{"id":11577,"date":"2016-01-05T12:17:55","date_gmt":"2016-01-05T12:17:55","guid":{"rendered":"http:\/\/www.betangel.com\/blog_wp\/?p=11577"},"modified":"2016-01-16T10:42:37","modified_gmt":"2016-01-16T10:42:37","slug":"think-donald-trump-bad","status":"publish","type":"post","link":"https:\/\/www.betfairtradingblog.com\/blog_wp\/2016\/01\/05\/think-donald-trump-bad\/","title":{"rendered":"You think Donald Trump is bad!"},"content":{"rendered":"

There has been lots of discussion about Donald Trump’s rants of a mad man recently. So here are some more: –<\/span><\/p>\n

A CASINO IN EVERY SMARTPHONE \u2013 LAW ENFORCEMENT IMPLICATIONS<\/strong><\/span><\/p>\n

https:\/\/oversight.house.gov\/hearing\/a-casino-in-every-smartphone-law-enforcement-implications\/<\/a><\/span><\/p>\n

This was the hearing that was called\u00a0\u00a0when the\u00a0DOJ OLC reversed a long-standing policy by declaring that the Wire Act applied only to sports betting and not all forms of betting. This policy reversal potentially ‘opens the door’ for online gambling in all 50 states.<\/span><\/p>\n

One sided views<\/strong><\/span><\/p>\n

For my interests furthering the industry, I have been listening to the various points of view from both sides of the debate. But it often seems one sided.<\/span><\/p>\n

On the plus side, a few voices are pointing out the rather obvious fact that a regulated industry is better than a black market. But on the dark side, to remain topical, the remainder of the house are positioning sports betting as the work of the devil!<\/span><\/p>\n

If you listened to this as an outsider then apparently placing $10 on your team to win, finances terrorism, criminal activity, assumes people can not be remotely responsibly for their actions and is responsible for global warming, the California drought, ISIS, murder, that bloke that cut you up this morning etc. etc. Basically everything bad in the world.<\/span><\/p>\n

Unfortunately, or fortunately as the case may be, nobody was able to actually put forward any evidence to prove that. Also, maybe I missed it, but gambling citizens money on bizarre and risky financial assets doesn’t do any of that and is perfectly acceptable and causes not a jot of harm to anybody. Funny that, isn’t it!<\/span><\/p>\n

Turn gambling into a risk \/ prediction market<\/strong><\/span><\/p>\n

I got the feeling that if gambling was turned into a financial asset, it would be perfectly acceptable. If you re-market it as a prediction market, it may gain more traction I reckon.<\/span><\/p>\n

Start up a sports exchange as a ECN and let people trade it freely, a bit like Betfair when it started! If you think about the logic, mitigating risk is an entirely acceptable activity and has wide scope.<\/span><\/p>\n

It’s really no different from what happens in financial markets already. There are processes and checks in place that could be immediately transplanted into the prediction market to fulfil the same requirements as a financial markets. Surely if they are acceptable for the, vested, interests in financial markets, it will work elsewhere?<\/span><\/span><\/p>\n

Debate it much as you like but the world is a global place now and free movement on capital and services must surely benefit it, unless you are being deliberately protectionist. The Internet has broken down barriers for everything and major US companies are benefiting from it. If betting exchanges are treated as true exchanges then there should be no limit on their adoption and scope.<\/span><\/p>\n

But encouraging people to losing money by playing bingo, virtual sports or a casino, doesn’t really achieve much and can be argued against on moral grounds. That doesn’t have much appeal or scope does it? A re-branding exercise is required IMHO. Or a competitor with a clean set of heels.<\/span><\/p>\n

Without it the industry will be treated with the contempt it often deserves.<\/span><\/p>\n

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There has been lots of discussion about Donald Trump’s rants of a mad man recently. So here are some more: – A CASINO IN EVERY SMARTPHONE \u2013 LAW ENFORCEMENT IMPLICATIONS https:\/\/oversight.house.gov\/hearing\/a-casino-in-every-smartphone-law-enforcement-implications\/ This was the hearing that was called\u00a0\u00a0when the\u00a0DOJ OLC reversed a long-standing policy by declaring that the Wire Act applied only to sports betting […]<\/p>\n

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