Supreme Court ruling legalizes sports betting

Lanny said:

Will it stomp out gambling? No, of course not. But it will attenuate it significantly and that's better than letting it run unchecked.

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I don't believe it would, and you also gotta allow people to make decisions for themselves, for better or worse.

Cuban is prone to hyperbole, but: http://www.espn.com/chalk/story/_/i...ing-ruling-doubled-franchise-values-overnight

BonesJones said:

But is the legalization of sports gambling gonna make a difference?

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It will to the kids who don't have food on the table because dad lost gambling on a game...where there's gambling, there's usually a guy named Vito who will break a few ankles on payday...I don't see any benefit to legalizing sports gambling.

riverman said:

It will to the kids who don't have food on the table because dad lost gambling on a game...where there's gambling, there's usually a guy named Vito who will break a few ankles on payday...I don't see any benefit to legalizing sports gambling.

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I agree @riverman ! I also agree with @BonesJones that people should be responsible enough to make their own choices, but past experiences show us time and time again that a large number of people are not able to make the responsible choice and it does hurt other people.

There are plenty of illegal bookies out there now which people place bets through. If it becomes legal, it makes it much easier for the normal person who doesn't have a bookie or is scared off by doing something illegal to now do it. I think it will definitely increase the number of people gambling on sports. My mother was not a gambling addict until the State of Iowa passed a law allowing casinos to be built. Once there was a casino nearby, she started gambling and was addicted quickly. It never would have happened if the local casino was never built.

I didn’t even realize it was fully illegal over there.

Can’t imagine something like this in Europe, in the UK sports betting is basically common among all young people and you have bookies at every corner.

I used to enjoy an occasional accumulator, not anymore since they put a tax on them in Poland and you need to pay 12% on all winning and 10% on everything above $500 - makes it hard to break even let alone profit.

It’s done for fun and to enjoy games more mostly here though. I do know a few people who have lost a significant amount of money but 99% of those who have ever placed sports bets have done small amount wagers for fun and to profit from their knowledge about the sport.

Sports betting is somewhere between the stock exchange (trying to profit from odds that are too high sometimes) and genuine gambling (when you go for multiple selections at high odds it’s up to pure chance often).

BonesJones said:

I don't believe it would, and you also gotta allow people to make decisions for themselves, for better or worse.

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We don't let a lot of people do whatever they want even if it doesn't directly affect any of us, and for good reason.

Lanny said:

We don't let a lot of people do whatever they want even if it doesn't directly affect any of us, and for good reason.

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I gotta agree with Lanny on this one... although I like to occasionally wager on sports, I have seen it destroy lives... it’s scary to think of what can happen to people with easy access such as betting on a phone app

trailblazer18 said:

I agree @riverman ! I also agree with @BonesJones that people should be responsible enough to make their own choices, but past experiences show us time and time again that a large number of people are not able to make the responsible choice and it does hurt other people.

There are plenty of illegal bookies out there now which people place bets through. If it becomes legal, it makes it much easier for the normal person who doesn't have a bookie or is scared off by doing something illegal to now do it. I think it will definitely increase the number of people gambling on sports. My mother was not a gambling addict until the State of Iowa passed a law allowing casinos to be built. Once there was a casino nearby, she started gambling and was addicted quickly. It never would have happened if the local casino was never built.

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My mother never gambled illegally. However, she lost more than a ton of money gambling legally. She lost the better part of a $4 Million estate, left to her by my father and my brother, on legal gambling.

My brother-in-law was a very successful software engineer who lost all of his IRA money by gambling. Every penny of it is gone forever. All he's got is social security for he and his wife plus Medicare and a tiny pension his wife gets from Tektronix plus a house that's paid off.

I've known others that had gambling problems but I lost touch with them before I was able to see the end result. I can only guess what happened.

It would take a long time to lose $100 in the lottery but my mother could lose that much in 1 minute of pulling the handle on a slot machine.

I'm gonna use my one vote to vote no on every gambling issue even the lottery which I consider virtually harmless.

If you want to gamble, go to Vegas. That's what I say.

My wife likes to gamble but she gambles with very little money and usually wins. Meanwhile, I sit in the hotel room until she comes to get me by saying "Let's go to the buffet because I've won enough to pay for it."

I think I did bet $10 on the Blazers once. That's the extent of my betting.

Sarni said:

I didn’t even realize it was fully illegal over there.

Can’t imagine something like this in Europe, in the UK sports betting is basically common among all young people and you have bookies at every corner.

I used to enjoy an occasional accumulator, not anymore since they put a tax on them in Poland and you need to pay 12% on all winning and 10% on everything above $500 - makes it hard to break even let alone profit.

It’s done for fun and to enjoy games more mostly here though. I do know a few people who have lost a significant amount of money but 99% of those who have ever placed sports bets have done small amount wagers for fun and to profit from their knowledge about the sport.

Sports betting is somewhere between the stock exchange (trying to profit from odds that are too high sometimes) and genuine gambling (when you go for multiple selections at high odds it’s up to pure chance often).

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I don't believe in day trading but at least it takes some skill and not plain luck. Of course, I'm talking about the long run.

My wife and I have done very well in the Stock Market but we buy stocks and hold onto them for years before selling them. I usually let my financial advisor do all the work and only see him once or twice a year. Even then, we picked a highly reputable advisor over a decade ago and like him very well. He tells us how his wife, children and mother are doing. We take turns taking each other out to lunch and consider it lucky for us when it's our turn. That's the way to invest in the Stock Market.