3 ms·
Better than a private entity.
by k__ 2y ago
Better than a private entity.
- bell-cot 2y agoEspecially if said "private entity" happens to be the mob. My understanding is that the proliferation of casinos, state lotteries, etc. has been very bad for organized crime's traditional business model.
- tedsanders 2y agoWhat's the evidence that it's better than a private entity? State lotteries pay out ~60% on average, compared to ~90%+ for casinos. Not apples to apples, but it seems like competition does shrink profit margins, for the benefit of the buyer. It's not clear to me which is better, but I'd be curious to read good analyses, if anyone has a pointer.
- dml2135 2y agoI'm pretty sure that the payout % for casinos is determined by regulations in most, if not all cases, and not by market dynamics.
- s1artibartfast 2y agoI'd be interested to see numbers on that. Vegas has a 75% minimum payout on slot machines. Table games have their own return. Roulette, for example has a 98% return. Casinos definitely compete on table rake for poker
- autoexec 2y ago> What's the evidence that it's better than a private entity? In this case, texas voters can demand the changes to prevent some company from buying all the numbers again. A private entity wouldn't be accountable to the public for anything. We have countless examples of private companies screwing over people both in secret or openly no matter how much the public wishes that they would stop.