the government says you're gambling too much

Added: 2026-05-11

[00:00:00]Our government is complaining that people are gambling too much. You know, the same government that has overseen the destruction of many of the consumer protections and expanded the ability for people to gamble on these super apps on your phone that combine banking, investing, and of course the casino all in the same app. They're now saying, "Oh, no, no, no. This is a problem. We can't believe it. You guys need to stop." This is Treasury Secretary Scott Bessant who says there are lots of young people, mostly young men, going to blue collar construction jobs playing the lottery. It drives me crazy. You've also got the president of the free world weighing in on this gambling epidemic.

[00:00:38]>> The whole world unfortunately has become somewhat of a casino. And you look at what's going on all over the world in Europe and every place are doing these betting things. I was never much in favor of it. I don't like it conceptually, but uh it is what it is.

[00:00:54]No, I I think that I'm not happy with any of that stuff, but they have all these different sites. They have predictive markets. He's not much in favor OF IT. MY GUY, doesn't he run a prediction market? I mean, I feel like I'm going crazy here. Does anyone remember the fact that like Trump's company, Truth Media Technology Group, is launching truth predict that allows its users to bet on related events and milestones such as political events, interest, and inflation rate changes?

[00:01:23]Like, isn't that exactly what Coli and Poly Market are doing, which I'm pretty sure Don Jr. is on the board of. So, it's kind of this weird message we're now getting where uh even the government's like, "Hey, you guys need to need to chill out here. You need to step back on all the gambling that's going on." on. You got Hester Pierce, the commissioner of the SEC, recently making statements saying that she does not celebrate everything going on in the market right now. Financial products that fan a momentary hope of great riches in the same way that lottery tickets do are dull and uninteresting to me. I expect some of these novelties will fade away as investors lose interest. So Hester Pierce acknowledges there's all these people betting on financial products engineered to look like lottery tickets to make you lose money. You've got Trump saying that the world has become a casino. You've got Scott Besson saying these blueco collar workers are betting too much on lottery tickets. And it's like uh yeah, yeah, guys, that's cuz we've just put it all in your phone and we've allowed these multi-billion dollar corporations to advertise to us all the time. I mean, in fact, you can't even make this up. As I was doing this video, I realized, well, wait, didn't Trump like do a stake ad on, you know, with the UFC? And it turns out, yes, he did. This is an official truth social post where a cryptocasino is linked with him in the picture. Like, how are you how can you complain about people are gambling too much? It's all a bit of a casino. You know, I'm not a fan of it personally when you are literally posting ads of yourself with stake.com, the crypto casino. You know, the one that was actually for a while kind of uh, you know, offshore and really wasn't accepted in America. Here's another one.

[00:02:57]By the way, I found two. The watermark clearly visible with the White House front in view. Like, how are we complaining? Hey, you got you kids got to stop betting. Oh, by the way, come check out the stake sponsored White House event. Families, welcome. Kids, welcome. Come. Hey, put it all on the line. We'll just put the stake watermark over here in the corner. But you shouldn't bet on it, though. Don't bet on the thing we are promoting from the president's account. That would be bad.

[00:03:28]We're not in favor of betting. Even though the White House has a sponsor of a crypto casino happening at their White House lawn at the UFC event, even though the president has a business that is going into the prediction market space, guys, we hate it. We can't stand it.

[00:03:43]Stop spending so much money. I mean, it it's truly mindblowing. And I just have to say this because guys, we have been talking about this for months. Only half a year ago, I made a video about how prediction markets, sports betting, are quickly bringing this on and making it a problem for the everyday American. But we're now seeing stats come out about this stuff. Studies have found that legalizing sports gambling is, you know, creating more bankruptcies, more subprime borrowers. But that's to say nothing of the fact that now even our investing apps are all becoming merged together with the prediction markets with the sports betting. Everything is being merged. Your bank account, your savings, your Roth IRA, your sports betting, it's all going in the same place. And the thing is, these companies aren't even hiding it from you. This is all in plain sight. You've got the DraftKings CEO, you know, the gambling app. They're they're launching their prediction market app to let you gamble wherever you are. and he says that this is an exciting growth engine for them and that it has lowered the cost of new consumers by 80%.

[00:04:50]>> Most exciting growth engine we have right now. Uh it's very early. We only launched about 4 and 1/2 months 5 months ago. Uh but we're already seeing huge progress. Uh and you know for example we we did something where we launched the first version of our super app where customers no matter where they are in the country now have access to either our traditional sportsbook product or predictions all in the same app. Uh and that alone dropped customer acquisition costs by 80%. So yeah, it's incredibly hypocritical for the government to be citing, you know, oh, people are gambling too much. You're wasting away your financial, you know, ability to save when it's exactly our government partnering with all these people and pushing this stuff. Right here's CFTC Commissioner Mike Celg, you know, with the MLB guy. They're partnering together to sign a memorandum of understanding to protect the integrity of professional baseball and relating prediction markets. So our government is explicitly trying to you know push this stuff of course under the guise of regulation.

[00:05:49]We're regulating sports prediction markets which is sports gambling.

[00:05:53]Therefore arbitrageing out what was an issue of the states to regulate. So now everyone can just gamble from all the states. That is explicitly what we are pushing for. And in the meantime our government has the balls from several sectors at once. Like it's not just one place. you know, the Treasury Secretary, the SEC commissioner, the president of the United States, they're all complaining that this is happening, how it's not good when it's exactly happening under their watch, sometimes to their benefit in their business interest. So, uh, yeah, this has just been insane to watch. Ultimately, I agree with the comments of Warren Buffett recently. He weighed in on the hyper gambling problem right now in America and specifically says I don't think it should be a function of the government to make a sucker out of people which uh yeah is obviously true.

[00:06:42]>> So I I don't like things that make a sucker out of people.

[00:06:46]>> Yeah.

[00:06:46]>> I I don't like them I particularly don't like them when the government sponsors them. I don't think the government should play its I don't think the function of the government is to play its people for suckers.

[00:06:56]>> Yeah. My my dad has always said um the lottery is a tax on the stupid.

[00:07:00]Gambling, same thing.

[00:07:01]>> It's it's a tax Yeah, it's a tax on stupidity.

[00:07:04]>> It is a tax on stupidity, but pushed by your government. Not just pushed by offshore sketchy casinos, but explicitly, you know, promoted and pushed by our government.