Viewing a single comment thread. View all comments

CactusBoyScout t1_j30d6tz wrote

Reply to comment by Barebacking_Bernanke in NY officially solicits bids for casino with license fee set at $500M by geoxol

Why is this paternalistic logic okay when it’s about gambling? If you made the same argument about alcohol’s impacts on society as a justification for banning it, you’d rightly be laughed at.

10

drpvn t1_j310q0z wrote

It’s true, for starters.

2

CactusBoyScout t1_j312tg9 wrote

It’s true for alcohol too.

5

drpvn t1_j31u2kz wrote

Good point. I guess we always had to legalize gambling so we weren’t hypocritical about alcohol. Don’t want to be paternalistic!

3

SachaCuy t1_j33rsr8 wrote

Both gambling and alcohol prey on addictions. It is not necessarily paternalistic to say that both can cause poverty. We tried banning alcohol once and the consequences were deemed worse than not banning it.

In this case we are legalizing gambling because the state wants a piece of the action. As far as I can tell illegal gambling has been doing just fine in NYC with massive crime attached to it but the state wants their money too because apparently a 200b budget per year isn't enough.

2

CactusBoyScout t1_j33s5de wrote

Right so both should be legal to take money away from organized crime?

You’re never going to find a perfect solution to these societal problems but I think the Prohibition example shows that handing over an entire industry to organized crime is the worse option.

2

SachaCuy t1_j33vlhh wrote

I am ok with organized crime making money from gambling.

We all got to make a living.

Alcohol no. That became too disorganized. Weed we will see how this new experiment goes.

Don't forget the state taxes you on your winnings and you can't write off your losers. Not only is it negative expected value (which is fine) but the winnings are taxed.

1

ctindel t1_j35m0xi wrote

You can write off losses up to the value of your winnings.

Letting organized crime make money on anything is fucking stupid for society. Regulate and tax, make sure the gambling is fair and properly run and money isn’t laundered.

2

SachaCuy t1_j397gdd wrote

I think you should be able to write off losses vs other risk assets (i.e. stocks) but that's just me.

1

ctindel t1_j398a8p wrote

Absolutely. But the tax code isn't written to help normal people, just businesses.

1