Recently, National Basketball Association commissioner Adam Silver became the first major professional sports commissioner to endorse legalizing sports betting. Silver writes, "There is an obvious appetite among sports fans for a safe and legal way to wager."
But bills to legalize betting go nowhere in Congress. John Stossel argues that legalization efforts might get farther if we stopped thinking of betting as a vice and instead recognized that it's a useful part of rational decision-making. There's knowledge to be tapped in people's heads about what will happen next, and markets, as usual, are the best way to unleash that wisdom.