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Cake day: July 5th, 2023

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  • The answer to regulatory capture isn’t prohibition though, because prohibition essentially means unregulated.

    Prohibition is effectively the same as a tax on gambling from the point of view of gamblers, but the tax is just the additional effort people have to spend to not get caught or fines when they do. The difference is there’s no tax revenue for the governing authority to redistribute, fines go almost exclusively to pay for enforcement.