Anti-online gambling op-ed piece that actually makes sense

[DrewOnTilt]

USA Today published an op-ed piece today regarding the growth of online gaming and the current legislation making the rounds in D.C. - How to Counter Online Bets (http://www.usatoday.com/news/opinion/editorials/2006-07-16-online-bets-edit_x.htm)

The piece itself speaks against online gaming, but the analysis of the weaknesses and infeasibility of the Goodlatte bill are spot on.

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It also wouldn't hurt if government leaders stopped looking to gambling to cure their fiscal woes. That's a long shot, of course, but young people know it's hypocritical to demand they stop playing poker online while the state encourages them to wager on lotteries and horse racing.

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I couldn't have said it better myself. It's refreshing to see that at least a few people on the opposite side of our views have their heads on straight in regards to H.R. 4411.

[Zele]

Indeed. I doubt there is a poker player anywhere whose -EV comes close to a lottery player, who is giving up 50% if he avoids the really bad games. And you'd have to be a pretty serious fish to outdo a horse player's -15% or more.

Not to mention that mere pennies on the dollar of lottery proceeds actually find their way into schools and the other good causes lotteries are supposed to fund.

[DuderinoAB]

"...the idea of thousands of students losing their futures through the click of a mouse is troubling enough to make it worth the effort."


Very few students lose their futures more through gambling than they do through FEDERAL student loans which are a huge moneymaker for the government. This whole "protect the students" idea is [censored].

[Zele]

Not really. Student loans are subsidized.

[microbet]

" And then there's the question of people's right to spend their money as they wish. "

Good point.

[DuderinoAB]

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Not really. Student loans are subsidized.

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I know that. I graduated in May and have about 13k in subsidized loans that were supposed to be interest free until after I graduated. Unfortunately for me, the government has no obligation to maintain ownership of my loans. They sell those "subsidized" loans to banks at the end of every year, and there is a convenient clause which allows the banks to begin charging interest the moment they acquire the loans. Therefore, students take it in the ass, but have no recourse if they can't afford to pay the complete costs and their parents can't either (which accounts for the vast majority of students. The point I was trying to make is that the government puts students in a much worse position than online gambling operations do.

[pokerpunchout]

[ QUOTE ]
[ QUOTE ]
Not really. Student loans are subsidized.

[/ QUOTE ]
They sell those "subsidized" loans to banks at the end of every year, and there is a convenient clause which allows the banks to begin charging interest the moment they acquire the loans. Therefore, students take it in the ass, but have no recourse if they can't afford to pay the complete costs and their parents can't either (which accounts for the vast majority of students. The point I was trying to make is that the government puts students in a much worse position than online gambling operations do.

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True. I, like a dumb ass, locked and consolidated mine back in the late 90's at 9%.

Beside my mortgage this is my largest outstanding debt every month and even paying twice the minimum I have yet to clear it.

[pauly2x]

you don't have to take government loans. you could always borrow from the private sector, apply for grants, earn scholarships, etc.

this comparison is way off. the federal government is loaning money to make it possible to attend college. yes, almost all students (myself included way back when) graduate with a fairly hefty debt load. but those students that graduate also leave with a degree that significantly increases their earning potential over a lifetime. This is +EV all the way around in a big way.

contrast that to online poker. the winning player really isn't relative to this discussion, since his or her financial situation will have improved. good for you, pat yourself on the back. but what is the losing player left with? nothing but bad beat stories.