Research shows that the legalization of sports betting may be linked to serious financial problems in America.
Nationwide, sports betting is now legal in 39 states — including Arkansas, where people, on average, wager more than a million dollars on sports every day.
In August researchers out of California released a paper that showed access to legal online sports betting was tied to lower credit scores and higher bankruptcy rates. The study based these findings on credit bureau data from more than 4 million Americans. Researchers estimated that legalized sports betting is responsible for 30,000 additional bankruptcies and $8 billion in debt collections every year.
A second paper released this year found that legalized sports betting increased credit card debt, overdrafts, and late payments on loans — especially among financially vulnerable families.
These financial problems affect families — and sometimes even whole communities. This research shows that families who can least afford it often are hurt the most by sports betting.
Legalized gambling has become a blight in Arkansas. Tax revenue from casinos and sports betting has not improved Arkansas’ roads or boosted the economy. And unless Arkansas’ lawmakers and its people take a stand, gambling addiction is simply going to 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.
