> In a healthy economy “Tails I win, heads you lose” businesses should not be allowed to succeed.
That's every gambling place/app, should they all be made illegal? Not that I'm disagreeing...
That's every gambling place/app, should they all be made illegal? Not that I'm disagreeing...
I don’t think Polymarket does this, but I also think it would be OK if the casino takes a cut of the prize pool, as long as it ensures that winners never receive less than they bet. For example, the casino may receive $losers/n (they pick n, $losers = total bets of losers), and winners receive $bet($losers(n - 1)/n + $winners)/$winners, $winners = total bets of winners, $bet = their bet).
Then it’s “tails = I win you lose, heads = we both win someone else loses, except nobody wins if everyone gets heads but that’s extremely unlikely (especially with more than 2 options)”.
* If you start applying the martingale to roulette, you will quickly be pointed to the exit.
Yeah, but if you try to "count cards" (i.e. actually utilize probability to play effectively) they'll throw you out. The parent comment is right that this is basically how all gambling against a business works. I'd totally be in favor of them all being illegal, but I also doubt that it would be feasible due to most people not sharing this view; it would probably go down about as well as prohibition (which ironically is also something I'm one of the few who would be relatively unaffected by given that I don't drink).