It took decades to clearly define gambling enough to regulate it as we do now. Note that pinball was banned in major cities for decades because it was too similar to gambling devices.
And even with those definitions things weren't very clear. I used to work for financial traders here in Chicago. Every year there would be an unofficial snow futures market. It was a fancy way for all the traders and clerks to gamble on monthly snowfall at O'Hare.
But to my delight, the CME eventually created an actual, legal weather derivative for snow. What made one gambling and the other not? What makes any given bet a legitimate financial trade versus pure gambling? Let me know if you figure it out.
My point being that not having a clear definition won't stop us from grappling with the harms. Nor should it. Figuring out what new things really mean is always a messy process.
And even with those definitions things weren't very clear. I used to work for financial traders here in Chicago. Every year there would be an unofficial snow futures market. It was a fancy way for all the traders and clerks to gamble on monthly snowfall at O'Hare.
But to my delight, the CME eventually created an actual, legal weather derivative for snow. What made one gambling and the other not? What makes any given bet a legitimate financial trade versus pure gambling? Let me know if you figure it out.
My point being that not having a clear definition won't stop us from grappling with the harms. Nor should it. Figuring out what new things really mean is always a messy process.