3 ms·
seriously, all of the sports betting, state lottos and other forms of gambling are like little ponds next to the vast ocean that is the financial markets. These
by ericmcer 3y ago
seriously, all of the sports betting, state lottos and other forms of gambling are like little ponds next to the vast ocean that is the financial markets. These little examples of people cheating in their small ways involve 1000X less money than what is moving around Wall St.
- usrusr 3y agoThe difference is that financial markets, despite all the harm they do, also provide utility. That entire invisible hand resource allocation thing. Opinions might differ about the amount of value relative to the harm, but very few would consider it zero or negative. Sports betting and lotteries don't, all the downside without any upside.
- legitster 3y agoBefore RobinHood though, it was hard to find "innocent" victims in the markets. Most fraud was between traders. Even if you were logging in via Schwab or eTrade to pick stocks and investments, you knew you were assuming some sort of risk. So I think it's at least a fair argument to say gambling is a different beast when it comes to consumers being naïve.