The case against legal sports betting
Today, Explained
Deep Dive
Why does Charles Fain Lehman consider legal sports betting a mistake?
Sports betting is likened to an addictive substance, causing significant harm to a small subset of users, including financial ruin, loss of homes, and even suicide. The benefits, such as tax revenue, are minimal compared to the social harm.
How much money did Americans bet on sports in 2022?
Americans bet over $100 billion on sports in 2022, with one in three Americans participating in sports betting.
What percentage of UK suicides are attributed to sports gambling addiction?
Approximately 8% of all completed suicides in the UK are attributable to sports gambling addiction.
How does legal sports betting affect household investment?
For every dollar spent on sports gambling, households put $2 less into investment accounts, according to a study by Northwestern University economists.
What is the impact of online sports gambling on bankruptcy rates?
Legalization of online sports gambling increases the risk of bankruptcy by 25 to 30 percent, according to a study by UCLA and USC economists.
Who is most affected by the harms of sports betting?
The harms of sports betting tend to concentrate among the most economically precarious, including young men and those in areas with high levels of poverty.
What percentage of sports bettors drive the majority of gambling profits?
About 3% of bettors drive 50% of sports gambling profits, according to a study from Southern Methodist University.
How does app-based sports betting facilitate harm?
App-based sports betting uses algorithms to identify and target high-spending users, encouraging them to bet more through personalized offers and incentives.
What is the tax revenue generated by legal sports betting in the U.S.?
Legal sports betting generates about half a billion dollars per quarter in tax revenue, which is relatively small compared to other legal substances like alcohol or tobacco.
How has sports betting changed the experience for NBA players like Danny Green?
Players now face criticism from fans whose parlay bets they may have affected, which has taken away some of the purity of the game.
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