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Tuesday, September 27, 2005
Bookies and match-fixing
No, not cricket, but riots.
My solution is the same. People should be allowed to legally bet on anything they want. If you don't allow them to, they'll do it anyway, and the underworld will be the enabler. More chances of hera-pheri there.
Also, by legalising betting one can actually also enable prediction markets, which have many practical and theoretical benefits. For more on that subject, check out a fine book called "The Wisdom of Crowds
" by James Surowiecki.
My solution is the same. People should be allowed to legally bet on anything they want. If you don't allow them to, they'll do it anyway, and the underworld will be the enabler. More chances of hera-pheri there.
Also, by legalising betting one can actually also enable prediction markets, which have many practical and theoretical benefits. For more on that subject, check out a fine book called "The Wisdom of Crowds
" by James Surowiecki.
