An analysis from Family Council shows Arkansans could wager almost a billion dollars on sports betting this year.
The figure does not take into account “prediction market” wagers on sports or illegal sports betting.
Nationwide, sports betting is legal in 39 states — including Arkansas — but a growing body of evidence shows this type of gambling is causing serious financial harm.
Last week, Family Council reported that data from the Arkansas Department of Finance and Administration shows that from January 1 through July 31, sports bets totaled more than $529 million — an average of roughly $2.5 million per day.
At that rate, Arkansas is on track to wager as much as $912.5 million on sports by the end of December. Even if that daily average were cut in half this fall, Arkansas’ sports betting for the year would still top $700 million.
That estimate does not include “prediction markets” that exploit loopholes in federal law to bring casino-style gambling to anyone with a smartphone. We have written before about how the companies running “prediction markets” claim they just let people “invest” in the future outcome of a ballgame. But calling it an “investment” does not change what it is: It’s gambling.
Studies show people who gamble on sports may be twice as likely to suffer from gambling problems. When sports gambling happens online, the rate is even higher.
More than half of men ages 18-49 now have an active sportsbook account online, and the Institute for Family Studies (IFS) reports almost one in four young men say they gamble daily.
A study by Northwestern University found that for every dollar spent on sports betting, household investment falls by an average of $2.
The Federal Reserve Bank of New York, the Ethics and Public Policy Center, researchers at UCLA, and bankruptcy attorneys across the country all say sports betting is driving a wave of financial problems like credit card delinquencies and bankruptcies.
Sports betting is out of control. It’s corrupting sports, and it’s ruining lives.
Can Arkansas really afford to wager a billion dollars on sports every year?
As powerful corporations try to make gambling part of everyday life, it’s important for Arkansas to protect its citizens and families from predatory gambling. Otherwise, gambling addiction will simply continue wrecking lives and hurting families in our state.
Articles appearing on this website are written with the aid of Family Council’s researchers and writers.
