It might be something we should treat more like smoking.
- Require a disclosure of the EV of each bet as the user is placing it. E.g.: Expected loss $5.
- Ad targeting restrictions.
Maybe a better law: check id, you are not allowed to take from any gambler more than 10 bets a year and no bet can be over 1k.
For big gamblers, we can have "qualified gamblers" rules like we do for qualified investors.
Funny how we don't let average people invest in some stuff but we let them gamble.
For offshore gambling pursue them aggressively if they serve US clients.
This is actually a take I haven't seen elsewhere. Yes, we do protect investors at least marginally better (lots of people still get fleeced with little recourse, unfortunately) but conceptually, this is a very interesting idea.
The fact that gambling exists on a loophole of being "for entertainment purposes only"[0] isn't a good enough distinction to me.
[0]: This is a brief one sentence summary of it. There's actually a bit of nuance involved depending on a number of factors, but essentially the core presume rests on some version of this.
You realise that people waste their money on things that are significantly less understandable than gambling. Do you see someone driving a Ferrari and seethe with rage because Ferrari doesn't run a "qualified driver" program?
Just fucking ban it.
Decriminalize low value bets between average people maybe but there's zero reason we need a gambling industry.
It is impossible for this industry to behave. Just kill it.
Your average Fent dealer isn't this predatory FFS
I would hope that I don't need to explain why this isn't a good idea. But the one you may not have thought of: gambling companies love this because small companies are unable to audit, margins in the sector collapsed when activity moved online, that has stopped AND they are able to target customers who they don't want to deal with, before these rules it was difficult to identify customers who would take their money, now they have your passport, your address, your bank statements, they know where your money comes from (professional gamblers can still use beards but in the UK, students used to be very popular beards...that has stopped, regulators have also brought in rules to prevent beards being used as part of the changes above...the "neoliberal" US doesn't have rules anywhere close to this, it is complete madness).
I agree, giving up that much information to a third party, opens too many risks for me, and I don't want it to be standard.
However, I'm sure there is some middle ground here that isn't so violating to your privacy. Like mentioned before, having a default limit that can only be surpassed if you're willing to go through some form of qualification. The limit can be set in place without any audit required, if its low enough.