Oliver Wendell Holmes, Jr.

“ The statute in controversy is not aimed at gaming of any sort but is a regulation of a business so far akin to banking as to be at least equally clothed with a public interest, and subject to regulation. A state may confine banking to corporations. ”

“ Further particulars are superfluous but it is obvious that the position and rights of the applicant are very largely dependent upon chance so so far as he is concerned. It is true that his position in the series is certain, but it is extremely improbable that he is told what it will be, as a man would not be likely to come into a series if he knew that a large number of people were entitled ahead of him to whatever advantages the scheme offered. What a man does not know and cannot find out is chance as to him, and is recognized as chance by the law. ”

“ We have adverted to the element of chance in this very undertaking because it is one not likely to be realized by an applicant. This and the long delay and loss that may ensue upon any particular deposit would be sufficient warrant for the State's effort at least to bring such business under supervision and control, if not to prevent it altogether. It is said that the statute as drawn extends to cases with which it would be irrational to interfere. The judges below were careful to exclude such a construction, but at all events it is no concern of the plaintiffs. ”