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Man who lost $308,000 on sports bets sues Kalshi for offering illegal gambling (arstechnica.com)
submitted 20 hours ago by to c/nottheonion@lemmy.world
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[–] 16 points 13 hours ago (6 children)

In EU you can sue to get back everything you lost when gambling on a website in a different member state, if that website has no license in your own member state.

I kinda wonder why nobody exploited that yet. Play a single game like roulette, putting most of your savings on something that at least doubles them. If you win, keep it. If you lose, sue to get your money back.

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  • [–] -2 points 11 hours ago (5 children)

    Wouldn't that just lead to no sane casino operator being incorporated in an EU member state?

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  • [–] 15 points 10 hours ago (1 child)

    despite all the propaganda in the US and elsewhere, that's not how regulation works. they might make it a bit more inconvenient (in this case they could require you to prove that you are in a state where they have the license) but business don't just close up when they are regulated. states are never motivated to regulate businesses unless the damage they do otherwise is too big and businesses, generally, just find ways to work within the regulation. if a "business" has to close after regulation it usually means it was doing something so shady that all their customers/victims are better off without it.

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  • [–] 3 points 10 hours ago

    I agree with the regulation, I'm just dubious that any gamber can successfully sue for their losses back.

    The more friction, the better. I just don't believe anyone will successfully win a case in practice (thanks to casinos being scared away by that clause).

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  • [–] 4 points 10 hours ago (1 child)

    Online casino operators could just region block countries, and require customer citizenship in a country they are legally allowed to operate in.

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  • [–] -1 points 10 hours ago

    It's clear that it won't happen though for the worst offenders. I don't have any disagreements with the EU's regulation, just dubious that affected customers could sue for their losses back if online casino operators have methodology to circumvent the clause (using cryptocurrency, not bothering with KYC, etc...).

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    • [–] 31 points 17 hours ago (5 children)

    The reason gambling is illegal is because it's predatory. They're trying to convince people that they can beat the odds and become rich.

    While he needs to get help, and take some responsibility for losing that money, he also deserves every penny returned to him.

    You can't make something legal just by calling it something different.

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  • [+] -17 points 16 hours ago (4 children)

    Where is gambling illegal? Indonesia?

    "They’re trying to convince people that they can beat the odds"

    Where is anyone doing that?

    "and become rich."

    So do universities and stock brokers.

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  • [–] 19 points 15 hours ago* (3 children)

    Lots of places either don’t have legal sports betting, or have regulations around what you can and can’t legally bet on.

    For the Americans here, some of the biggest states don’t allow sports betting. California, Texas, etc.

    20 years ago, sports betting was illegal in most of the US. Now only 11 states remain. The sport book and “prediction market” companies have been lobbying HARD to legalize sports betting across the country.

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  • [–] 2 points 12 hours ago (2 children)

    Sports betting is illegal in Texas? That's news to me, there's billboards everywhere and constant radio ads for draft kings and chumba.

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    • [–] 4 points 18 hours ago

    tbf, that is the treatment that illegal gambling provides should get. Minus the "spending huge sums on them" sum part... Wait aren't sport bets literally the only thing legal there, depending on the jurisdiction?

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