Gambling is fundamentally rigged. It’s a mathematical tax on society and should be banned all together.
The only sound argument in favor of gambling I ever heard is the prediction market one where gambling inputs generate data on public census. I’m not particularly sold on that but other types of gambling like sports don’t event have this leg to stand on.
Gambling is addictive and exploitative. A lot of effort goes into keeping players engaged, exploiting the pleasure response centers of the brain. It’s not just refined folk betting on horses, but gacha games, loot boxes, slot machines, prediction markets. Gritty and sleazy.
If your lucked out with your genes just be happy, and don’t call people with a high risk of addiction inadequate idiots.
Okay but the argument isn’t that gambling is bad. It’s that gambling ads and apps are. A gambling addict who gambles at a casino has to physically go to the casino and can only gamble as long as their body will allow them. Sure they can ruin their lives but there are physical unavoidable things that limit their gambling. To say nothing about the responsibility we’ve decided casinos have to address gambling addiction. A casino can kick a player out, sure they can go to another but that’s time they don’t spend gambling.
Gambling ads and apps are everywhere. They’re inescapable. An addict doesn’t have to physically go to a casino anymore. They can gamble wherever, whenever, on anything. If they try to pull themselves away the apps use push notifications to pull them in. Uninstall the apps, the ads are running everywhere all the time. Get banned, just make a new account. It takes minutes. The availability to gamble is just constant now.
If nothing else, ban gambling ads. It won’t stop people but it’ll let them escape the constant push to get back in.
I love doing heroin, it’s actually a wonderful and very safe drug if used responsibly. I like doing heroin once or twice per year and it’s actually way cheaper than a night at the bar, it’s definitely more enjoyable and it’s healthier too!
I don’t know why I, a responsible heroin user, should have to suffer just because a few loser degenerates can’t handle the needle.
I do actually think that harm reduction is a better strategy than criminalization, so I’m not advocating for banning gambling outright. But I think that its dubious value as entertainment needs to be weighed against the harm that it causes, and that regulation should be put in place to address those harms efficiently.
Yeah and I recognize that I’m the weird one who doesn’t enjoy gambling at all. I realize that lots of people, if not most, do find the lottery or some gambling to be fun, and I know that most people that do so are doing it responsibly and understand that on average, they’re losing money. Even if I don’t see the entertainment value for myself I have to accept that everyone is not like me.
I wasn’t being sarcastic. I am in favor of drug legalization, but with heavy regulation. My problem with drugs being illegal is that it then cannot be regulated.
The question is how many people are harmed/unharmed by gambling? If say 2% of all bettors develop a gambling addiction, does that warrant a complete ban? What if it was 0,5% ? I don’t know the actual numbers on this but I generally think that you shouldn’t illegalsize for the many what is a problem for a small minority. I watch hours upon hours of sports with betting ads and I have never engaged in betting because I’m self aware enough to know that I might not be able to handle it if I get of “to a good start”.
It’s not only about addiction. Gambling industry is very corrosive overall being a major source for money laundering, financial exploitation and source of conflict. Generally I’m very libertarian but gambling is just an incredibly toxic industry because it has so many invisible costs that is more than just addiction.
How are you sourcing these claims? I from a gambling friendly country and now live in one where gambling is illegal and the societal damage caused by gambling is very noticeable. Though, I’d say big chunk of it is coming from gambling advertisements and legal physical casinos with no advertisements allowed would be very fair compromise imo.
The house must always win, and that’s true as gambling empires have the games with “house edge” built in to make sure the odds are in their favor over the average gambler. This even includes online gambling where the odds aren’t really random but rather calculatedly more difficult to win bigger prizes.
A lot Christian fundies in here downvoting you. If we scratch a little more we might see how they actually feel about gay people and Dungeons & Dragons.
No insurance is risk distribution. We all pay 5$ so none of us needs to pay 5,000,000$ which is not economically sustainable. What insurance companies get is administrative overhead fee. This has nothing to do with gambling.
You gamble with which bookie (insurance company) you choose. You gamble when you choose where to live. You gamble how fast you can make your insurance claim. This shit is gambling through and through. And we (“The Common Person”) are getting fleeced.
If you pay, you lose money and might not be able to stay in business. If you don’t pay, they might rob you and burn down your store. Yes, life is a gamble.
Just because there is a statistical aspect to it doesn’t make it gambling. By your definition literally everything is gambling which is a very small brained take.
The price of an insurance product is divided in 4 parts, the risk, the actuarial adjustment, administrative and distribution costs, and return of capital.
No, the risk is the probability of a claim times the value of a claim. If you just charge that is mathematically proven that the insurance pool is going to fail. The actuarial adjustment is there to create a surplus that guarantee the survival of the pool.
The return of capital is what the owners of the capital expect to get to have their money invested on the insurance company instead of moving their money to other investment opportunities.
But the capital provided by the owners is what is used to backstop the insurance and ensure the pot always exists. The amount of capital needed is calculated by the actuaries but supplied by the owners.
This is why I’m confused why you listed both an interest on capital and an actuarial adjustment.
Insurance may be its own type of evil, but it’s not gambling. It serves me a financial purpose. It protects me from certain enormous and unexpected expenses which would otherwise cripple me financially for the rest of my life.
How aggressively insurance deny claims may be a symptom of the same problem to the ubiquity of online gambling apps and ads, unchecked greed, but they’re not the same.
IMHO we need peer to peer prediction markets, in which the insurance company is not the same party deciding who won the bet. Then your risk of denial would be more clear up front.
I don’t even know that I should refuse jobs that offer insurance through UnitedHealthcare until Luigi.
You are correct, because literally every choice we make is a gamble. Even crossing the street is “gambling” on getting hit by a drunk driver. But of course most insurance companies add a level of scammery and greed that is completely beyond any necessary price to protect farmers from a bad crop year etc. so ppl will rain hatred on your comment.
Gambling is fundamentally rigged. It’s a mathematical tax on society and should be banned all together.
The only sound argument in favor of gambling I ever heard is the prediction market one where gambling inputs generate data on public census. I’m not particularly sold on that but other types of gambling like sports don’t event have this leg to stand on.
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Gambling is addictive and exploitative. A lot of effort goes into keeping players engaged, exploiting the pleasure response centers of the brain. It’s not just refined folk betting on horses, but gacha games, loot boxes, slot machines, prediction markets. Gritty and sleazy.
If your lucked out with your genes just be happy, and don’t call people with a high risk of addiction inadequate idiots.
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Woah ya’ll chill. I’m pretty sure it’s a widely studied topic that gambling (winning a bunch of money) and cocaine cause the same parts of the brain to fire.
Okay but the argument isn’t that gambling is bad. It’s that gambling ads and apps are. A gambling addict who gambles at a casino has to physically go to the casino and can only gamble as long as their body will allow them. Sure they can ruin their lives but there are physical unavoidable things that limit their gambling. To say nothing about the responsibility we’ve decided casinos have to address gambling addiction. A casino can kick a player out, sure they can go to another but that’s time they don’t spend gambling.
Gambling ads and apps are everywhere. They’re inescapable. An addict doesn’t have to physically go to a casino anymore. They can gamble wherever, whenever, on anything. If they try to pull themselves away the apps use push notifications to pull them in. Uninstall the apps, the ads are running everywhere all the time. Get banned, just make a new account. It takes minutes. The availability to gamble is just constant now.
If nothing else, ban gambling ads. It won’t stop people but it’ll let them escape the constant push to get back in.
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Blind people listening to a movie doesn’t destroy their life the way gambling does. Get your head out of the sand.
I love doing heroin, it’s actually a wonderful and very safe drug if used responsibly. I like doing heroin once or twice per year and it’s actually way cheaper than a night at the bar, it’s definitely more enjoyable and it’s healthier too!
I don’t know why I, a responsible heroin user, should have to suffer just because a few loser degenerates can’t handle the needle.
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I do actually think that harm reduction is a better strategy than criminalization, so I’m not advocating for banning gambling outright. But I think that its dubious value as entertainment needs to be weighed against the harm that it causes, and that regulation should be put in place to address those harms efficiently.
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Yeah and I recognize that I’m the weird one who doesn’t enjoy gambling at all. I realize that lots of people, if not most, do find the lottery or some gambling to be fun, and I know that most people that do so are doing it responsibly and understand that on average, they’re losing money. Even if I don’t see the entertainment value for myself I have to accept that everyone is not like me.
You’re being snarky but this is pretty much why drugs should legalized. Except without the Christian fundie judgy “loser degenerates” thing.
I think that your comment tracks unsarcastically. I could do without the name calling, but otherwise, do dope all you want and mind your own business.
I wasn’t being sarcastic. I am in favor of drug legalization, but with heavy regulation. My problem with drugs being illegal is that it then cannot be regulated.
Eh literally everything is entertaining so it’s not a very interesting metric to measure anything.
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Guy above is suggesting that gambling is a very harmful entertainment and that there are better ways to entertain yourself
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You’re diminishing the harms of gambling. Entertainment is cheap and one of societal areas where we can afford safety.
The question is how many people are harmed/unharmed by gambling? If say 2% of all bettors develop a gambling addiction, does that warrant a complete ban? What if it was 0,5% ? I don’t know the actual numbers on this but I generally think that you shouldn’t illegalsize for the many what is a problem for a small minority. I watch hours upon hours of sports with betting ads and I have never engaged in betting because I’m self aware enough to know that I might not be able to handle it if I get of “to a good start”.
It’s the same problem with drug prohibition.
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It’s not only about addiction. Gambling industry is very corrosive overall being a major source for money laundering, financial exploitation and source of conflict. Generally I’m very libertarian but gambling is just an incredibly toxic industry because it has so many invisible costs that is more than just addiction.
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How are you sourcing these claims? I from a gambling friendly country and now live in one where gambling is illegal and the societal damage caused by gambling is very noticeable. Though, I’d say big chunk of it is coming from gambling advertisements and legal physical casinos with no advertisements allowed would be very fair compromise imo.
The house must always win, and that’s true as gambling empires have the games with “house edge” built in to make sure the odds are in their favor over the average gambler. This even includes online gambling where the odds aren’t really random but rather calculatedly more difficult to win bigger prizes.
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A lot Christian fundies in here downvoting you. If we scratch a little more we might see how they actually feel about gay people and Dungeons & Dragons.
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Insurance is gambling. You pay more in premiums than you get back in repayments after crashing. The house always wins.
Yet without Insurance business doesn’t function. Loss of expensive cargo or equipment wipes out the company.
No insurance is risk distribution. We all pay 5$ so none of us needs to pay 5,000,000$ which is not economically sustainable. What insurance companies get is administrative overhead fee. This has nothing to do with gambling.
Nah nah nah; Insurance is like preem gammbling.
For example insurance companies couldn’t pay everyone back after Hurrican Katrina. First come first serve I guess. :P
To my understanding insurance companies isolate areas so if that area gets hit hard. The insurance company just files bankruptcy in the area and moves on..
You gamble with which bookie (insurance company) you choose. You gamble when you choose where to live. You gamble how fast you can make your insurance claim. This shit is gambling through and through. And we (“The Common Person”) are getting fleeced.
Sounds like a protection racket, like the mafia used to do. Does that still count as gambling?
If you pay, you lose money and might not be able to stay in business. If you don’t pay, they might rob you and burn down your store. Yes, life is a gamble.
Just because there is a statistical aspect to it doesn’t make it gambling. By your definition literally everything is gambling which is a very small brained take.
The price of an insurance product is divided in 4 parts, the risk, the actuarial adjustment, administrative and distribution costs, and return of capital.
Aren’t the risk and the actuarial adjustment the same thing?
No, the risk is the probability of a claim times the value of a claim. If you just charge that is mathematically proven that the insurance pool is going to fail. The actuarial adjustment is there to create a surplus that guarantee the survival of the pool.
Yes, you need to hold enough money to cover more/larger claims than expected, but doesn’t the return on capital cover that part?
The return of capital is what the owners of the capital expect to get to have their money invested on the insurance company instead of moving their money to other investment opportunities.
But the capital provided by the owners is what is used to backstop the insurance and ensure the pot always exists. The amount of capital needed is calculated by the actuaries but supplied by the owners.
This is why I’m confused why you listed both an interest on capital and an actuarial adjustment.
From the buyers point of view it reduces risk, so it is not gambling for them.
However it is gambling from the point of view of the underwriters.
(I am assuming both sides play fair and pay out when they should)
Insurance may be its own type of evil, but it’s not gambling. It serves me a financial purpose. It protects me from certain enormous and unexpected expenses which would otherwise cripple me financially for the rest of my life.
How aggressively insurance deny claims may be a symptom of the same problem to the ubiquity of online gambling apps and ads, unchecked greed, but they’re not the same.
From the buyers point of view I agree it is risk reduction. But it is gambling from the sellers point of view.
IMHO we need peer to peer prediction markets, in which the insurance company is not the same party deciding who won the bet. Then your risk of denial would be more clear up front.
I don’t even know that I should refuse jobs that offer insurance through UnitedHealthcare until Luigi.
You are correct, because literally every choice we make is a gamble. Even crossing the street is “gambling” on getting hit by a drunk driver. But of course most insurance companies add a level of scammery and greed that is completely beyond any necessary price to protect farmers from a bad crop year etc. so ppl will rain hatred on your comment.