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I must start by saying I like prediction markets. Allowing people to trade event contracts, that is, make bets on future real-world events, has led to extraordinarily accurate forecasts. Of course, it invites insider trading. But that is not always bad. In 2003 the...
Attitudes toward gambling have shifted not only from state to state but also over time. Twice before in American history, almost all gambling was outlawed. Even Nevada closed its casinos in 1909. But we are now in what I call the Third Wave of Legal Gambling, with...
What could possibly go wrong? New Jersey Assembly Bill No. 2172 has passed out of committee and now will be voted on by the entire Assembly. A companion bill is being considered in the State Senate. If either bill passes both houses and is signed by Governor Phil...
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