The Wall Street Journal reports that Polymarket paid at least 10 influencers over the past several months to post videos in which they pretended to win hundreds...
What tf is going on with gambling being absolutely everywhere all of a sudden?? I live in a state that has highly regulated via location, you have to be on tribal land, and I’ve always been really happy it’s not been a huge problem here but now it seems like gambling is like, a trend or a hobby now across the country? Not too long ago I had to sit my young adult kids down and be like I know you’re too old for me to tell you what to do but SERIOUSLY PLEASE do not get into gambling, especially online gambling and we talked about how addictive it is for some people and the concept of “the house always wins” it’s just yet another grift and they’d be taken advantage of. Why is this happening now though? Is it Trump? The billionaires? Did some law change and now this is legal? I don’t get it
The answer is a combination of corruption and regulatory capture. It started with sports betting. They were able (through extensive lobbing) to convince the government and the regulatory bodies that sports betting should have looser rules than regular gambling. This enabled them to advertise and expand far more aggressively. This caused a massive gold rush of sports betting companies looking to take in some easy money.
There were lawsuits of course but they just set legal precedent that weakened gambling regulations and narrowed what the government could call gambling. Simultaneously a big boom of retail investment apps and sites showed that there was money to be made in the financial speculation markets. Financial speculation is just another form of gambling so those companies empowered by all that new money put a large portion of it to convincing the government that financial speculation is not gambling and cannot legally be considered such.
This resulted in massive gambling loopholes; now you can call any site or app a financial investment app and you don’t need to worry about any gambling rules. What we get now is the result of effectively completely deregulation gambling. They want you to bet and gamble on everything.
What tf is going on with gambling being absolutely everywhere all of a sudden?? I live in a state that has highly regulated via location, you have to be on tribal land, and I’ve always been really happy it’s not been a huge problem here but now it seems like gambling is like, a trend or a hobby now across the country? Not too long ago I had to sit my young adult kids down and be like I know you’re too old for me to tell you what to do but SERIOUSLY PLEASE do not get into gambling, especially online gambling and we talked about how addictive it is for some people and the concept of “the house always wins” it’s just yet another grift and they’d be taken advantage of. Why is this happening now though? Is it Trump? The billionaires? Did some law change and now this is legal? I don’t get it
It’s because of a recent Supreme Court decision. Lots of our modern day issues in America stem from all the shitty decisions that god forsaken court has made. https://en.wikipedia.org/wiki/Murphy_v._National_Collegiate_Athletic_Association
The answer is a combination of corruption and regulatory capture. It started with sports betting. They were able (through extensive lobbing) to convince the government and the regulatory bodies that sports betting should have looser rules than regular gambling. This enabled them to advertise and expand far more aggressively. This caused a massive gold rush of sports betting companies looking to take in some easy money.
There were lawsuits of course but they just set legal precedent that weakened gambling regulations and narrowed what the government could call gambling. Simultaneously a big boom of retail investment apps and sites showed that there was money to be made in the financial speculation markets. Financial speculation is just another form of gambling so those companies empowered by all that new money put a large portion of it to convincing the government that financial speculation is not gambling and cannot legally be considered such.
This resulted in massive gambling loopholes; now you can call any site or app a financial investment app and you don’t need to worry about any gambling rules. What we get now is the result of effectively completely deregulation gambling. They want you to bet and gamble on everything.