Where did you get the stat that the average American household saves $360 a quarter? I couldn’t find that fact in the linked paper or through searching online. That number seems far too low to be correct. Can you point me to where you found that?

One is that it's not household savings, it's household investment. The authors define this as deposits into "brokerage accounts" e.g Fidelilty or Vangaurd

I got the $360 per quarter number because they say "The estimate in Column (1)

implies that net investment falls $53 per quarter, or by about 14% relative to the mean." So that means the mean is 53/.14 = closer to $380 actually so I did misestimate a bit.

Sorry for the confusion. The $356 (i.e., ~$360) comes from Column (2) of Table 1 (third row). The $380 is the same mean, but for the regression sample we use in Table 6, which differs slightly from the sample in Table 1.

Thanks for the write-up. A lot of fair and helpful points. As you noted, we're still in the process of revising the paper. Your thoughtful feedback will definitely help as we continue to try to make improvements.

To understand sports betting I think it matters how the product has changed recently. There’s the sort of betting you had for decades in Vegas - you can straight bet on the Steelers to win, the line with Chiefs - 6.5, or an “over” like betting the sum of the scores will be over 41. And that’s about it. These bets take hours to play out and there’s only so many of them to make.

Whereas nowadays much of the sports betting is “daily fantasy sports” or other completely synthetic bets. It’s almost more like a slot machine, designed by DraftKings and FanDuel to be as addictive as possible. You can quickly dump lots of money into new bets whenever you want. You’re betting on some package of statistics to beat some other package of statistics.

In particular it incentivizes the companies to constantly redesign their products to be as addictive as possible.

It’s almost like the invention of fentanyl, there’s this new extra-addictive product that’s gotten to market.

Gambling is also similar to fentanyl in that much like gambling, fentanyl is unfairly maligned because no consideration is ever given to the consumption value of fentanyl.

Where did you get the stat that the average American household saves $360 a quarter? I couldn’t find that fact in the linked paper or through searching online. That number seems far too low to be correct. Can you point me to where you found that?

Yeah good q there's two things

One is that it's not household savings, it's household investment. The authors define this as deposits into "brokerage accounts" e.g Fidelilty or Vangaurd

I got the $360 per quarter number because they say "The estimate in Column (1)

implies that net investment falls $53 per quarter, or by about 14% relative to the mean." So that means the mean is 53/.14 = closer to $380 actually so I did misestimate a bit.

I'll correct that in the piece

Sorry for the confusion. The $356 (i.e., ~$360) comes from Column (2) of Table 1 (third row). The $380 is the same mean, but for the regression sample we use in Table 6, which differs slightly from the sample in Table 1.

Thanks for the write-up. A lot of fair and helpful points. As you noted, we're still in the process of revising the paper. Your thoughtful feedback will definitely help as we continue to try to make improvements.

The most important thing is just because something is bad for you does not mean it should be illegal.

Adulrs should be by and large be free to make their own decisions even when it's not good for them

To understand sports betting I think it matters how the product has changed recently. There’s the sort of betting you had for decades in Vegas - you can straight bet on the Steelers to win, the line with Chiefs - 6.5, or an “over” like betting the sum of the scores will be over 41. And that’s about it. These bets take hours to play out and there’s only so many of them to make.

Whereas nowadays much of the sports betting is “daily fantasy sports” or other completely synthetic bets. It’s almost more like a slot machine, designed by DraftKings and FanDuel to be as addictive as possible. You can quickly dump lots of money into new bets whenever you want. You’re betting on some package of statistics to beat some other package of statistics.

In particular it incentivizes the companies to constantly redesign their products to be as addictive as possible.

It’s almost like the invention of fentanyl, there’s this new extra-addictive product that’s gotten to market.

Gambling is also similar to fentanyl in that much like gambling, fentanyl is unfairly maligned because no consideration is ever given to the consumption value of fentanyl.