Honestly this is a good thing, and we should ban online sports and casino betting in the US too. They add absolutely zero value to society, they just cause harm.
Studies have shown that most of the profit from online sports gambling for example comes from people with gambling addictions. These companies are just greedily sucking away money from vulnerable people. These companies really do ruin lives and destroy families.
I can see that maybe prediction markets might offer at least SOME value to society, so if I were made global dictator tomorrow, I wouldn’t ban them right away, but I’d definitely want to see more studies doing a risk benefit analysis.
Another problem, at least here in Brazil, it's just it created a bubble in ad market. TV, soccer clubs are all betting. Nothing more. Even news channels have betting ads.
This imo totally distort the ad market, and you have companies with smaller capital (like retail) or younger companies who can't compete with bet money. This hurts real economy SO bad.
Cimed (Brazilian pharma) CEO just said today that he is going to sponsor soccer clubs now.
Let alone how it made a lot of people in debt, and this is hurting consumption a lot. The retail market was heavily favorable to the ban because of this.
Oh, there's also "cartels" like PCC and CV that are involved with it.
nightsd01 · · focus · HN ↗
Studies have shown that most of the profit from online sports gambling for example comes from people with gambling addictions. These companies are just greedily sucking away money from vulnerable people. These companies really do ruin lives and destroy families.
I can see that maybe prediction markets might offer at least SOME value to society, so if I were made global dictator tomorrow, I wouldn’t ban them right away, but I’d definitely want to see more studies doing a risk benefit analysis.
vitorgrs · · focus · HN ↗
This imo totally distort the ad market, and you have companies with smaller capital (like retail) or younger companies who can't compete with bet money. This hurts real economy SO bad.
Cimed (Brazilian pharma) CEO just said today that he is going to sponsor soccer clubs now.
Let alone how it made a lot of people in debt, and this is hurting consumption a lot. The retail market was heavily favorable to the ban because of this.
Oh, there's also "cartels" like PCC and CV that are involved with it.