Americans increasingly see legal sports betting as a bad thing for society and sports

[atlantacowboy]

I think it needs to be reigned in. You should be able to bet on final scores and that's it. All these prop bets are where the corruption comes from and they are near impossible to police. It's absurd that you can make a wager on second half turnovers or free throw attempts.....or 3rd pitch strikes. Get rid of that crap bc its too easy for player to make money on that stuff and make it look natural.

 

[ghst187]

No different than the stock market that is also rigged, manipulated, and run by a select few

 

[IndieCowboy]

Yea, I was in Vegas a few weeks ago and it was packed as usual.

I was too, but it wasn’t packed. The craps tables had been miniaturized to half size and they weren’t even open 24 hours. However, the prices were all extravagant. Vegas has become a playground for the rich.
I’ll never ever go back. It’s a total disgusting pit. Fremont Street looks like a rogue’s gallery. This is a family forum. I can’t even describe the things that were walking around on Fremont Street.
Even the dealers were jerks most all of them were…Let’s just say they were from somewhere else and one particularly nasty stickman even said he hated his job and the whole table could hear him as he was slamming his stick and chips on the table…and the pit boss didn’t give a darn. I colored up and got up and went to the cashier. I will never ever go back.

 

[jterrell]

I was too, but it wasn’t packed. The craps tables had been miniaturized to half size and they weren’t even open 24 hours. However, the prices were all extravagant. Vegas has become a playground for the rich.
I’ll never ever go back. It’s a total disgusting pit. Fremont Street looks like a rogue’s gallery. This is a family forum. I can’t even describe the things that were walking around on Fremont Street.
Even the dealers were jerks most all of them were…Let’s just say they were from somewhere else and one particularly nasty stickman even said he hated his job and the whole table could hear him as he was slamming his stick and chips on the table…and the pit boss didn’t give a darn. I colored up and got up and went to the cashier. I will never ever go back.

Fremont Street has been a freak show by design for a decade. You either want to see the Freak show, love the cheap prices or avoid it.

Vegas is overpriced, economy is soft and people can gamble online so Vegas is suffering.
But Vegas has always been cyclical with the economy and whatever exciting attractions they come up with.
Its resilient and will be fine.

I got tremendous odds on Texas Tech football in July. Big 12 Champ, make CFP, win CFP. I feel pretty good about gambling right now. But I did that online.

 

[DZSierra]

Did not read the whole thread, but sports betting being a bad thing? Look at the state lottery, nothing more than legalized gambling only so the state can make money. State promises all this money is going to be used for education to get the lottery in the state, then the company running the lottery, along with officials coffers are lined and the state education gets pennies on the dollar on what is actually raised.

NOTHING worse being in a rush at a gas station and you're waiting to pay at the counter and your behind some old person who shouldn't be wasting their money gambling and they take up 15 minutes ordering all their lottery tickets!

 

[IndieCowboy]

Odds of winning a pick six with 60 numbers are approx 1 in 45 million. When you see people buy multiple tickets, the odds don’t change.
That’s what’s really hilarious. It’s such a waste of money.
Not only is it a bad bed it’s obscene to even have such a game with terrible odds and terrible vigorish, even if you only hit three numbers. They pay $3 for that but the odds you fought are 1 in 60x59x58.
It’s a total scam, rationalized by the state as good for indoctrination…I mean “education.” LOL.
If people wanna throw their money away, they could at least find a craps table somewhere where the odds on pass /don’t pass are as close to even money as you’ll ever find, but still in the house’s favor.
Or better yet, just legalize casinos where the odds of winning aren’t obscenely bad. Yet they say casinos are “immoral” whilst still having a lottery.

 

[DZSierra]

Odds of winning a pick six with 60 numbers are approx 1 in 45 million. When you see people buy multiple tickets, the odds don’t change.
That’s what’s really hilarious. It’s such a waste of money.
Not only is it a bad bed it’s obscene to even have such a game with terrible odds and terrible vigorish, even if you only hit three numbers. They pay $3 for that but the odds you fought are 1 in 60x59x58.
It’s a total scam, rationalized by the state as good for indoctrination…I mean “education.” LOL.
If people wanna throw their money away, they could at least find a craps table somewhere where the odds on pass /don’t pass are as close to even money as you’ll ever find, but still in the house’s favor.
Or better yet, just legalize casinos where the odds of winning aren’t obscenely bad. Yet they say casinos are “immoral” whilst still having a lottery.

Everything you stated is true IMO, but the reality that people forget is that a lot of people who play the state lottery don't have the best fiscal responsibility to begin with, because if they did, they wouldn't be sinking their money into foolishness. Give someone a butt load of money after they've become adults and don't know fiscal responsibility, well, don't expect them to handle their winnings all to well LOL

https://lotteryngo.com/blog/how-many-lottery-winners-go-broke-analysis/

I did play some kind of power ball years ago. Didn't win. Did play a hand at black jack when I was in Vegas because I had to at least try when I was there. Won $20 and walked away after that LOL

I just find it funny with Draft Kings advertisements and other gambling establishments that give you some free money to bet with. Watching the NFL takes enough of my time up and it's free for the most part on the TV, but I'll be danged if I'm going to pay for it, particularly with gambling on it.

 

[IndieCowboy]

That story is bloody incredible.. multi-.millionaires squandering it all!!
Just speechless…

 

[atlantacowboy]

No different than the stock market that is also rigged, manipulated, and run by a select few

A lot different actually. Stocks can be manipulated short term by AI running algorithms not the mafia. But, you always the option of not selling a stock and waiting for it to rebound. Buying Coca Cola stock is not any more gambling than putting your money in a bank. Gambling prays on the worst impulses in people and disproportionately impacts seniors who have lost some of their mental faculties. It's not investing.

 

[IndieCowboy]

There’s vigorish in the stock market as well. As opposed to tens or hundreds of dollars on gambling, people “invest” thousands and can easily be wiped out of their life savings.
Much more dangerous than dropping a few hundred on a craps table and you can color up and walk away any time.
In addition you maintain your liquidity when gambling. Not so liquid when your life savings is tied up in a volatile market.
“Cash is King.” Especially now…

 

[Robbieac]

There’s vigorish in the stock market as well. As opposed to tens or hundreds of dollars on gambling, people “invest” thousands and can easily be wiped out of their life savings.
Much more dangerous than dropping a few hundred on a craps table and you can color up and walk away any time.
In addition you maintain your liquidity when gambling. Not so liquid when your life savings is tied up in a volatile market.
“Cash is King.” Especially now…

Most of this is not true whatsoever.

Gambling and the stock market are nowhere near the same thing.

If you diversify in the stock market and invest wisely, you will NEVER have your life savings wiped out. It simply won’t happen. The stock market always rebounds and is eventually higher then it would have been when you first invested.

With gambling, you have a greater than 50% chance each bet of losing everything that you bet.
With the stock market and wise diversified investing in it, you have virtually a 0% chance that you will lose money in the long-term and virtually a 100% chance that you will gain money in the long-term.

 

[IndieCowboy]

Most of this is not true whatsoever.

Gambling and the stock market are nowhere near the same thing.

If you diversify in the stock market and invest wisely, you will NEVER have your life savings wiped out. It simply won’t happen. The stock market always rebounds and is eventually higher then it would have been when you first invested.

With gambling, you have a greater than 50% chance each bet of losing everything that you bet.
With the stock market and wise diversified investing in it, you have virtually a 0% chance that you will lose money in the long-term and virtually a 100% chance that you will gain money in the long-term.

Absolutely 100% false about stocks and you failed the comprehension test on what I said about gambling.
With an MBA I’m not going to write a thesis to educate you on stocks, gambling, or history.

 

[Robbieac]

Absolutely 100% false about stocks and you failed the comprehension test on what I said about gambling.
With an MBA I’m not going to write a thesis to educate you on stocks, gambling, or history.

I will see your MBA, and I will raise you my MD and fellowship training.

Literally, no one loses money in the stock market if they diversify, invest wisely in the broad market, and hold on for the long-term.

If they do lose money, they are doing something absurdly wrong. Like putting it all in one stock, investing in penny stocks, trading options, day trading, selling early out of fear, etc.

If you don’t do those things… You won’t “lose your life savings in the stock market”. This is no longer 1929, and there are much better and stable investment choices, and many more safeguards in place.

 

[lukin2006]

Hmmm…

 

[jterrell]

It has been a beautiful thing for me this year lol.

I do not bet big, and I do so for entertainment, but I did bet high odds for Texas Tech to make the CFP, win the Big 12 and win the Natty.
I am up about 2500 on the year and that will grow massively if they win the natty which I got at crazy odds back in July.

I basically am even right now for a nice trip I took to Salt Lake City to watch Tech play Utah earlier this year.

 

[VaqueroTD]

One thing that used to piss me off about Vegas, is when I attended during football season, the sports rooms were packed on Sundays. Sure, you put down some serious money and you're going to get a seat, but for folks like me, who just want to watch the games, eat and drink, and make a few bets, there really wasn't a market. I think the apps have basically taken that market. Like anything on the internet, it's very easy to forget where you are and abuse it. But that's not just gambling, that's shoppers on Amazon, people who put thousands of dollars into these online games, and more.... the whole online market is rigged to take advantage of people with no self-control or addictions.

 

[Ghost12]

There’s vigorish in the stock market as well. As opposed to tens or hundreds of dollars on gambling, people “invest” thousands and can easily be wiped out of their life savings.

The stock market has always been a profitable venture in the long term for blue chip stocks. No one is losing their life savings if they invest in a diversified portfolio of MicroSoft, Apple, AT&T, etc

Now sure…. If you put your life savings in a brand new start up who invented a new way to tie shoes, you’re risking it all. Fools and their money.

Much more dangerous than dropping a few hundred on a craps table and you can color up and walk away any time.
In addition you maintain your liquidity when gambling. Not so liquid when your life savings is tied up in a volatile market.

The stock market is 99.9% liquid. The only thing more liquid than the stock market is cash itself. You can “walk away” any time you darn well feel like.

Obviously many investors are in it for the long term so they choose not to “walk away” every time things go up and down. But they could if they wanted to.

 

[IndieCowboy]

Yes, even a diversified portfolio can experience significant losses due to systematic risks that affect the entire market, such as economic downturns or geopolitical events. While diversification helps reduce unsystematic risk, it does not eliminate the potential for overall market losses.

Understanding Investment Risks​

Investing in the stock market always carries risks, even with a diversified portfolio. There are two main types of risks to consider:

Systematic Risk​

• Definition: This is market-wide risk that affects all investments, such as economic recessions, interest rate changes, or geopolitical events.
• Impact: Diversification cannot eliminate systematic risk. During significant market downturns, even a well-diversified portfolio can lose value.

Unsystematic Risk​

• Definition: This risk is specific to individual companies or sectors, such as poor management or industry downturns.
• Mitigation: Diversification can help reduce unsystematic risk by spreading investments across various sectors and asset classes.

The Limits of Diversification​

While diversification is a key strategy to manage risk, it does not guarantee protection against losses. Here are some important points:

• Market Volatility: In times of extreme market volatility, diversified portfolios can still experience significant declines.
• Correlation of Assets: If assets within a diversified portfolio are highly correlated, they may all decline together during market stress, reducing the effectiveness of diversification.

Conclusion​

In summary, while diversification is essential for managing risk, it does not provide complete protection against being wiped out in the stock market. Investors should remain aware of both systematic and unsystematic risks and consider a balanced approach to asset allocation.

See the Great Crash of 1929. The depression lasted 10 years...investment is not liquid at all if your portfolio has declined unless you’ve got years to wait until if or when, it recovers. The next one could be worse.
Happy investing.

 

[Ghost12]

Yes, even a diversified portfolio can experience significant losses due to systematic risks that affect the entire market, such as economic downturns or geopolitical events. While diversification helps reduce unsystematic risk, it does not eliminate the potential for overall market losses.

Understanding Investment Risks​

Investing in the stock market always carries risks, even with a diversified portfolio. There are two main types of risks to consider:

Systematic Risk​

• Definition: This is market-wide risk that affects all investments, such as economic recessions, interest rate changes, or geopolitical events.
• Impact: Diversification cannot eliminate systematic risk. During significant market downturns, even a well-diversified portfolio can lose value.

Unsystematic Risk​

• Definition: This risk is specific to individual companies or sectors, such as poor management or industry downturns.
• Mitigation: Diversification can help reduce unsystematic risk by spreading investments across various sectors and asset classes.

The Limits of Diversification​

While diversification is a key strategy to manage risk, it does not guarantee protection against losses. Here are some important points:

• Market Volatility: In times of extreme market volatility, diversified portfolios can still experience significant declines.
• Correlation of Assets: If assets within a diversified portfolio are highly correlated, they may all decline together during market stress, reducing the effectiveness of diversification.

Conclusion​

In summary, while diversification is essential for managing risk, it does not provide complete protection against being wiped out in the stock market. Investors should remain aware of both systematic and unsystematic risks and consider a balanced approach to asset allocation.

See the Great Crash of 1929. The depression lasted 10 years...investment is not liquid at all if your portfolio has declined unless you’ve got years to wait until if or when, it recovers. The next one could be worse.
Happy investing.

I’m not sure what your cut-and-paste is trying to prove since it agrees with what I am saying and disagrees with what you were saying. We understand there are risks with investing. But - as your own article states - the market has always recovered, even after the Great Crash of 1929.

The overall long term trend for the markets is upward. At a craps table, the overall long term trend (from the player’s perspective) is downward.

 

[jterrell]

Yes, even a diversified portfolio can experience significant losses due to systematic risks that affect the entire market, such as economic downturns or geopolitical events. While diversification helps reduce unsystematic risk, it does not eliminate the potential for overall market losses.

Understanding Investment Risks​

Investing in the stock market always carries risks, even with a diversified portfolio. There are two main types of risks to consider:

Systematic Risk​

• Definition: This is market-wide risk that affects all investments, such as economic recessions, interest rate changes, or geopolitical events.
• Impact: Diversification cannot eliminate systematic risk. During significant market downturns, even a well-diversified portfolio can lose value.

Unsystematic Risk​

• Definition: This risk is specific to individual companies or sectors, such as poor management or industry downturns.
• Mitigation: Diversification can help reduce unsystematic risk by spreading investments across various sectors and asset classes.

The Limits of Diversification​

While diversification is a key strategy to manage risk, it does not guarantee protection against losses. Here are some important points:

• Market Volatility: In times of extreme market volatility, diversified portfolios can still experience significant declines.
• Correlation of Assets: If assets within a diversified portfolio are highly correlated, they may all decline together during market stress, reducing the effectiveness of diversification.

Conclusion​

In summary, while diversification is essential for managing risk, it does not provide complete protection against being wiped out in the stock market. Investors should remain aware of both systematic and unsystematic risks and consider a balanced approach to asset allocation.

See the Great Crash of 1929. The depression lasted 10 years...investment is not liquid at all if your portfolio has declined unless you’ve got years to wait until if or when, it recovers. The next one could be worse.
Happy investing.

Anyone that had a large stock portfolio in 2008 knows you can in fact lose a lot of money fast.
It is literally a gamble.
Just generally, an OK one.

But there are bonds and other risk-free options. The stock market is absolutely NOT that.

End of day it is all fine to me provided you only risk what you can afford to lose.
Anyone betting rent money needs help and I hope they get it.