Why you cannot bet on the Superbowl
In 49 states it is illegal to bet on the Superbowl.
That is because the Superbowl is thought to not directly effect business conditions. If it moved the price of corn or oil then it would be legal to bet on the Superbowl.
Businesses and investors are allowed to bet on anything where that bet might be a hedge against a business eventuality.
You can take either side of futures contracts on the weather. I think the Iowa futures market still allows betting on elections.
And the stock market encourages betting on the rise and fall of corporate profits.
But outside Nevada you cannot bet on the Superbowl and for a reason. When people can bet on events they have an interest in manipulating events. If people were allowed to be on outcomes it would call into question the integrity of the Superbowl.
If gamblers manipulated the outcome of the Superbowl, unlike something trivial like global oil, that would be tragic.
Hmmmm.
(I'm fairly libertarian on this. My objection is not futures markets, which are necessary, but the hypocrisy of the arbitrary line between gambling and investing.)
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