Alan Zendell, April 24, 2026
The first time I visited Las Vegas was during a cross-country road trip in 1974 in the midst of the Arab Oil Embargo which had shockingly raised gasoline prices from 19 to 53 cents a gallon, and caused a panicked Congress to impose a nationwide 55 miles per hour speed limit. I was with my wife and my six and almost-four-year-old sons. Arriving at Las Vegas after several days of exploring New Mexico and Arizona was a shock to our sensibilities. All I could see, back then, was crass commercialism oriented toward sexual and other “adult” behaviors covered by a wink and the motto, “What happens here stays here.” We spent the night and left at 6 a. m. the next morning.
The next time was twenty years later. With our kids grown and gone, we could see Las Vegas for what it was: a crass, commercial adult Disneyland catering to every secret fantasy and desire. It looked like fun, and it was. We’re not gamblers, but we loved lazy river pools when it was 108 degrees outside, good food, and high end entertainment. On this visit, the only thing that shocked me were the betting boards. In addition to sports betting, people were betting on elections, the likelihood of war, and whether there would be a recession. It felt wrong to me then, and it still does.
What about conflict of interest? In investment markets, it’s called insider trading, a violation of the 1934 Securities Exchange law. It’s a serious crime, a felony with penalties of up to five million dollars and twenty-five years in prison. I eventually rationalized my feelings about that by convincing myself that if this was mostly something tourists did on vacation in Nevada, the only state in which gambling was legal back then, it couldn’t do much harm.
Today, a special forces soldier involved in the planning of the raid that captured Nicolas Maduro was charged with winning more than $400,000 on a bet he placed on Maduro’s capture just before the raid he was about to take part in. We’ve heard reports from every news outlet since Trump’s war in Iran started about wealthy people placing suspicious bets on events in the war. Now that the sharks are on it, the story is likely to grow legs every day the war continues, and every investigative journalist worthy of the title will be looking closely at the timing of those bets.
Aside from the illegalities involved, this raises very serious questions. In a Trump administration which has been described as the most corrupt in anyone’s memory, with Trump’s family members being accused of using his presidency to enrich themselves, you can bet people will be scrutinizing trades and wagers executed by everyone who has had any contact with Trump or with the people in the Defense Department or active military who planned the attacks. Dozens of suspicious bets are already being investigated.
Aside from the criminality, there are serious questions about whether allowing such bets, even without insider information threatens our basic security. I’ve always believed laws outlawing betting on sports or card games were arcane and outdated. The absurdity, for example, of a star like Pete Rose being outlawed from professional baseball for betting that his team would win, has raised eyebrows for fifty years. But I have to accept the reality that the temptation to bet against one’s own team, and then fail to play at their best would be difficult to resist for many young athletes.
A serious as that is, morally and ethically, when we compare it to people betting on who is going to be bombed and when, on numbers of casualties and planes lost, or on whether negotiations to end the fighting are effective makes even insider trading sound trivial, The real questions are: should it be illegal to bet on some things, and to what degree might betting affect outcomes? Given our president’s irresponsible use of social media, and his tendency to speak off the record unpredictably, is it reasonable to assume that conversations and decisions made in the White House situation room won’t be leaked to favored donors and supporters when millions of dollars can be made in moments?
We’ll see before long, but that isn’t the worst danger. If people bet on things like when the first bombing raid on Iran would occur, or whether Iran would ever give up its enriched uranium, who is to say we won’t see odds posted on whether the United States, Israel, or some rogue terrorist group, might set off a nuclear weapon? And if billions of dollars are being wagered on that premise, does that make it more likely that we could wind up in a nuclear war?
Today, our truthless president told the press that he’s not in favor of prediction markets, despite the fact that his family is deeply invested in them. Can this lead to anything but a bad outcome?