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Sports gambling should be regulated like we do day trading (basically another form of gambling) — require a some minimum threshold of money in the account to de

Sports gambling should be regulated like we do day trading (basically another form of gambling) — require a some minimum threshold of money in the account to deter those without disposable income from gambling away their savings (for day trading it’s $25k).

nba456_ 2y ago
Legalizing things only for rich people is truly awful government.
- hugh-avherald 2y ago
  What about legalizing losing money?
  - CatWChainsaw 2y ago
    Only poor people can lose money, rich people get bailouts.
- randomdata 2y ago
  Is it? The role of government is to clean up individuals who cause trouble for the population at large. Poor people who trade their grocery budget for gambling undeniably cause trouble for a population. Do rich people who trade their luxury handbag budget for gambling equally cause trouble for a population?
bormaj 2y ago
I think it's reasonable to carryover retail investor protections to the gambling world. One market has much more history in taking advantage of the average Joe and as a result there are many sensible protections in place. If you can't withstand losing your entire investment, you probably shouldn't be able to place that bet in the first place. Unfortunately, since gambling is only recently more accessible/prevalent, I think it's going to take a few mishaps to produce similar regulations.
stouset 2y ago
Are you somewhere not-America? Day trading has zero requirements here.
- renata 2y ago
  America's requirements (https://www.finra.org/investors/investing/investment-products/stocks/day-trading https://www.finra.org/investors/investing/investment-product...): > pattern day traders must maintain minimum equity of $25,000 in their margin account on any day that the customer day trades > pattern day traders cannot trade in excess of their "day-trading buying power" > If a pattern day trader exceeds the day-trading buying power limitation, a firm will issue a day-trading margin call, after which the pattern day trader will then have, at most, five business days to deposit funds to meet the call.
  - thaumasiotes 2y ago
    That link supports your parent, not you. > Day trading, as defined by FINRA’s margin rule, refers to a trading strategy where an individual buys and sells (or sells and buys) the same security in a margin account on the same day in an attempt to profit from small movements in the price of the security. (emphasis original) There are no restrictions on trading with your own money, whether you can afford it or not.
    - renata 2y ago
      I think a lot of the recent trading apps marketed to consumers give you a margin account by default though, I know Robinhood does. If you request a cash account you lose instant deposits and trading and have to wait for everything to clear normally.
    - JamesSwift 2y ago
      The way trade settling works means that if you buy/sell the same security in the same day it will, by definition, be on margin. Even if you have cash balances backing that trade.
lnxg33k1 2y ago
I don't think so, investors have the capital in order to afford to deal with regulations. Over regulating and making it expensive/hard to gamble legally, would just send people over to organised crime. I'd be happy if we forced gambling companies to hire addiction-psychologists in each of their shops for people to talk to, for one we could shrink the amout of gambling shops, as they wouldn't open one every 10 meters, and we would bring help directly to those who need it on the spot

nba456_ 2y ago

Legalizing things only for rich people is truly awful government.

hugh-avherald 2y ago
What about legalizing losing money?
- CatWChainsaw 2y ago
  Only poor people can lose money, rich people get bailouts.
randomdata 2y ago
Is it? The role of government is to clean up individuals who cause trouble for the population at large. Poor people who trade their grocery budget for gambling undeniably cause trouble for a population. Do rich people who trade their luxury handbag budget for gambling equally cause trouble for a population?

bormaj 2y ago

I think it's reasonable to carryover retail investor protections to the gambling world. One market has much more history in taking advantage of the average Joe and as a result there are many sensible protections in place. If you can't withstand losing your entire investment, you probably shouldn't be able to place that bet in the first place. Unfortunately, since gambling is only recently more accessible/prevalent, I think it's going to take a few mishaps to produce similar regulations.

stouset 2y ago

Are you somewhere not-America? Day trading has zero requirements here.

renata 2y ago
America's requirements (https://www.finra.org/investors/investing/investment-products/stocks/day-trading https://www.finra.org/investors/investing/investment-product...): > pattern day traders must maintain minimum equity of $25,000 in their margin account on any day that the customer day trades > pattern day traders cannot trade in excess of their "day-trading buying power" > If a pattern day trader exceeds the day-trading buying power limitation, a firm will issue a day-trading margin call, after which the pattern day trader will then have, at most, five business days to deposit funds to meet the call.
- thaumasiotes 2y ago
  That link supports your parent, not you. > Day trading, as defined by FINRA’s margin rule, refers to a trading strategy where an individual buys and sells (or sells and buys) the same security in a margin account on the same day in an attempt to profit from small movements in the price of the security. (emphasis original) There are no restrictions on trading with your own money, whether you can afford it or not.
  - renata 2y ago
    I think a lot of the recent trading apps marketed to consumers give you a margin account by default though, I know Robinhood does. If you request a cash account you lose instant deposits and trading and have to wait for everything to clear normally.
  - JamesSwift 2y ago
    The way trade settling works means that if you buy/sell the same security in the same day it will, by definition, be on margin. Even if you have cash balances backing that trade.

lnxg33k1 2y ago

I don't think so, investors have the capital in order to afford to deal with regulations. Over regulating and making it expensive/hard to gamble legally, would just send people over to organised crime. I'd be happy if we forced gambling companies to hire addiction-psychologists in each of their shops for people to talk to, for one we could shrink the amout of gambling shops, as they wouldn't open one every 10 meters, and we would bring help directly to those who need it on the spot