No reason to have limited licenses. A state run clearing house for all money going in and money going out. Then publish the results of this, so people can see how bad a deal gambling is, the state can get their cut, and people can know which places are legit. In the meantime, this will prompt illegal casinos to offer either better deal (better odds) or worse deal (extended credit) than can be had at legal casinos.

The situation right now is there is no reason for an illegal book to offer a better deal, and the worse deal is already illegal, so nothing would change by making it legal.

> No reason to have limited licenses. A state run clearing house for all money going in and money going out. Then publish the results of this, so people can see how bad a deal gambling is

In many countries loteries advertise how much money was spent in tickets, and obviously they advertise the prize pool and the odds. As you can tell people still play, publishing the results does nothing. But that doesn't mean you should allow a free for all of fraudulent games. You see, most gamblers want to lose their money fairly.

>Then publish the results of this, so people can see how bad a deal gambling is, the state can get their cut, and people can know which places are legit.

Trivially exploited. The cool dude 85 casino will lie about all of its odds and make up the money-in, money-out difference when big whale cool dude 86 comes into town and soaks the casino for a few tens of millions on a private game of go fish.

It's impossible for a casino to be "fair" over the long term, because it has deeper pockets than individual gamblers. Even a gambler with a positive expectation (which is not something that is easy, fun or usually even possible to do in a casino game), over time will have increasingly wider swings of fate (i.e. the most they've ever lost or won will always increase), and one will bankrupt them.

Fair in this context does not mean the customer can get a positive outcome over time unless they are very lucky and never return. Fair just means you get what is advertised. If a willing adult knows the casino is a losing proposition most of the time but feels "they are lucky", by all means.

This is what intuition tells me as well, but it is not true. If a gambler has positive expectation of wining, even if you have gamblers playing until either broke or dead, the expectation is for the casino to lose money.

>The problem with casinos is that it's easy to make one that is not fair (fraudulent odds). To prevent that, you need some sort of auditing system.

Does somebody want to tell him?