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

[Robbieac]

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.

Generally, I agree with everything that you said.

But people need to keep in mind that you don’t “lose” money in the stock market until you decide to cash out. If those people were invested wisely and had held in 2008 instead of cashing out, they would probably have 500% more now than they did then.

The market always rebounds and is higher in the long-term given that people don’t “panic-sell” in the meantime.

 

[Tabascocat]

I never cash out when the market crashes, just hang on and you will make money in the long run.

 

[triplets_93]

Sports betting and NIL are discussed.

 

[IndieCowboy]

I never cash out when the market crashes, just hang on and you will make money in the long run.

Have you got 10 years to “hang on” just to break even in a 1929 style crash? This is NOT posted to belittle or insult anyone. It’s posted in kindness for educational purposes only.

I did a long post about the market and 1929 that the “experts” here obviously didn’t read, but most continue to walk over the cliff. But dont believe me - believe these guys….

Several billionaires, including Warren Buffett, John Paulson, and George Soros, have been selling off their shares in U.S. companies, indicating a lack of confidence in the market's future performance. This trend suggests they may be moving their investments into cash (they HAVE) in anticipation of a potential market correction.

THE GREAT CASHOUT - Jeff Bezos, Leon Black, Jamie Dimon, and the Walton family have now sold a combined $11 billion in company stock this month— some for the first time ever.​

This surge in wealth amongst billionaires has led to a notable increase in cash holdings among the ultra-rich, reflecting their financial strategies amidst economic uncertainties.​

Warren Buffet is holding a record amount of CASH. After selling over $75 billion in stock—including sizeable Apple holdings—Buffett’s conglomerate now sits on $277 billion in cash.

Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B)
Warren Buffett has grown Berkshire Hathaway's cash pile to more than $300 billion — a record high.

Blue Chips and stock diversification will not protect you. (ASSET diversification might (!) and it isn’t the same thing! One poster referred to diversifying sectors in stock holdings as protection. WRONG!!)

But this is the last of my lectures on the matter. Cognitive dissonance is a powerful defence mechanism driving some here to argue for the sake of argueing when I’ve got no dog in this hunt.
I’ve got an MBA from ***. I’ve tried to help my Cowboy brothers who will listen. I’ve got no other reason to go to this much trouble.
I don’t profit from posting here for Pete’s sake!!
My only reason for doing so was to correct dangerous and ignorant assumptions that are continually made and repeated because that’s what they “heard” from someone else or some fund manager.
I just cannot read anymore responses in this thread because the ignorance saddens me.
I’ve wasted enough time responding here since this is a Cowboys forum after all.
So you cats do what you will…..

Back to football threads and “stay outta da sharks house! And stay outta da woods too because da bears will eat you up!” - Sister Pooh Nash a very intelligent woman with great advice.

I love you guys!!
Cheers.

 

[CyberB0b]

It's predatory. The powerful elites grab from the poor and middle class.

If the wealthy want to squander their money, I don't feel much for them, but for those with modest or normal income....they often put themselves and their family into destitution, vainly hoping to strike big.

Even if a guy does strike it big...they quickly lose it all over again.

I hate gambling deeply for so many reasons.

Not only that, but if you exploit their weak lines, they limit you or ban you. Total scam.

Let people do what they want and let them deal with the consequences. Way too much trying to protect people from making bad decisions and then trying to make programs that help them after they fall.

I generally agree, but there’s societal consequences to this, specifically.

 

[MonkeymanWoes]

I can’t see anything positive that is derived by legalized gambling. Just another legal vice that will destroy lives.

 

[Tabascocat]

Have you got 10 years to “hang on” just to break even in a 1929 style crash? This is NOT posted to belittle or insult anyone. It’s posted in kindness for educational purposes only.

I did a long post about the market and 1929 that the “experts” here obviously didn’t read, but most continue to walk over the cliff. But dont believe me - believe these guys….

Several billionaires, including Warren Buffett, John Paulson, and George Soros, have been selling off their shares in U.S. companies, indicating a lack of confidence in the market's future performance. This trend suggests they may be moving their investments into cash (they HAVE) in anticipation of a potential market correction.

THE GREAT CASHOUT - Jeff Bezos, Leon Black, Jamie Dimon, and the Walton family have now sold a combined $11 billion in company stock this month— some for the first time ever.​

This surge in wealth amongst billionaires has led to a notable increase in cash holdings among the ultra-rich, reflecting their financial strategies amidst economic uncertainties.​

Warren Buffet is holding a record amount of CASH. After selling over $75 billion in stock—including sizeable Apple holdings—Buffett’s conglomerate now sits on $277 billion in cash.

Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B)
Warren Buffett has grown Berkshire Hathaway's cash pile to more than $300 billion — a record high.

Blue Chips and stock diversification will not protect you. (ASSET diversification might (!) and it isn’t the same thing! One poster referred to diversifying sectors in stock holdings as protection. WRONG!!)

But this is the last of my lectures on the matter. Cognitive dissonance is a powerful defence mechanism driving some here to argue for the sake of argueing when I’ve got no dog in this hunt.
I’ve got an MBA from ***. I’ve tried to help my Cowboy brothers who will listen. I’ve got no other reason to go to this much trouble.
I don’t profit from posting here for Pete’s sake!!
My only reason for doing so was to correct dangerous and ignorant assumptions that are continually made and repeated because that’s what they “heard” from someone else or some fund manager.
I just cannot read anymore responses in this thread because the ignorance saddens me.
I’ve wasted enough time responding here since this is a Cowboys forum after all.
So you cats do what you will…..

Back to football threads and “stay outta da sharks house! And stay outta da woods too because da bears will eat you up!” - Sister Pooh Nash a very intelligent woman with great advice.

I love you guys!!
Cheers.

I know the possibilities and what can happen. I don’t have billionaire type money invested and can wait for however long for the market to correct itself. I don’t rely on that money at all for anything. If I lose it, I lose it and that would affect nothing in the long run. That is my situation.

 

[CyberB0b]

I never cash out when the market crashes, just hang on and you will make money in the long run.

The real money is made in bear markets. That's when you should be investing more, not less.

 

[Ghost12]

THE GREAT CASHOUT - Jeff Bezos, Leon Black, Jamie Dimon, and the Walton family have now sold a combined $11 billion in company stock this month— some for the first time ever.​

LOL!!!

What you call “THE GREAT CASHOUT” actually amounts to roughly 1.5% of the net worth of the individuals you mentioned.

You’re trying to make it sound like billionaires are running scared when really the above is chump change to them.

 

[jrumann59]

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!

State Lotteries are different they prey on the poor, it is a Poor Tax, throw hundreds of millions or couple of billions up on a billboard and you would be surprised how many disadvantaged show up to drop a couple hundred on tickets. State I am in the Lottery vending machines are twenty deep at every lottery retailer.

 

[DZSierra]

State Lotteries are different they prey on the poor, it is a Poor Tax, throw hundreds of millions or couple of billions up on a billboard and you would be surprised how many disadvantaged show up to drop a couple hundred on tickets. State I am in the Lottery vending machines are twenty deep at every lottery retailer.

End of the day, any type of gambling preys on ALL types including the poor and wealthy.

Don't get me wrong, I can see making money if you're a professional card player, but in general, the house always wins at the end of the day.

 

[Robbieac]

End of the day, any type of gambling preys on ALL types including the poor and wealthy.

Don't get me wrong, I can see making money if you're a professional card player, but in general, the house always wins at the end of the day.

Agreed. Lotteries and gambling do not prey on the poor as much as they take advantage of the stupid and ignorant.

It’s not that the “rich get richer“. It’s the “intelligent and those with self control“ get richer.

 

[DZSierra]

Agreed. Lotteries and gambling do not prey on the poor as much as they take advantage of the stupid and ignorant.

It’s not that the “rich get richer“. It’s the “intelligent and those with self control“ get richer.

Someone wasting $100 a week on lottery making 30k a year is really no different than someone wasting 1k a week on gambling who makes 300k a year IMO (didn't work the actual percentages, but hopefully you get my drift.

Don't get me wrong, the person spending $100 a week may make that $100 bucks back just like the spending the 1k a week, but when all is said and done, I'd respectfully argue that unless your a professional gambler, you're going to end up on the short end of the stick and there are better ways to try and make money with money you can afford to lose.

I just love how as a society, we have drug and alcohol issues, but gambling is viewed as somehow being better (I guess because you don't become a crack head or end up in jail for being drunk).

My wife was watching a NFL game with me when some gambling company tells in you in their TV add that if you spend $5, they'll give you $500 to play with. She looked at me and said "that's like telling a drug user if you spend $5 with our product, we will give you $500 in free drugs". End of the day, you're going to get those people coming back to you when they use up the discounted "product". My wife's not stupid LOL

 

[jrumann59]

Someone wasting $100 a week on lottery making 30k a year is really no different than someone wasting 1k a week on gambling who makes 300k a year IMO (didn't work the actual percentages, but hopefully you get my drift.

Don't get me wrong, the person spending $100 a week may make that $100 bucks back just like the spending the 1k a week, but when all is said and done, I'd respectfully argue that unless your a professional gambler, you're going to end up on the short end of the stick and there are better ways to try and make money with money you can afford to lose.

I just love how as a society, we have drug and alcohol issues, but gambling is viewed as somehow being better (I guess because you don't become a crack head or end up in jail for being drunk).

My wife was watching a NFL game with me when some gambling company tells in you in their TV add that if you spend $5, they'll give you $500 to play with. She looked at me and said "that's like telling a drug user if you spend $5 with our product, we will give you $500 in free drugs". End of the day, you're going to get those people coming back to you when they use up the discounted "product". My wife's not stupid LOL

I disagree, someone spending $100 week making 30K a year has less "discretionary" spending. That $100 is more necessary, that person making 30K a year has less avenues to make up for the "loss" than the guy making 300K year and dropping 1k a week also gambling. That person making 30K a year is also the same person complaining to their local politician that they can't afford to live because they make so little. You cannot have it both ways. When you get a chance drive through the section 8 areas of most communities you will see more money in vehicles and shoes than you will in many "middle class" neighborhoods.

 

[DZSierra]

I disagree, someone spending $100 week making 30K a year has less "discretionary" spending. That $100 is more necessary, that person making 30K a year has less avenues to make up for the "loss" than the guy making 300K year and dropping 1k a week also gambling. That person making 30K a year is also the same person complaining to their local politician that they can't afford to live because they make so little. You cannot have it both ways. When you get a chance drive through the section 8 areas of most communities you will see more money in vehicles and shoes than you will in many "middle class" neighborhoods.

Apparently you didn't catch my drift LOL

In my defense, I stated I didn't work the percentages.

I do see your point though.

Poor people should not gamble, but rich people can because they can afford to lose it?

Question becomes what is "rich"?

I don't gamble and I have no debt. That said, we ALL have our vices that we waste money on. My vice is guns. After you have more than one safe, the wife can't keep track of them LOL. I guess at the end of the day, as long as you don't go in debt, who cares if you gamble?

 

[jrumann59]

Apparently you didn't catch my drift LOL

In my defense, I stated I didn't work the percentages.

I do see your point though.

Poor people should not gamble, but rich people can because they can afford to lose it?

Question becomes what is "rich"?

I don't gamble and I have no debt. That said, we ALL have our vices that we waste money on. My vice is guns. After you have more than one safe, the wife can't keep track of them LOL. I guess at the end of the day, as long as you don't go in debt, who cares if you gamble?

I caught your drift. Just feel a lottery is more insidious than say a casino or sports book. Both can get you in trouble the issue with a lottery is people actually think they can "win", that is why i call it Poor Tax because most of the players at least the most I see are not well off and watching them feed their debit card and cash into a lottery vending machine makes me chuckle in the saddest way. Powerball and Mega millions the odds are so outrageous 1000 of those players have a better shot of being struck by lightning. People feel sorry for the 30k a year person when they are broke than they are for 300K year person, even if both made the same bad decisions.

 

[DZSierra]

I caught your drift. Just feel a lottery is more insidious than say a casino or sports book. Both can get you in trouble the issue with a lottery is people actually think they can "win", that is why i call it Poor Tax because most of the players at least the most I see are not well off and watching them feed their debit card and cash into a lottery vending machine makes me chuckle in the saddest way. Powerball and Mega millions the odds are so outrageous 1000 of those players have a better shot of being struck by lightning. People feel sorry for the 30k a year person when they are broke than they are for 300K year person, even if both made the same bad decisions.

I don't disagree with anything you stated.

However, I don't consider the lottery "poor tax" because the only reason why the state runs it is to make money for the politicians along with the company running the lottery.

Here in NC, they voted the lottery in 2005.

I find it ironic because I'm a heathen Yankee in the southern Bible belt, and it was sold on the premise that all the money generated by the lottery would go to the school systems. That was and is total hogwash and complete BS, but guess what, people bought it. The irony is they call it the "NC education lottery" and I work with at least people people who work as teachers in the school system at our local church, and no one can really figure out where this money is for the schools LOL

At the end of the day, we all have our own vices which cost us money though.

 

[BoyzBlaster]

Sports betting should be illegal. Only say that because I use to feel different. I now see it opens up a Pandora's Box of bad things . Like athletes more and more betting for or against teams they are actively playing for. Don't tell me it doesn't happen. It has always. Also, it can destroy lives and create addiction. I don't speak from my own experience but know others that it has affected. Or "infected" like a scourge. We need to have freedom to choose but sports betting is a slippery slope. If anyone has played draft kings your doing it too. I'm just as guilty. Even if you only play the dime games. Have you noticed you almost never win anything of any significance? Lol... That's because the house ALWAYS wins. It's rigged. It's legalized thievery. I no longer participate.

The way it's proliferated is so gross. It's just the latest way to extract money from people with zero regard for the massive societal and human toll it takes, in a long line behind opioids, vaping, social media, etc. It's disgusting.

 

[DZSierra]

The way it's proliferated is so gross. It's just the latest way to extract money from people with zero regard for the massive societal and human toll it takes, in a long line behind opioids, vaping, social media, etc. It's disgusting.

The reality is since the age of man, it's always been going on.

You either have organized crime or organized government

 

[BoyzBlaster]

The reality is since the age of man, it's always been going on.

You either have organized crime or organized government

True. Although the way gambling has been weaponized by apps like Draft Kings etc and how it sucks in young men is really sad and the sheer scale of it is new