Gambling and betting always seem target explotation of people who aren't well off already. Like lottery tickets I worry that Polymarket, Kalshi and the like are ways to further destroy the marginal in an apathetic if not malign political environment. It doesn't seem like anyone is doing anything about it.
I have a theory that the prevalence of gambling, trading, and investing is a natural response to wealth inequality and automation. Wealth has always correlated with risk (e.g. business ownership) but as the prospects for wealth diminish, the amount of risk people are willing (forced?) to take on grows.
An optimistic view could be that in a future where AI drives most of GDP and UBI covers basic needs, well-regulated betting marketplaces could provide an opportunity for people to get ahead (or at least do something) for example by developing algorithms and AIs that do rigorous backtesting and apply institutional-grade risk management strategies.
The pessimistic view is that these marketplaces are just another cause of wealth inequality, they will always extract more wealth than they generate, and there is no place for them in a balanced, healthy economy.
> I have a theory that the prevalence of gambling, trading, and investing is a natural response to wealth inequality and automation. Wealth has always correlated with risk (e.g. business ownership) but as the prospects for wealth diminish, the amount of risk people are willing (forced?) to take on grows.
There was a NY Times article a while back that talked about why Gen Z is so into gambling: they feel the system is so rigged against them that traditional strategies to get safety and security (e.g. get a good job, save, buy a house, etc.) don't work anymore. So they either give up (and focus on short-term consumption) or throw their money at long shots like gambling and crypto, hoping for a jackpot.
> The pessimistic view is that these marketplaces are just another cause of wealth inequality, they will always extract more wealth than they generate, and there is no place for them in a balanced, healthy economy.
That is the truth. They don't generate any wealth, they exist to take a cut on people transferring money unproductively.
No need to be abstract and theoretical about it; it's how the trickle down economy works.
Boomers and GenX are the ones foisting that reality on them; GenZ is pushing the buttons supply side is providing
Stop talking in vague abstractions. We know this is 100% top down driven self selected interpretations of historical documents by the elders in charge of political interpretations
A number of state governments are working hard to do something about it. The reason it seems like no action is being taken is that they've bribed the federal government to take their side.
