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I feel pretty similar about Gambling.
Adults should be allowed to gamble.
But there should be some friction in order to participate, so I'd like to remove e.g. scratch-off cards at convenience stores and force all casinos into specifically designated areas.
When I worked in a convenience store the people who would hang around the till buying and scratching cards until they were out of money were a big annoyance, the more inconsiderate ones would let a queue build up behind them while they did it.
Can't lie. At least part of my animus is from getting stuck behind people buying like 12 scratch-off tickets at a time, and oftentimes trying to claim winnings at the same time.
In my state you don't even have to scratch them off, the cashier has a machine they can scan the ticket on and tell you if you won or not.
At that point, where's any of the fun?
I know these folks would probably just find a way to get their jollies elsewhere, but seeing how gambling has penetrated every aspect of society now, I really do want to put this genie back in its bottle.
I'm so torn on gambling. I'm generally staunchly in the "let people do things" camp, and I dislike regulating things that will immediately create uncontrollable black markets because the demand is very strong.
But holy shit gambling is a fucking disaster for our society. The explosion of sports betting has made me firmly convinced of this.
Crypto at least is harder to get into and plausibility useful. Same with prediction markets
Gambling is very tricky for me because it doesn't usually create obvious externalities.
Other than being stuck in line while someone buys scratchoffs.
Its unclear what interest I have in whether someone is spending their money 'wisely' or not. There's an argument that someone who would gamble money away would probably do something else stupid with it, like play with options on Robinhood or fall for some crypto rugpulls, so really they might be better off giving up control of their money entirely.
But its increasingly clear to me that I don't WANT to live in a society where gambling is everywhere. I don't like the ads, I hate having the odds splayed across the screen constantly, I'm old enough to remember the time before this was ubiquitous, and sports gambling indeed had a sheen of shame on it.
The one time I went gambling in a Casino was a rush. I see why people get really into it, I felt an urge to return and try my luck for months afterwards.
The optimal amount of gambling in a society is (probably) not zero.
The compromise that seemed to mitigate the harms is to keep legal gambling relegated to certain geographical areas. This makes it easier to keep things restrained or dare I say 'regulated.'
Otherwise, every single business out there tries to inject some gambling aspect into their products and services to capture some of those sweet addict dollars.
And all THAT said, I'm also not in favor of having police raids on grandma for running a BINGO game out of her backyard.
Can you elaborate? I dont understand this at all. Some games of chance are fun games, but they are so also without staking money.
So I went into the Casino with the commitment to "only" risk $400 at most. That was my whole budget.
I sat down at the Blackjack Table with a $15 minimum bet size. I hit what the gambling community calls a "Hot Streak" and within like 10 minutes I'm up by $500. I pocket $400 worth of chips, Now I'm playing with house money.
After a bit longer, suddenly I'm up like $1500. I'm placing bets worth $500+ per hand. i.e. I'm betting more than the whole budget I had set out on single hands of blackjack. Its feels pretty awesome.
"Why don't you just cash in your chips and take the money?"
Well I wasn't there to make money, i was there to have fun. And its FUN to risk a whole day's salary on the turn of a card, its FUN to have the other players going hype over your success, its FUN to tip the dealer like $10/$20 at a time, its FUN to imagine somehow hitting it huge and walking out with $50k, it is FUN to have drinks delivered to you as you 'lock in' to try to keep the streak going. It is even fun to LOSE a big amount, when you still have a whole stack of chips to burn.
After, I dunno (literally, you lose track of all time), 30-45 minutes total, I force myself to take a break to 'cool off.' About then I notice my pulse racing and hands shaking. Not aggressively, just the little tremor. I've got about $600, plus the chips I stashed earlier. I stash another $400. Now my day is profitable regardless.
I wander for about an hour, then come back to the same table. It feels right. No rational reason for it, but why change? I put down my $200 in chips. And lose it all in, no joke, about 5 minutes.
Just like that.
So I leave with about $800 and one hell of a dopamine rush.
And for weeks I kept thinking back to that rush, and my brain keeps saying "holy cow remember how awesome that hot streak felt? I bet you could hit that again if you went back." My rational brain is able to quell that. "The house wins this is precisely how they get you," but neurochemicals are a helluva drug.
I could see myself doing something like that every week. Go in with $400-500, make it last as long as possible. Some days I'd lose it quick, some days I'd lose it slow, some days I'd double or triple it, and I'd be having tons of fun but it would basically be an addiction at that point, and I'm not sure I could keep myself limited to a small budget once I was hooked.
Have you ever actually gone in, and lost the whole budget quickly? I can understand that the experience of winning might override the knowledge of -EV, but thats definitionally not something that can happen most of the time.
Im especially wondering about the olde times when there was no house and its all peer-to-peer betting, where presumably the others want to stop betting as you want to keep going.
I only did this once. Been trying not to tempt fate.
But I expect that going in and losing quickly would piss me off and make me want to plunk down more money to "win it back" so I don't have to accept the unpleasant sensation of admitting "defeat."
Since that is about how I felt when I took losses during my brief day-trading phase.
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