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I read a really interesting post in The NY Times (having trouble finding it) that really broke down how crazy sports betting has gotten in the last couple years
by snide 1y ago
I read a really interesting post in The NY Times (having trouble finding it) that really broke down how crazy sports betting has gotten in the last couple years. The gist is that states love betting, because they can tax them at high rates with little pushback from citizens who are marketed that the money goes to schools. The sportsbooks have to eat the new tax, and change the odds so that they can make a profit. This forces more losers in the state, and causes possible indirect costs from people losing so much. It’s an ugly cycle where no one wins.
- ta1243 1y agoIt's an optional contribution to public funds and billionaire owners. Nobody wins from say facebook, but at least taxing sports betting raises money for public services.
- Retric 1y agoLot’s of people win from Facebook as a communication platform. It also does all kinds of explosive crap, but being able to keep up with distant family and friends has meaningful value.
- 3eb7988a1663 1y agoOn the other hand, some fraction of people are going to gamble away their life savings on bad bets. No idea how you balance the two, but gambling addiction does have a human cost. It is admittedly not that much different than any other addict looking for their next fix. Yet, if feels lot uglier when it is a billion dollar corporation on the other side optimizing for the human tragedy.
- ta1243 1y agoSure, and I actually have less of an issue with gambling than I do with social media companies and indeed advertising companies in general, but in both situations it's a massive unaccountable corporation abusing people for profit.
- jpadkins 1y agoGambling has always been a mob run business. Now it's just the most powerful mob taking the cut.