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It's certainly not well defined today; memecoins, prediction markets, sports betting, and more are all toeing the line of gambling.
by pants2 29d ago
It's certainly not well defined today; memecoins, prediction markets, sports betting, and more are all toeing the line of gambling.
- pjc50 29d agoSee also "binary options", which are such a bad deal for retail investors that the UK FCA explicitly tells you they're a scam.
- rglullis 29d agoToeing the line? There is no underlying risk to any of that except the bet itself. Of course it is gambling.
- Sharlin 29d agoNot in the eyes of law (in many or most jurisdictions that regulate gambling).
- postexitus 29d agoAt some point it's going to catch up. Legislation is a very hard process.
- Sharlin 29d agoSports betting is centuries if not thousands of years old.
- itintheory 29d ago> toeing the line I'm not sure that phrase means what you intended to say here. From Wikipedia, [1]: "Toe the line" is an idiomatic expression meaning either to conform to a rule or standard, or to stand in formation along a line. [1] https://en.wikipedia.org/wiki/Toe_the_line https://en.wikipedia.org/wiki/Toe_the_line It's possible I misinterpreted your statement though, and if so: apologies.
- Hugsbox 29d agoGuess I learned something new today. I've always thought "toe the line" means something closer to "staying as close as you can to the line without crossing it", if that makes sense.
- pants2 28d agoAgreed, that's what I thought it meant when I used the phrase :)
- itintheory 24d agoIt's probably common enough to be an accepted meaning nowadays, like what's happened with "beg the question". I think the original meaning also lends itself very well to people believing the phrase is "tow the line" since that makes some sense with conforming to a rule. Who knows, idioms are a moving target.
- renegade-otter 29d agoPrediction markets are 100% gambling. It's just synonym acrobatics. I say this as someone who had a lot of fun GAMBLING during the World Cup. https://www.youtube.com/watch?v=mOptJl8Xkx0 https://www.youtube.com/watch?v=mOptJl8Xkx0
- tantalor 29d agoNot 100% In certain cases you can use information asymmetry to your advantage. You know something they don't. A good example is any market dependent on public opinion surveys (eg political polling). That data can be hard to find. If you can find it faster than everybody else then you win more often. There is still some chance involved but it's more like poker than blackjack (not a great analogy but you get my drift).
- renegade-otter 29d agoPeople did this in sports gambling since forever. Professional gamblers would cultivate a source (like a coach) to get inside information to get a leg up. That said - you are still placing a bet based on the best information you have. It's gambling, or else, what other word is for it? Investing?
- tantalor 29d agoSkill-based game/wager? Gambling is playing games with negative EV