Category Archives: Gambling

Each of these experiments used a behavior called the Rodent Gambling Task, which distinguishes between optimal, suboptimal, and risky decision-making, said lead author Cole Vonder Haar, assistant professor in the Department of Neuroscience at Ohio State. We found that rather than purely increasing riskiness, brain injury reduced sensitivity or understanding of the consequences of decisions.

The Rodent Gambling Task is based off a classic human neuropsychological assessment, the Iowa Gambling Task. In the Iowa Gambling Task, participants choose from four decks of cards to earn money and learn over time that two decks are risky (that is, high rewards, but large losses) and that two decks are safe and better overall (that is, low rewards, but small losses).

While rats wont work for money, they enjoy sugar pellets. Researchers set up a computer-controlled chamber to allow rats to choose among four ports, each of which had a probability of reward (from 1 to 4 sugar pellets) and punishment (5 to 40 seconds time out). By only allowing 30 minutes per day to earn pellets, rats should maximize pellets and minimize time outs.

Like the Iowa Gambling Task, some options are riskier than others. Specifically, there is one optimal choice, one suboptimal choice, and two risky choices (many pellets, big time outs). Rats were tested daily on this for many weeks, eventually generating 660,000 interactions discrete events across almost 160 rats (which was pared down to 109 for the current publication).

Vonder Haar began this research at West Virginia University during the global COVID-19 pandemic.

This project was initiated during lab closures due to COVID-19. We had students doing lab work for credit, but no ability to get into lab. So, we decided we could pool all of the data we had collected to that point and ask broader questions that go beyond just one experiment, Vonder Haar said.

Based on these experiments, researchers identified two key findings that may have implications for humans who have suffered TBI. First is the finding that, brain injury may not increase riskiness, but rather result in insensitivity to outcomes. These findings suggest that merely providing more salient information to patients may help guide and improve decision-making.

Second is the finding that, not all rats responded to TBI in the same way, which highlights this issue in the human population. Some individuals may suffer a single concussion and have long-term consequences, while others may be fine.

While this is inherently difficult because we still do not understand why this occurs, having a rat model which mimics the human condition allows us to probe biological variables that may confer vulnerability or resilience to brain injury, and treatments targeting these, which may confer vulnerability or resilience, Vonder Haar said.

More than 2.8 million people suffer a brain injury every year in the United States, which is 0.85% of the population annually, Vonder Haar said.

We found that TBI strongly affected a subgroup of rats. Not only does this map onto the human condition, where some individuals suffer greater consequences, but it allows us to begin asking why and determine the biological variables that may confer vulnerability or resilience to brain injury, Vonder Haar said.

Funding for this project was provided by the National Institute of Neurological Disorders and Stroke; National Institute of General Medical Sciences; West Virginia University and Ohio State University.

# # #

Media Contact: Eileen Scahill,Wexner Medical Center Media Relations, 614-293-3737, Eileen.Scahill@osumc.edu

Here is the original post:

'Gambling rats' shed light on how traumatic brain injury affects decision-making - Wexner Medical Center - The Ohio State University

The UFC returns this weekend with another pay-per-view offering, UFC 274, which goes down at the Footprint Center in Phoenix on Saturday. As is customary with pay-per-view events, the UFC has stacked the card with two title fights and a bevy of other high-profile matchups. In the co-main event, Rose Namajunas will defend her strawweight title in a rematch with inaugural champion Carla Esparza. Then in the main event, lightweight champion Charles Oliveira looks to silence the last of his doubters when he defends his belt against former interim champion Justin Gaethje. Weve got 15 fights this weekend, and plenty of opportunity to get some action down, so lets get to it.

As always, all odds are courtesy of our friends at DraftKings Sportsbook.

Mauricio Rua, +195

In all honesty, this is probably a dumb bet. Shogun is 40 years old and has been washed for at least five years but I cant help it, because for as washed as Shogun may be, so is Ovince Saint Preux! In his most recent fight, OSP lost to Tanner Boser because he simply didnt do anything. He landed nine total strikes in over seven minutes of fighting. Thats, well ... its not good. Saint Preux is clearly on the decline, and while he may have more juice left than Shogun, OSPs style is one that will fall off drastically as his athleticism wanes. Add in that Shogun still hits like a drunken moose and probably has a cardio advantage and with this sort of line, Im willing to take a flier on one final moment of glory for the old guard. Pride Never Die.

Randy Brown, +105

This is a sweaty-palm play, but one I still feel OK about. Randy Brown is longer, faster, and a better striker than Khaos Williams, and in a fight that is likely to take place primarily on the feet, that all should serve him well. The main concerns here are that Williams has a great chin, hits like an angry elephant, and has good low kicks (a weakness of Browns). But he also gets reckless a lot of times, and I believe Brown can capitalize on that, especially given his natural physical advantages. At plus-money, there is value here.

Marcos Rogerio de Lima, +120

Another sweaty-palm fight. Betting on bad heavyweight MMA is never the easiest thing in the world to do, but there are enough things working in RDLs favor here that I believe this is a value play. This is Blagoy Ivanovs first fight in two years, and in his last time out, he didnt look great. Hes lumbering and not an especially big hitter for the weight class. De Lima, meanwhile, is coming off the best performance of his career and looks to be finally putting things together. The ground game is always a concern, but the speed advantage should be so prominent for him that I think RDL can avoid getting taken down and get the hands going early, even against an iron-headed guy like Ivanov.

Justin Gaethje by KO/TKO, +200

Justin Gaethje vs. Charles Oliveira is a two-outcome fight: Either Oliveira can submit Gaethje, or he gets knocked out. What will determine which of those outcomes prevails is the wrestling, and while Oliveira is a solid takedown artist, Gaethje is a better takedown defender. Oliveira is not the wrestler Khabib Nurmagomedov is, and I see this fight ultimately looking like Oliveira vs. Michael Chandler, only with Gaethje finishing the job.

Rose Namajunas by KO/TKO, +300

Simply put, I think Rose is going to run over Carla Esparza in this rematch. Esparzas current winning streak is a little bit of smoke and mirrors as she shouldve lost at least one of those fights, and arguably lost three of them. Rose, meanwhile, has been fighting and beating more physically imposing and, frankly, difficult competition, and shes still developing. Esparza is not anywhere near good enough to strike with Rose for extended periods, and though Namajunas isnt the best defensive wrestler in the world, shes good enough to keep things upright for the most part. From there, Esparza is a sitting duck.

Michael Chandler/Tony Ferguson Over 1.5 Rounds, -160

Tony Ferguson certainly appears to be on the crispier side of cooked, but for all his recent struggles, Fergusons chin has not been the problem. Hes slower and his reflexes have dropped off, but he remains a supremely conditioned athlete and exceedingly durable. Chandler is not going to be able to haymaker El Cucuy out of there early, and so this one should make it past the halfway mark.

Joe Lauzon to win in Round 1, +800

For his entire career, Joe Lauzon has been a barnstormer. The man starts fights with guns blazing, and as a result, 18 of his 28 career victories have come in the first round. Conversely, Donald Cerrone has long been known as a slow starter in MMA, with seven of his 16 career losses coming in the first round. This is a fight between two guys who are well beyond their primes, but Lauzon certainly looked better than Cerrone did their last times out, and given how their careers have gone, theres value in a play on this juiced line.

Rose Namajunas, -200

As mentioned above, I think Namajunas is going to roll over Esparza this week. Honestly, shes my most confident bet, and I think the safest, smartest course of action is to simply bet her straight at these odds. But the people love parlays, and this is as solid of a parlay piece as I think you will find. I just dont see Rose losing this one.

Chiasson/Dumont Fight To Go To Decision, -200

Chiasson and Dumont have each only been stopped once in their careers, and I dont see either woman adding a second one on Saturday. This is probably going to be a lot of Dumont jabbing Chiasson for 15 minutes.

Parlay these two bets together for +125 odds.

Tony Ferguson by Submission, +1400

Tony Ferguson is probably going to lose this fight. He hasnt won a round in nearly three years, and at 38 years old, hes clearly past his peak. That being said, Michael Chandler is not the same sort of fighter nor is he as good as the men Ferguson has been losing to. Its entirely possible that Chandler just repeatedly takes Ferguson down and holds him there. But I have a feeling that Chandler is going to try and blow through Ferguson, which will create some chances for El Cucuy to sink in his famous DArce choke and become the first man to submit Chandler.

In case you were unaware, The MMA Hours Conner Burks and I have a new gambling podcast on the MMA Fighting podcast network called No Bets Barred! Every week we will be breaking down our plays on the event and just generally chopping it up about the fight cards before and behind us. Give it a listen and lets do the damn thing this weekend.

Good luck yall, and gamble responsibly!

All information in this article is provided to readers of MMA Fighting for entertainment, news, and amusement purposes only. It is the responsibility of the reader to learn and abide by online gambling laws in their region before placing any online sports betting wagers.

Follow this link:

UFC 274 gambling preview: Best bets, parlays, and long shot of the week - MMA Fighting

Wayne Gretzky takes a break during the pregame show on Oct. 13, 2021 in Atlanta.Jeremy Freeman/The Associated Press

Keep your Opinions sharp and informed. Get the Opinion newsletter. Sign up today.

Re If An Existential Threat To Roe V. Wade Cant Galvanize Progressives, Nothing Will (May 5): It should should go without saying that Americans should react to reactionaries now. But this American, who has been hanging warning lanterns and sounding alarms since Donald Trump took his escalator descent in 2015, isnt sure enough of us will do so.

Unfortunately, I fear most of us wont act until soldiers threaten to tear down our doors. Or government officials outlaw beer sales and arrest anyone engaging in premarital sex or sports betting.

We are a people who have achieved much that is worthy. But we also are a people who too often have not done enough, in enough time, to see wrong and do what is necessary to try and right it.

Mary Stanik Tucson, Ariz.

Re We Should Rethink Defence Spending (Opinion, April 30): Dictators have a sixth sense for weakness. Often the only trait they respect is strength. If for decades NATO had been stronger rather than complacent, Vladimir Putin likely never would have attacked Ukraine. Tens of thousands of lives would have been saved.

Ukraine has been at war for eight years in the Donbas and the expanded war could continue for years more, an absolutely horrible outcome for the country. It is too early to know who or what might be next.

Columnist Doug Saunders argues that Mr. Putin is showing us that the world is, in fact, slightly less dangerous than we thought. I believe he would not be making that argument if Canada was the country being destroyed.

Apparently all is well and good when someone else is doing the dying.

Rob Ogrodnick Toronto

Re Westerns Weekend Of Fear (April 30): After almost one year, a police investigation involving more than 600 interviews, a university investigation and, now, an investigation by The Globe and Mail, we find that the horrendous and disturbing claims that up to 30 women were drugged and sexually assaulted on campus likely did not occur.

As a father, university teacher and former faculty member at Western University, I find this to be incredibly good news. Im relieved that the social-media-driven rumours have not been confirmed by evidence.

Yet today, Westerns reputation is in tatters, applications are down and students continue to live in fear, insisting that an alleged mass drugging and assault did occur. Any violence, particularly sexual violence, on campus is unacceptable and should be eradicated. But continuing to claim that this event happened should be seen as illogical, irresponsible and dangerous.

Paul Benedetti Hamilton

Re A Risky Bet (Opinion, April 30): If provincial governments are going to sanction sports betting, they should up their game when it comes to gambling addiction services.

In British Columbia, despite having created a Ministry of Mental Health and Addictions, the government continues to house gambling addiction services within its Gaming Policy and Enforcement Branch, which reports to the Ministry of Public Safety and Solicitor-General.

A culture built around enforcement and public safety cannot comprehend the complexity of gambling addiction, let alone deliver proper diagnosis and treatment. GPEBs mandate is to protect the integrity of the gambling industry. In reality, I find it is to shape public perceptions of gambling as a wholesome pastime, by downplaying the severity and extent of gambling addiction.

Gambling addiction is a significant mental-health issue. The onus should be on governments to provide treatment programs that are focused, compassionate and non-judgmental, and engage the requisite expertise.

P. J. McCormick Kelowna, B.C.

How is it possible that we as a society have recognized the addictive qualities of alcohol and cigarettes, yet are rushing headlong into an embrace of online gambling, which has the same capacity to destroy lives? My heart breaks for gambling addicts, who are trying desperately to avoid temptation, not to mention those who love them.

What could governments motive possibly be? Oh, wait. Right. I guess the millions of dollars that casinos and lotteries already bring in arent quite doing the job.

Shame on us all for pretending this is okay.

Alison Vanderkop Brantford, Ont.

When a family watches sports on television now, I cant help but wonder about the subliminal message being sent. If a child sees Wayne Gretzky promoting betting and gambling, the child will likely look at it as a good thing to do.

Even the vernacular in broadcasts has changed. Sportscasters talk about -300 or +600 on a certain team. Are we accepting this as a new norm in society?

I am afraid of what it can do to the minds of our children, who will become future leaders.

Gillie Santos Toronto

Re Laid-off Ottawa Bank Teller Keeps Spending (April 30): It seems that Ben never learned the fundamentals of saving money for a rainy day.

Luckily (or maybe not), Bens relations, the Canada Emergency Response Benefit and employment insurance, are taking care of him while he goes on exotic vacations, dines out and parties, living beyond his means. But even at 27, it is not too late for Ben to learn fiscal responsibility.

He should realize that he will not immediately be offered his dream job. He should gain practical experience through paid or volunteer work. He should work harder and save harder.

Put a realistic savings plan on paper. He should revisit and revise it regularly. Next time a pandemic or personal crisis comes along, he would have a nest egg to fall back on.

The government cannot afford to keep helping the Bens of the world. Ben should figure out how to stand on his own two feet.

Mike Gauci Toronto

Re Is The Metaverse The Future Of The Internet? A Globe Journalist Steps Inside To Find Out (Report on Business, April 30): What I really want to know is: Will my metaverse avatar be able to buy a VR headset and immerse himself in his own metaverse? And if so, could my avatars avatar not buy a VR headset and immerse himself in a meta-meta-metaverse?

After all, if there is a business opportunity for a single-level metaverse, it would seem that the business potential of metaverses of metaverses (metaversa?) would be exponentially limitless. A worthy challenge, Im sure, for someone like Elon Musk as soon as he fixes his latest acquisition, of course.

Bob Rafuse Beaconsfield, Que.

Letters to the Editor should be exclusive to The Globe and Mail. Include your name, address and daytime phone number. Try to keep letters to fewer than 150 words. Letters may be edited for length and clarity. To submit a letter by e-mail, click here: letters@globeandmail.com

Continue reading here:

Letters to the editor: May 7: 'If a child sees Wayne Gretzky promoting betting and gambling, the child will likely look at it as a good thing to do.'...

Flutter's logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

Register

DUBLIN, May 4 (Reuters) - Paddy Power, Betfair and FanDuel owner Flutter said the cost of living crisis in its main UK and Ireland market is not putting customers off gambling as further rapid growth in the United States pushed first-quarter revenues up 6%.

Shares in the world's largest online betting firm jumped by over 5% on Tuesday after it reported that its U.S. revenues rose 45% year-on-year. More than half of the amount staked across its brands came from U.S. unit FanDuel for the first time.

While revenues in the UK and Ireland fell by 8%, Flutter said this was due to a winning streak enjoyed by punters and increased spending on initiatives to curb gambling addiction, rather than the worsening squeeze on household incomes.

Register

"At this stage we're not seeing anything that we would point to specifically around cost of living, and in fact we're seeing reasonably consistent levels of engagement from customers between Q4 and Q1 compared to previous years, which reassures us to some extent," Chief Executive Peter Jackson told reporters.

Chief Financial Officer Jonathan Hill said the number of days customers bet a month and the amount they spent was not much different from the corresponding period in 2019, before COVID-19 lockdowns temporarily changed consumer behaviour.

The average number of people gambling on Flutter brands in the UK and Ireland, which include Sky Bet and recently acquired bingo operator Tombola, rose by 15% year-on-year.

Online betting is taking off in the United States after a ban was lifted there in 2018. Flutter kept its No.1 position with a 37% share, down from 40% at the end of 2021.

Average monthly users rose by 43% year-on-year as revenues in the U.S. of 429 million pounds almost passed the 519 million pounds generated in the UK and Ireland for the first time.

After launching in New York in January, Jackson said he hoped FanDuel could clear the required regulatory hurdles to go live in California by the start of the 2023 American Football season, a move that would "clearly be very material."

(This story corrects final paragraph to show Flutter hopes to enter Californian market in 2023 (not 2022))

Register

Reporting by Padraic Halpin; Editing by Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

Read the rest here:

Flutter says UK inflation not hitting gambling as U.S. booms - Reuters

Technology is changing the gambling industry in many exciting ways. One of the biggest trends in the gambling industry is the use of AI to improve player experience and efficiency. Casinos are using AI to identify loyal players and reward them with targeted promotions. Meanwhile, gamblers are using AI to improve their odds by analyzing past data and predicting future outcomes. Further, gamblers want a personalized experience: they want games that can respond to their unique playing style and provide tailored rewards based on their specific preferences.

Additionally, hosting relationships between casino operators and game providers are changing because of technology innovation. A competitive edge is achieved through unique games that keep players engaged for longer periodsand developers who focus on creating fast-paced, dynamic games with enticing graphics have a leg up over those who dont.

Youve probably noticed that some betting platforms like Vwin are getting smarter. Theyre using data to improve their operations and customer experience and minimize theft. Using data to improve marketing strategies, which in turn improves revenue and profit margins. And theyre using data to maximize the productivity of their employees while minimizing turnover rates. If you want an example of how innovation can transform a business, look no further than the casino industry.

Casino owners are beginning to understand that for their businesses to thrive in todays competitive environment, they need to utilize cutting-edge technology solutions that leverage big data analytics and machine learning capabilitiesand theyre not afraid of investing heavily in these technologies either.

Casinos are now able to track customers gambling habits by analyzing their play histories on slot machines or through RFID (radio frequency identification) chips embedded inside cards used at table games like blackjack; this allows them not only to offer better incentives but also to develop new games based on what players like best (and what will generate more revenue). This is just one example of how casinos are getting smarter every day with technology innovations that help them run more efficiently as well as provide an enhanced customer experience overall.

An evolving landscape means that todays gamblers are not the same as those of the past. A few key differences separate modern-day players from those of yesteryear:

When gambling, you probably have some expectations for your experience at the casino. You might expect to have a cocktail or two, enjoy a few rounds of Blackjack, and then maybe cap off the night with dinner before heading home. The casino has many expectations for your experience as well.

With the vast amounts of data at their disposal, casinos cannot only anticipate what customers want but also create personalized experiencesconsidering gamblers VIP status. Knowing whether you are a high roller or not may seem like an obvious distinction, but casinos also need to know who their VIPs are before they become VIPs so they can provide them with personal touches along the way that will make them feel special long before reaching millionaire status.

Its undeniable that internet-based casino games have been a boon to the gambling industry. However, its important to know how hosting these games has changed in recent years, and the role it will play in the future of gaming providers and casino operators.

Read more:

Technology Innovation is Reshaping the Gambling Industry - TechSpective

Competitive Analysis

The online gambling market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The report includes the competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Company Profiles

The online gambling market report includes information on the product launches, sustainability, and prospects of leading vendors including 888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Camelot UK Lotteries Ltd., Entain Plc, Flutter Entertainment Plc, Fortuna Entertainment Group a.s., Galaxy Entertainment Group Ltd., INTRALOT SA, Kindred Group Plc, LeoVegas AB, MGM Resorts International, New York State Gaming Commission, Scientific Games Corp., Sportech Plc, The Betway Group, The Stars Group Inc., William Hill Plc, and Winamax. Companies are engaging in launching innovative products and solutions to cater the evolving end-user requirements. For instance, corporate.888.com offersonline gambling that includes online gaming services such as casino and games, poker, bingo and sport. The company also focuses on developing its business to customer business across all four product verticals in the gambling industry namely Casino, Sport, Poker and Bingo.

Download Sample Report Copy Right hereto ensure you have access to all industry-focused vendor strategies and their product offerings.

Market Segmentation Highlights

Get Report Sample to know more about each segment

Related Reports:

Casinos and Gambling Market by Platform and Geography - Forecast and Analysis 2021-2025

Gambling Market in UK by Platform and Type - Forecast and Analysis 2022-2026

Online Gambling Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 11.05%

Market growth 2022-2026

$ 142.38 billion

Market structure

Fragmented

YoY growth (%)

11.82

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 37%

Key consumer countries

US, Canada, China, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Camelot UK Lotteries Ltd., Entain Plc, Flutter Entertainment Plc, Fortuna Entertainment Group a.s., Galaxy Entertainment Group Ltd., INTRALOT SA, Kindred Group Plc, LeoVegas AB, MGM Resorts International, New York State Gaming Commission, Scientific Games Corp., Sportech Plc, The Betway Group, The Stars Group Inc., William Hill Plc, and Winamax

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Device

6 Market Segmentation by Product

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [emailprotected]Website: http://www.technavio.com/

SOURCE Technavio

Read more:

Online Gambling Market Size to Grow by USD 142.38 Billion | 37% of the growth will originate from APAC | 17,000+ Technavio Reports - PR Newswire

Michael Jordan gambled away his earnings while playing pool with his friends at UNC and was left with merely a $5 check.

Michael Jordan was built up to be an All-American hero type of a figure during his prime with the Chicago Bulls. His excellence on the court was perceived as something that could be translated off it as well, making him a global superstar. However, like every other human, Jordan too had his own faults that, unfortunately, projected to the rest of the world.

Perhaps the biggest flaw that was associated with Michael Jordan throughout his career was his gambling antics. Jordan could not stand to lose, as evident by the plethora of stories that exist about him going above and beyond to win at any and everything.

Also read: Juanita Vanoy is very independent, very demanding, but I love her to death: When Michael Jordan opened up About Ex-Wife in an old interview

Whether it was vowing to destroy Christian Laettner at table tennis or getting back at Chuck Daly during a mornings round of golf, MJ knew that he had to be in the uppermost echelon of frankly anything.

Couple his competitive spirit with the chance to win or lose money and youve got yourself a handful with Michael.

Michael Jordan has placed bets that go into the hundreds of thousands of dollars but everybodys got to start somewhere. That somewhere would be during his days at the University of North Carolina where he played pool against a couple friends of his.

Also read: Michael Jordan was the best defensive and offensive player in the NBA: Jerry West was amazed at just how incredibly versatile Bulls legend was in his prime

This was back in 1984 and Jordan was up to a hefty $25 while betting his billiards skills against his friends. However, after winning several times over, MJs opponents friend stepped in and proceeded to return the favor to Jordan.

His Airnesss earnings from the day would dwindle down to a measly $5. He would bow out and take these $5 before losing that as well.

Instead of giving Jordan the fiver, his friend instead asked if he could write him a check. MJ obliged and cashed in the check. The reason for why a check was used was to have proof of transaction as the friend knew perhaps knew Michael Jordan would be a big enough name in the future to garner some money off the check.

Sure enough, an auction in 2019 put this same $5 check up for grabs.

Read more:

Michael Jordan cashed in a $5 check after losing several times at pool: Bulls legend lucked out while... - The Sportsrush

John Briley| Special to the Washington Post

"Keep playing," my bookie advised me as he handed me $2,200 in cash on a Washington D.C. street corner in the spring of 2002. It was my third meeting with him since I had begun online sports betting a month earlier, and each time he had handed me north of $2,000; by his rules, we would exchange money whenever the ledger crossed that number, whether in my favor or his. I was, as you might imagine, elated with this new source of income. But the bookie knew my luck couldn't last.

My run of winning bets was due to a sequence of picks, mostly on college basketball, that I was culling from a service that followed betting patterns and sent text blasts - often moments before tip-off - on where the "smart money" was moving. What I couldn't see at the time was that I was developing a gambling problem, a disorder that would take me two years to vanquish.

And so, some 20 years later, I'm watching with a sense of unease as sports wagering goes mainstream. Betting sites, once anchored offshore and operating in the hazy space between legal and not, now advertise loudly, including before, during and after sports events. Sports commentators remark on betting lines as casually as they do the weather, including during a televised tribute to Jackie Robinson I was watching on April 15 before a Los Angeles Dodgers-Cincinnati Reds game, at which the announcers digressed into a lengthy discussion of various betting lines.

The surge in marketing for sports betting began with a 2018 U.S. Supreme Court ruling (Murphy vs. National Collegiate Athletic Association) that overturned a 1992 law barring states from legalizing sports gambling. (Nevada was exempt from that law because it had legalized gambling - including on sports - decades prior.) Since the 2018 Supreme Court decision, 32 states and Washington, D.C., have legalized sports gambling, creating "the largest and fastest expansion in gambling in U.S. history," said Keith Whyte, executive director of the National Council on Problem Gambling.. In 2021, some 15 million more Americans reported having bet on sports than in 2018, the council found, and the risk of anyone - even nongamblers - developing a disorder rose roughly 50% during that span.

Still, Whyte said, "The vast majority of gamblers are not problem gamblers," that is, people for whom gambling compromises, disrupts or damages personal, family or vocational pursuits. In its review of independent research, the council found that 2% of Americans qualify as problem gamblers, and of those who gambled in the past year, 5fit that definition. Men ages 18 to 24 are most likely to gamble, followed by men ages 25 to 35.

Emily Einstein, chief of the Science Policy Branch at the National Institute on Drug Abuse, said, "Problem gambling is similar to the full spectrum of psychological disorders where something that can be normal and controllable suddenly becomes uncontrollable, and interferes with someone's day-to-day life." But it wasn't until 2013 that the Diagnostic and Statistical Manual of Mental Disorders (DSM), the American Psychiatric Association's guide to psychiatric disorders, acknowledged that similarity and listed problem gambling as a "substance-related and addictive disorder" rather than an impulse-control disorder along the lines of kleptomania.

Brain-imaging studies of problem gamblers show that they tend to derive less excitement and joy from simple pleasures - such as a sunny day or a piece of pie - than others, said Jon Grant, a professor of psychiatry at the University of Chicago and an expert on gambling and other addictions. "The suggestion is that gambling allows people to feel a more intense reward," Grant said.

Further, he said, gamblers tend to be more impulsive and less concerned about long-term consequences, traits that can be hereditary or formed from early-life experiences. Like most addictions, gambling then preys upon that predisposition, Grant said. "I can now bet on 50 different sporting events simultaneously - boom, boom, boom! - and I'm not thinking through how this will affect me later."

Over time, the repeated behavior can change your brain, Einstein said. "Basically, everything that feels 'rewarding,' like gambling and addictive drugs, causes greater release of dopamine into the ventral striatum of the brain, which leads to learning that that behavior should be repeated," she explained. "The circuitry changes so that people experience more rewards in response to the drug or in response to gambling . . . [and] the areas of the brain that are able to inhibit behaviors - your prefrontal cortex - that circuitry gets weaker in response."

A meta-analysis published in JAMA Psychiatry in 2017 also provided evidence that "gambling and substance-use disorders share common brain mechanisms," said Marc Potenza, a professor of psychiatry, neuroscience and child study at the Yale University School of Medicine and the director of the Yale Center of Excellence in Gambling Research. In fact, to a susceptible brain, there might not be much difference between, say, the promise of a line of cocaine and the Boston Celtics getting two points on the road against the Brooklyn Nets. Both trigger a craving that in some people could be almost irrepressible - and irresistible.

To determine if someone has a gambling disorder, the American Psychological Association uses these nine criteria:

- Needs to gamble with increasing amounts of money to achieve this desired excitement.

- Gets restless or irritable when attempting to cut down or stop gambling.

- Has made repeated and unsuccessful efforts to stop gambling.

- Is frequently preoccupied with gambling, such as thinking about past gambling experiences or planning for future gambling experiences.

- Often gambles when feeling distressed.

- After losing money gambling, often returns another day to get even or cut their losses.

- Lies to conceal the extent involvement of gambling.

- Has jeopardized or lost significant relationship, job, or educational or career opportunities because of gambling.

- Relies on others to provide money to relieve financial situation caused by gambling.

Those who answer "yes" to four to five of those criteria have mild gambling disorder, those who acknowledge six to seven have a moderate condition and those who hit eight to nine are considered severe.

Studies show that about 65% of problem gamblers who commit to a self-help program or cognitive behavioral therapy - or, even better, both - successfully kick their gambling habits. However, Grant, from the University of Chicago, said more large, long-term studies are needed to determine how many people relapse, and how quickly they do.

By the measure above, I had a mild problem, but it often felt much worse than that. On occasion, I would bet far more than I could pay back, and any time I had a bet in play, no matter where I was, whom I was with or what I was doing, part of my brain was preoccupied with the wager.

My deliverance came when I'd had enough of watching hundreds of dollars evaporate with a missed free throw, fly out or last-second field goal - and of cobbling together payments I couldn't afford. I finally accepted that not only would I never win back my losses, but that I'd only continue to compound them. I met the bookie one last time, handed him $2,400, and told him I was done.

"Great decision," he said, catching me off-guard. "This is a no-win proposition."

It took me two years and more than $15,000 in losses to realize that. I hope anyone lured deep into this potentially damaging expansion of sports wagering wakes up much quicker than I did.

Read this article:

Sports betting is exploding. This ex-gambler has a $15,000 cautionary tale - Detroit News

Investment giant Fidelity recently announced that it would allow participants in the 401(k) plans it manages to invest up to 20% of their savings in bitcoin, if their employer wants to offer that option.

This strikes me as, well, kind of nuts. Even stranger, though, is that if cryptocurrencies are your thing, then 401(k)s and IRAs may be exactly the place to do this kind of speculation.

Bitcoin BTCUSD, +0.74% is a digital currency, part of a wider world of similar products known as cryptocurrencies due to the way they are created and verified using computers. Cryptocurrencies arent backed by company profits, by commodities such as gold, or by a central banks promise to pay. Rather, they are created via a computer process known as blockchain and derive value based on others willingness to accept those currencies as a form of payment.

Cryptocurrencies have their uses, if exchanging in anonymous transactions is important to you. But crypto trading is also a subculture unto itself, with fanboys (and girls) who see Bitcoin and its derivatives as a way of life, not merely a means of exchange. As the comedian J.P Sears put it, Being a bitcoin advocate is like the veganism of financial world. Youll find out where I stand on the matter within 11 seconds of meeting me. This doesnt seem the most appropriate mindset for retirement planning.

The rational argument for cryptocurrencies in retirement portfolios is that their returns are not highly correlated with those of stocks and bonds. Therefore, crypto in combination with other investments could produce a portfolio with higher returns and/or lower risk.

On the other hand, the reason cryptocurrency returns dont vary in line with those of other investments is that its not entirely clear what a cryptocurrency should be worth, and thus their values fluctuate wildly along with the sentiment of buyers and sellers.

Yes, bitcoin has produced stratospheric rates of return in its short history, but crypto is hard to recommend for long-term buy-and-hold retirement savers when there is no clear rationale for its high returns, any more than Dutch savers of the 1600s should have placed their hopes in tulip bulbs. Bitcoins returns arent driven by its profits, as with an ordinary investment, but by the pure rising demand for bitcoin.

And along with high recent returns, bitcoin has been much riskier than the S&P 500 SPX, +0.48% or even alternative investments like private equity or hedge funds. Since 2013, the standard deviation of monthly returns on bitcoin a measure of investment risk has been six times higher than that of the S&P 500 index. Thats fine for purely speculative investments, if thats your thing. But its simply not clear why a right-thinking retirement saver would wish to take that amount of risk with their nest egg.

But heres the surprising thing: if you are going to speculate in cryptocurrency, your 401(k) might be the best place to do it, thanks to federal tax policy. An ordinary investor in a risky asset such as cryptocurrency is likely to generate a great deal of unrealized capital gains and losses as their investments rise and fall.

Outside of retirement accounts, capital gains, once realized through a sale, are taxed, and there is a $3,000 annual limit on the amount of capital losses that can be deducted from ones taxes.

But Americas main retirement accounts IRAs, 401(k)s and their Roth alternatives have a tax preference that effectively exempts them from capital-gains taxes. With ordinary 401(k)s and IRAs, you pay no taxes on contributions but subsequent withdrawals are taxable at your income-tax rate; with Roth accounts, the contributions are taxable but withdrawals are tax-free.

Either way, the accruals in the accounts arent subject to capital-gains taxes. You can buy and sell to your hearts content and not pay any taxes until you draw down your account in retirement.

None of this is what policymakers set out for retirement savers to do, and luckily most Americans stick with a buy-and-hold strategy. But its ironic that a retirement account is the best place to do something that retirement savers probably shouldnt be doing in the first place.

As Americas retirement system is further improved though legislation such as the SECURE Act and its sequel, which recently was passed by the U.S. House of Representatives, lawmakers and regulators may wish to consider whether cryptocurrencies and other highly speculative investments make sense in retirement accounts that the taxpayer is subsidizing and which Americans will rely upon in old age.

Andrew G. Biggs is a senior fellow at the American Enterprise Institute.

Crypto enthusiasts sniff at Buffett, Munger comments on bitcoin. It took them decades before they decided to invest in Apple, one analyst says.

Bitcoin in your 401(k)? Fidelity just introduced it as an option when it makes sense, and when it doesnt

A 401(k) thats 20% crypto? Labor Department will likely pressure Fidelity to lower that limit, analyst says.

Im a financial adviser, and Id discourage you from putting bitcoin in your 401(k)

Hackers and scammers are after your crypto and NFTs. Heres how to keep your digital money safe and secure.

Read the original here:

Gambling with your retirement money to buy bitcoin: it makes the most tax sense - MarketWatch

Gambling in the US is a tricky subject to navigate because each state has its laws around the topic. But in recent years many states have begun to change their legislation, opening the possibility of online gambling for millions of people.

For such a long time, the only way to gamble legally in the US was to place bets down at the racetrack or by visiting a brick-and-mortar casino. However, now citizens in several states such as Arkansas, Colorado, New Jersey, and New York can either place bets online for a few popular sports or play games such as Blackjack and Roulette at online casinos. Some states even allow both activities.

The reason that so many more states are changing their laws around online gambling is because of the number of success stories elsewhere in the US. And here are just a few of the cases that are encouraging more states to follow suit:

New Jersey was the first state to legalize sports betting outside of Nevada, which of course is famous for being home to Las Vegas, possibly the most famous place in the world associated with gambling. However, New Jersey did have its own little historic area synonymous with the gambling world too in Atlantic City.

But with the city in disrepair, and tourism hitting an all-time low, the local Government needed to do something to change the fortunes of this historic and iconic place. To do that though, they would need money, and lots of it, in order to renovate Atlantic City and restore it to its former glories.

That meant legalizing not just sports betting, but online gambling in general. Leading the way for the rest of the US by being the first state to pass legislation that would mean licensed and regulated businesses could launch online operations in the state.

But why would this benefit them? Well, despite creating more jobs by introducing a new industry, which would obviously lower employment and increase income tax revenues, there were other benefits too.

In the US, the Government not only taxes businesses that make profits, but also people who win money from wagering on sports and placing bets in casinos. So, it was a win-win situation. Because no matter if the online house won, or a player managed to hit the jackpot, it meant a further increase in tax revenues to be put toward bringing Atlantic City back to life.

And since its legalization, the numbers of how much the Government has raked in from online gambling is staggering. As of the end of April 2022, New Jersey has collected, via the state and local jurisdictions, $222,683,962.

And whilst so many states have already opened things up for online gambling, there are still so many that are yet to legalize their operation. But it wont be long before more states make similar changes, looking at the father of online gambling success, Connecticut launched legal online sports betting and casinos on Oct. 19, 2021, which reason why, it is expected that more online casinos are expected to launch in Connecticut later this year with the passing of House bill 6451.

New York is one of the newer states to open their laws to include online gambling, although currently only for online sports betting and not online casinos. Although a Bill has been proposed for that as well and could be passed and put into practice before the years end.

It has been an interesting turn of events as well because many tried to include fantasy sports in online gambling. But a recent case at the New York Court of Appeals has actually been declared as a game of skill, not gambling. So, as it stands, only sports betting is the legal form of online gambling in the Empire State. Which makes this next part even more impressive.

Launching in January 2022, New York saw over $1.6 billion placed in that month alone. More in that one month than many states have made in the previous 12 months. And they continue to put out impressive numbers, with February also seeing just over $1.5 billion, and March seeing $1,644,789,692 wagered.

To put this into context, before the legalization of online gambling, December 2021 saw just $21 million placed in wagers. It also saw just $76,461 generated in tax revenues, whereas the lowest they have generated since legalization has been just over $41 million. That is one impressive increase.

Our final success story with regards to the legalization of online gambling comes from Pennsylvania, which has managed to collect more tax from operators than any other state. That is despite seeing a lower amount wagered than the likes of New Jersey, whose impressive tax figures we mentioned earlier.

How are they doing this though? Well, it all began when the state legalized the use of sportsbook apps in May 2019, which saw business increase drastically as a number of new sportsbooks came to try and take advantage of the new market. But in order to be granted a license, they had to agree to pay a $10 million fee and accept an effective tax rate of 36%.

Therefore, despite players wagering lesser amounts than elsewhere in the US, because of the exceptionally high tax rate compared to other states set by the Department of Revenue, they are raking in more revenue. In total, up until the end of April 2022, the state and local jurisdictions generated $240,853,837.

The reason so many states have held off until now to legalize online gambling is because they wanted to see issues other states faced so they could prevent them from happening in their states. These issues include how to tackle problem gamblers, how to effectively regulate the industry, and how to ensure the industry is a successful one.

But now they are seeing the rewards others are benefitting from, there is no doubt that we will soon see more success cases on the horizon. The only question is, who will be the next big success story?

See the original post:

Legal online gambling in the States: Success cases - NewsPatrolling