Nearly 43% of Teens Gambled in the Past Year, Study Finds
1 min read
Sports BettingJuly 28, 2024·1 min read
The Hidden Costs of Legalizing Sports Betting in the USA
Brett Hollenbeck, a marketing lecturer at the University of California, Los Angeles, along with his PhD student Poet Larsen and co-author David Prospero, published a study on the socio-economic consequences of legalizing sports betting in the USA. The study confirmed that legalized sports betting brings money to state budgets but leaves bettors at a financial loss, with some experiencing significant financial strain.
The Supreme Court of the United States overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018, allowing states to decide on the legality of sports betting. From 2018 to 2023, legal bookmakers accepted bets totaling around $300 billion, with a significant portion made online.
The study found a significant decrease in average credit scores among residents of states with legalized sports betting, with online betting states seeing a 1% decrease. There was a notable increase in credit card debt and bankruptcies in states with online sports betting, with bankruptcies rising by about 28%. Andrew Barber, a WSOP-2015 HORSE champion and economist, commented on the study, emphasizing the significant social costs of legalizing online and offline gambling.
Share this article
By
Argus RivenI've spent years at the tables — cash and tournaments — and just as long shaping poker copy behind the scenes: room reviews, bonus fine print, tournament notes. At PokerInsider I write the way I wish more sites would: clear structure, honest trade-offs, no hype. Whether you're new or already grinding, I care about what the offer actually costs you — rake, variance, and the fine print — and I treat responsible play as part of the job, not a footnote.
♠More in Sports betting
NBA Teams Up With Kalshi and Polymarket for Prediction Markets
1 min read
Maksym Shtun: Prediction Markets Could Be Only P2P
1 min read
←All Articles♠ PokerInsider