Or is it more young men vs the establishment where the establishment wins the vast majority of the time but occasionally a young dude makes the right longshot bet?
Seems like the latter - except that not only describes how people perceive gambling, but the entire economy considering startups, silicon valley, the current crop of tech billionaires and how they made their fortunes, etc.
So, why not gamble on crypto, NFTs, or prediction markets? Might as well go for the longshots since everything is a longshot anyway
The gamblers, however, will see a future where they have paid $5.00 for a $0.03 ticket and still won the lottery a couple dozen times in a row because they deserve it so they will buy all tickets they can right now ending with 3 —because that's important.
Even when you think you have a legitimate insight so the book is mispriced for your actual odds, you should consider the risk.
Risk management is foremost.
What happens if I lose the almost certainly sure bet?
This may come as a surprise to you, but in the real world, there are not few people whose business is making you think you have an edge on your "long shot".
Also, everybody benefits from a society that chooses qualified people for a position, and gives everybody an opportunity to get a job. But that is also something that shows over time and many processes, and it is harder to see in the moment.
Nepotism is the zero-sum version of applying for a job. Only the power to take away from others is accounted, no qualification required just raw power. Which nepo-baby gets the government contract, the board position, etc. is a zero-sum game and participants behave like what it is. Betrayal, lies, etc. is part of that game.
Um, no, it’s not. It’s notoriously hard to estimate exactly but annual consumer surplus in the US alone is estimated to be in the trillions of dollars.
Monopoly isn't a zero sum game, and yet within every turn there is a maximum zero-sum amount of money available in play that can be utilized. And the fact that 5x more money might be on the board 20 turns later doesn't make a bit of difference in what I or anybody else can spend or earn during our turn right now.
And yes of course I’m joking. If you’re spending money on these get rich quick schemes instead of dollar cost averaging into an index fund, you’re being irresponsible. That’s real advice.
Maybe that means a lot in 10 years, but... is it that impactful now? More impactful than gambling surely, and perhaps this is a bit myopic, but I feel like you wouldn't even be able to buy any new car with that amount 10 years from now. Hopefully it'll still count as an emergency fund.
We saw the value of money halve over like 4 years while everyone who had money made bank. It's tough to be hopeful that any amount saved is going to go far in the future tbh. $41k is about 1/10th of a down payment on a half-duplex, assuming you're keen to borrow the remaining $1.1m.
Definitely don't gamble though, that message I can get behind.
I don't think ~$400k accurately depicts useful information, but I'd rather be hopeful than cynical, so I think if your only goal is homeownership, then hopefully if one does trade something stupid like gambling for investments, there will still be options somewhere
The real threat is that it wont stop there. Some will go to $100 a week, $500 a week and so on, because that is how addiction works.
For all the rationalizations, they do it for the feeling it gets them. And those feelings will drive higher stakes even after you have gambling debt.
In Australia, it is also not just in app/browser ads either. Gambling promotion is very normalised and entrenched.
The major sports on news and sports shows have the odds showing who is likely to win. Some sports analysis shows (especially on pay TV) even go as far as providing overs/unders for line betting or "possibly wins" from multi-bets (bet $100 and you can win $123,000 with this combination).
Around the sports grounds - all covered in ads. The scoreboards have odds. The team and competition mobile apps all have odds. Even commentary on the radio has ads inserted regularly during a call: "Player A runs up and kicks a goal, and they are now level with 10 points on the Elon-Musk SpaceX Scoreboard. An amazing goal, it's a candidate for the Anthropic goal of the week." During quarter/half breaks, they give more options to bet on. Due to this, I prefer mostly to listen to commentary on public broadcasters as they are not allowed to contain ads at all. I find commercial radio trying to insert brand names every second sentence rather than providing expert analysis.
Similar to loot boxes for teens. It's building up habits for future gambling addictions. Mostly FPS games - that are prominently targeted at teenage boys.
I think a lot of gambling related material is targeted at the ages below legal gambling age with the specific purpose to get people to start gambling from legal age, however that would be hidden of course. Similarly no one becomes an alcoholic or smoking addict overnight the day they become of legal age for that substance, there is a buildup period.
Gambling addiction is way more damaging the younger you get in touch with it.
And as much as I hate that this is what is happening, I feel like that's what I'm going to end up being forced to try after 15+ years in working software development jobs, given how badly the companies want to replace us with LLMs. Hasn't gotten to that point yet but I'm shocked every day we're not laid off.
It is about how those men want to feel.