As someone who’s gambled professionally, I believe the (Chesterton’s) fence around betting for normies exists because most bets are essentially scams, which is why I’m entirely okay knocking it down for LWers. Let me elaborate.
Probability is complicated and abstract. Not only that, human intuition is really bad at it. Nearly all “bets” throughout our modern history have not been the kind of skin-in-the-game prediction competition we’re praising on lesswrong—they’ve been predatory. One person who understands probability using emotional and logical minipulation to take someone else’s money, who doesn’t.
Society protects people with taboos. “Betting is icky” is a meme that can easily spread, and will quickly reproduce, becuase it’s adaptive in this betting environment. [Dissertation about Bayesian reasoning, calibration, and the Kelley Criterion] is NOT a meme that can easily spread, because it’s far too complex and long, and thus it will not reproduce (even though it is also adaptive).
Or at least, it can’t spread in the normie population, but it CAN on LessWrong, which is why, on LessWrong, most bets are not scams. They are, in fact, what the scammers falsly proclaimed their own bets to be—friendly competitions wherein two people who disagree about the future both put skin in the game.
The sportsbooks and casinos we have today are predators. From their celebrity endorsements, to the way they form their commercials, to their messaging around winning (and especially parlays), they effectively lie about what they’re selling while trying to create addicts. I’ve engaged with many people across the betting experience spectrum (from other winners, to big losers, to smart people, who were small losers, and realized they needed to quit), and it’s pretty clear to me that “betting = icky” is a reasonable idea, even today The fence around it is not Chesterton’s, though. It’s there to help regular people avoid a certain species of predator gunning for their capital.
As someone who’s gambled professionally, I believe the (Chesterton’s) fence around betting for normies exists because most bets are essentially scams, which is why I’m entirely okay knocking it down for LWers. Let me elaborate.
Probability is complicated and abstract. Not only that, human intuition is really bad at it. Nearly all “bets” throughout our modern history have not been the kind of skin-in-the-game prediction competition we’re praising on lesswrong—they’ve been predatory. One person who understands probability using emotional and logical minipulation to take someone else’s money, who doesn’t.
Society protects people with taboos. “Betting is icky” is a meme that can easily spread, and will quickly reproduce, becuase it’s adaptive in this betting environment. [Dissertation about Bayesian reasoning, calibration, and the Kelley Criterion] is NOT a meme that can easily spread, because it’s far too complex and long, and thus it will not reproduce (even though it is also adaptive).
Or at least, it can’t spread in the normie population, but it CAN on LessWrong, which is why, on LessWrong, most bets are not scams. They are, in fact, what the scammers falsly proclaimed their own bets to be—friendly competitions wherein two people who disagree about the future both put skin in the game.
The sportsbooks and casinos we have today are predators. From their celebrity endorsements, to the way they form their commercials, to their messaging around winning (and especially parlays), they effectively lie about what they’re selling while trying to create addicts. I’ve engaged with many people across the betting experience spectrum (from other winners, to big losers, to smart people, who were small losers, and realized they needed to quit), and it’s pretty clear to me that “betting = icky” is a reasonable idea, even today The fence around it is not Chesterton’s, though. It’s there to help regular people avoid a certain species of predator gunning for their capital.
We can safely knock it down on here.