What do you think of funding EAs interested in doing this who are strapped for cash? In other words, betting through (and taking the risk for) willing EA friends?
I’ve discussed this idea with a few people. It’s unclear whether it is legal to send someone money for making online sports bets per the Wire Act. To my knowledge, if this is illegal no one has been convicted (similar to how playing online poker in certain states is grey-area illegal but the law has never been enforced).
I “may have” loaned two friends $15,000 to participate, but I’m not sure whether I’d be comfortable setting up an EA fund for this:
Even if there is a way to learn that this is completely legal, the risk to Effective Atruism’s image if just one participant became addicted to gambling through this funding may eliminate all expected gains.
There is a ton of trust required, and involving a loaner/contract lawyer’s time decreases $/hour of this project.
Someone strapped for cash seems less likely to itemize on their taxes (though I could certainly be wrong) and thus would make less from this.
I like your thought to scale this; EAs can raise more money by funding people they know and trust, so long as they do it discreetly and understand that there is some chance they are breaking the law.
I also think that by the standards of the best opportunities for direct work, $500/hour worth of impact is somewhat low. Per a call with Alex Holness-Tofts, community building at college campuses is conservatively estimated to create $80,000,000/year in impact, and phone banking during the 2020 election may have been worth as much as $9,000/hour. Right now, campaigning for Carrick Flynn likely does more good per hour than these sports bets. So I’m not sure how valuable it would be to have an EA institution push cash-strapped EAs to do this rather than something else.
What do you think of funding EAs interested in doing this who are strapped for cash? In other words, betting through (and taking the risk for) willing EA friends?
I’ve discussed this idea with a few people. It’s unclear whether it is legal to send someone money for making online sports bets per the Wire Act. To my knowledge, if this is illegal no one has been convicted (similar to how playing online poker in certain states is grey-area illegal but the law has never been enforced).
I “may have” loaned two friends $15,000 to participate, but I’m not sure whether I’d be comfortable setting up an EA fund for this:
Even if there is a way to learn that this is completely legal, the risk to Effective Atruism’s image if just one participant became addicted to gambling through this funding may eliminate all expected gains.
There is a ton of trust required, and involving a loaner/contract lawyer’s time decreases $/hour of this project.
Someone strapped for cash seems less likely to itemize on their taxes (though I could certainly be wrong) and thus would make less from this.
I like your thought to scale this; EAs can raise more money by funding people they know and trust, so long as they do it discreetly and understand that there is some chance they are breaking the law.
I also think that by the standards of the best opportunities for direct work, $500/hour worth of impact is somewhat low. Per a call with Alex Holness-Tofts, community building at college campuses is conservatively estimated to create $80,000,000/year in impact, and phone banking during the 2020 election may have been worth as much as $9,000/hour. Right now, campaigning for Carrick Flynn likely does more good per hour than these sports bets. So I’m not sure how valuable it would be to have an EA institution push cash-strapped EAs to do this rather than something else.