[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-572251-105":53,"doc-detail-572251-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","regulating-public-morals-and-private-markets-online-securities-trading-internet-gambling-and-the-speculation-paradox","REGULATING PUBLIC MORALS AND PRIVATE MARKETS - Online Securities Trading, Internet Gambling, and the Speculation Paradox","","Examines how regulating public morals intersects with private market activity in the context of online securities trading and internet gambling. Develops a spectrum of speculation by distinguishing wagers driven by chance, skill, and utility, including insider-related speculation. Analyzes U.S. regulatory approaches historically and in the current securities and gambling environments, then proposes frameworks for handling internet speculation and governmental enforcement. Addresses policy arguments, social costs, fraud, money laundering, and problem-gambling risks.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/regulating-public-morals-and-private-markets-online-securities-trading-internet-gambling-and-the-speculation-paradox/572251/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/regulating-public-morals-and-private-markets-online-securities-trading-internet-gambling-and-the-speculation-paradox/572251.png","ImageObject",442,249,{"name":88,"@type":89},"nayy☆","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-22","2026-10-13",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"How does the paper define and categorize different forms of speculation?","Question",{"text":108,"@type":109},"It frames speculation along a spectrum from entertainment-like wagering to ownership, and categorizes wagers based on how much chance, skill, and utility they involve. It also distinguishes insider-related speculation from other activities.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What regulatory distinction does the paper analyze within the United States?",{"text":113,"@type":109},"It compares historical gambling regulation with the current securities regulation environment. It then examines arguments that separate capitalistic speculation from gaming speculation.",{"name":115,"@type":106,"acceptedAnswer":116},"How does the paper address internet speculation and related harms?",{"text":117,"@type":109},"It evaluates policy approaches to restricting online gambling and discusses enforcement and legislative strategies. It also highlights risks associated with problem gambling, including increased access, fraud, identification tracking and manipulation, money laundering, and underage gambling.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},572251,1792546524,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},962090893153,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","REGULATING PUBLIC MORALS AND PRIVATE MARKETS: ONLINE SECURITIES TRADING, INTERNET GAMBLING, AND THE SPECULATION PARADOX  \nCHRISTINE HURT∗  \nINTRODUCTION ............................................................................................... 371  \nI. THE SPECTRUM OF SPECULATION ....................................................... 377  \nA. Model: From Entertainment to Wagering to Ownership............. 377  \nB. Games of Pure Chance ................................................................ 379  \n1. “L” Games ............................................................................. 379  \n2. Entertainment Value, Utility, and Social Costs ..................... 380  \nC. Type A Speculation: Wagers Involving Mostly Chance and Skill.............................................................................................. 381  \n1. “W” Games............................................................................ 381  \n2. Derivatives............................................................................. 382  \n3. Day Trading ........................................................................... 384  \n4. Utility .................................................................................... 385  \nD. Type B Speculation: Wagers Involving Some Chance/Some Skill.............................................................................................. 387  \n1. Sports Betting ........................................................................ 388  \n2. Stock Trading ........................................................................ 389  \n3. Utility .................................................................................... 390  \nE. Ownership: Wagers Involving Mostly Skill/Some Chance .......... 392  \nF. Inside Bets: Insider Sports Betting and Insider Trading ............. 392  \nII. REGULATION OF SPECULATION ACTIVITIES IN THE UNITED STATES .. 393  \nA. Historical Background of Gambling Regulation ......................... 394  \n1. Gambling Before 1931 .......................................................... 394  \n2. Casino Games ........................................................................ 397  \n3. Lotteries ................................................................................. 398  \n4. Pari-Mutuel Betting ............................................................... 399  \n5. Sports Betting ........................................................................ 399  \nB. Current Securities Regulation Environment................................ 401  \nC. Historical Arguments for Distinguishing Capitalistic Speculation from Gaming Speculation ........................................ 402  \nIII. COMPARING APPLES TO APPLES: REGULATING SPECULATION ACTIVITIES BASED ON CHANCE, SKILL, AND UTILITY ........................ 404  \nA. Type A Speculation ...................................................................... 404  \n∗ Christine Hurt, Visiting Assistant Professor of Law, University of Illinois College of Law; Assistant Professor of Law, Marquette University Law School. J.D., University of Texas School of Law; B.A., Texas Tech University. An earlier version of this paper was presented at the 2005 Law & Society Conference, and many in the audience and on the panel gave very instructive feedback. The author would also like to thank Victor Fleischer, Scott A. Moss, Joshua D. Wright, and the authors who provided comments on portions of this paper that were first offered on the weblog Conglomerate, [http://www.theconglomerate.org](http://www.theconglomerate.org).  \n372 BOSTON UNIVERSITY LAW REVIEW [Vol. 86:371  \nB. Type B Speculation ...................................................................... 405  \nC. Insider Speculation: Sure Bets .................................................... 406  \nIV. REGULATING FOR THE OUTLIER: THE RECKLESS GAMBLER AND THE RECKLESS INVESTOR .................................................................... 406  \nA. Caveat Spe","cbCaickzYIv2S2bQ","https://ap.wps.com/l/cbCaickzYIv2S2bQ","pdf",588729,71,"English","# Introduction\n# The Spectrum of Speculation\n## Model: From Entertainment to Wagering to Ownership\n## Games of Pure Chance\n## Type A Speculation: Wagers Involving Mostly Chance and Skill\n## Type B Speculation: Wagers Involving Some Chance/Some Skill\n## Ownership: Wagers Involving Mostly Skill/Some Chance\n## Inside Bets: Insider Sports Betting and Insider Trading\n# Regulation of Speculation Activities in the United States\n## Historical Background of Gambling Regulation\n## Current Securities Regulation Environment\n## Historical Arguments for Distinguishing Capitalistic Speculation from Gaming Speculation\n# Comparing Apples to Apples: Regulating Speculation Activities Based on Chance, Skill, and Utility\n## Type A Speculation\n## Type B Speculation\n## Insider Speculation: Sure Bets\n# Regulating for the Outlier: The Reckless Gambler and the Reckless Investor\n## Caveat Speculator\n## The Sympathetic Speculator: Profiling the Herd\n# Regulating Internet Speculation\n## Embracing Online Trading\n## Exiling Online Gambling\n# Governmental Response to Internet Gambling\n## U.S. Enforcement of Anti-Gambling Laws Against Internet Gambling Sites\n## Recent Legislative Attempts to Prohibit Internet Gambling\n## Leveraging Financial Institutions and the Media to Prohibit Int","[{\"question\":\"How does the paper define and categorize different forms of speculation?\",\"answer\":\"It frames speculation along a spectrum from entertainment-like wagering to ownership, and categorizes wagers based on how much chance, skill, and utility they involve. It also distinguishes insider-related speculation from other activities.\"},{\"question\":\"What regulatory distinction does the paper analyze within the United States?\",\"answer\":\"It compares historical gambling regulation with the current securities regulation environment. It then examines arguments that separate capitalistic speculation from gaming speculation.\"},{\"question\":\"How does the paper address internet speculation and related harms?\",\"answer\":\"It evaluates policy approaches to restricting online gambling and discusses enforcement and legislative strategies. It also highlights risks associated with problem gambling, including increased access, fraud, identification tracking and manipulation, money laundering, and underage gambling.\"}]","REGULATING PUBLIC MORALS AND PRIVATE MARKETS - Online Securities Trading, Internet Gambling, and the Speculation Paradox | PDF",1791926354,25]