
How do we draw the line between gambling and gaming?
‘Skins gambling,’ anyone? No, until yesterday, me neither. It’s nothing to do with strip poker or 70s bovver boys. It’s the name given to a completely unregulated gambling industry, aggressively promoted to teenagers and estimated to be worth multiple billions of pounds a year – yes, billions with a b. One reason this isn’t a major scandal, I think, is that it will sound too far-fetched and too obscure and confusing to the sorts of people who we might hope would be scandalised into doing something about it. But so it was, too, with credit default swaps. So let’s try to explain. (I’m largely indebted for my own understanding to
