Ha. The disaster alarms were ringing loudly in my head. Josh- I assume MS means Morgan Stanley, not Microsoft. If so, do you think all the sorts of problems we see financial organizations taking advantage of could be applied to gambling markets. That is, does Miller's contention that finance would not exist without transaction costs apply equally to gambling? If so, is gambling just another form of an options market? And finally, should gambling be treated like any other market with buy and sell prices (like commodities or bonds)?