Comment on New Jersey has no right to ban Kalshi's prediction market, US appeals court rules
supersquirrel@sopuli.xyz 6 hours agoI think gambling needs to be at a minimum heavily regulated, it is literally a direct method of transfer of wealth to the ruling class.
Gambling and sports betting is spreading and destroying people’s lives like a pandemic. We have no choice but to mitigate it.
realcaseyrollins@narwhal.city 6 hours ago
Hmm, for some reason I assumed that the general public was on board with legalization.
I think gambling should be legal, but there should be a limit on how much gambling debt one can accrue, probably half of one's yearly salary or something.
usrtrv@sh.itjust.works 5 hours ago
The general public supporting gambling shows there’s a problem with education and financial literacy. Gambling as a whole just funnels wealth from the poor to the rich. At least when gambling is govt controlled, it just funnels money into public services.
Best case you funnel money from thousands of poor people to a single poor person. That’s still just creating a bigger wealth gap. And in most cases, people who win have poor financial literacy, which causes them to lose that wealth in the long run.
Even if you support gambling, why should any amount of gambling DEBT be tolerated? People shouldn’t be gambling money they have but they definitely shouldn’t be gambling money they don’t have.
realcaseyrollins@narwhal.city 5 hours ago
Yeah but most people aren't socialists; they don't think that the flow of money must exclusively reduce financial inequalities.
And people should absolutely be able to rack up debt if they want to! But people also shouldn't be allowed to rack up a level of debt that they can't pay within their lifetime, which gambling tends to entice gamblers to do.
usrtrv@sh.itjust.works 5 hours ago
Even without the socialist mindset, gambling isn’t creating more rich people. At best it’s creating very temporary wealth for a select few people.
Someone who is poor, capitalist, and financially literate would most likely use their meager money and debt pool to start or invest in a business. At the end of the day it’s about math.
I don’t think gambling works regardless of your definition economic viewpoint.
supersquirrel@sopuli.xyz 6 hours ago
Prediction markets are a different level entirely though, they are hostile to democracy at a basic level.
You cannot support unbounded prediction markets while supporting democracy, pick one.