its escalating pretty quickly over the past ~5 years.
brewdad 4y ago
You think it will take 10 years? We have an entire generation of "investors" who think 20% annual returns are normal. When stonks went down last year they were shocked but rather than reassessing their risk profiles, they doubled down and bought stocks "on sale" as if they can never go down again. I can't predict the future and I would certainly prefer stocks continue to recover but I think there's a huge group of people who seem to think we are going to immediately return "to the moon". I have my doubts.
- chii 4y ago
  > rather than reassessing their risk profiles, they doubled down and bought stocks "on sale" as if they can never go down again. it's because they found out that they can afford to wait, esp. if they didn't borrow on margin to do it. But this is actually, imho, the correct way to invest (provided that you don't all-in on one stock).
comfypotato 4y ago
Worse doesn’t make bad good, but I can’t help but point out that the opiate problem is much more life/death than gambling.
lupire 4y ago
"Tech" has made almost everything available almost everywhere, good and bad.
tacoman 4y ago
The gambling aspect has become part of NHL hockey broadcasts now in Canada. On HNIC on a Saturday night, I watched Ron Maclean hand over the broadcast to some guy from a gambling company for a ~10 second segment on the current odds of each team winning. It wasn't like cutting to a commercial break where there's a clear separation between the broadcast and the advertiser. It's terrible.

deleted 4y ago

[deleted]

Bostonian 4y ago

Before RobinHood existed, for decades retail speculators were able to trade futures on the S&P 500, Treasury bonds, FX with leverage of 10x or more.

uptownfunk 4y ago
Yes but there’s something about having it available on a phone, together with all the social elements (Twitter, Reddit, etc) that’s adding fuel to the fire. Also the fact that engagement probably correlates to trading activity (which leads to revenue) means they have every interest to make the app use as addicting and easy as possible.
- hgsgm 4y ago
  Robinhood's primary business model is to offer free trades, financed by counterparties, because RH's user base is a flow of people taking a nearly guaranteed wrong side of a trade.
  - uptownfunk 4y ago
    Regardless of who finances it, more trades means more $. They have no business unless people trade.
bravetraveler 4y ago
Or even bet in local casinos. Not every state is Texas, requiring you find a reservation to 'enjoy' slot machines. GP above has completely been missing 'opportunity' if they think we jumped exclusively from Vegas/travel destination to couch gambling Not to imply that I'm okay with the trend, just - it's been here, and reads alarmist.
- runnerup 4y ago
  > Not every state is Texas Just FYI a different state would have been more appropriate. Texas has sit-down slot machines in gas stations.
  - bravetraveler 4y ago
    Ah, I appreciate it - I mentioned Texas because it seems oddly verboten... I have yet to find those. I wanted to celebrate a few years ago and asking around, everyone said reservations!
    - runnerup 4y ago
      Yeah it’s complex. Texas doesn’t have big casinos — your impression was correct about that. But lots of small poker houses and slot machines and lottery ticket billboards.
      - User23 4y ago
        California has card rooms because poker is legally considered a game of skill and not gambling. Playing chess for money, as is common in organized tournaments as well as parks, also isn’t considered gambling. I wouldn’t be surprised if other states have similar laws.
        lupire 4y ago
        That's such a bizarre way to structure a law. Skill or not, the distinguishing feature of gambling is negative sum activity.

tmpz22 4y ago

The new NBA collective bargaining agreement specifically allows players to take endorsements and do promotions for gambling companies. Gambling segments and ads have become a constant on ESPN and other sports networks. And its escalating pretty quickly over the past ~5 years.

brewdad 4y ago

You think it will take 10 years? We have an entire generation of "investors" who think 20% annual returns are normal. When stonks went down last year they were shocked but rather than reassessing their risk profiles, they doubled down and bought stocks "on sale" as if they can never go down again. I can't predict the future and I would certainly prefer stocks continue to recover but I think there's a huge group of people who seem to think we are going to immediately return "to the moon". I have my doubts.

chii 4y ago
> rather than reassessing their risk profiles, they doubled down and bought stocks "on sale" as if they can never go down again. it's because they found out that they can afford to wait, esp. if they didn't borrow on margin to do it. But this is actually, imho, the correct way to invest (provided that you don't all-in on one stock).

comfypotato 4y ago

Worse doesn’t make bad good, but I can’t help but point out that the opiate problem is much more life/death than gambling.

lupire 4y ago

"Tech" has made almost everything available almost everywhere, good and bad.

tacoman 4y ago

The gambling aspect has become part of NHL hockey broadcasts now in Canada. On HNIC on a Saturday night, I watched Ron Maclean hand over the broadcast to some guy from a gambling company for a ~10 second segment on the current odds of each team winning. It wasn't like cutting to a commercial break where there's a clear separation between the broadcast and the advertiser. It's terrible.