Reports continue to show that sports betting is growing in America — but financial damage from predatory gambling is growing with it.
Most states have legalized sports betting, and new survey data shows more than half of men ages 18 – 49 have an active sportsbook account online. Arkansans wagered a record $86.5 million in March alone this year. But this type of gambling is taking a terrible toll on individuals and their families.
Researchers writing in Health Economics found a 10% increase in binge drinking among young men in the wake of sports betting’s legalization.
A recent report from the Federal Reserve Bank of New York found legalization of sports betting leads to a tenfold increase in spending at online sportsbooks, an increase in credit delinquencies, and a decline in credit scores.
People who gamble on sports may be twice as likely to suffer from gambling problems. When sports betting happens online, the rate is even higher.
Researchers at UCLA estimate that online sportsbooks are linked to an increase of roughly 30,000 more bankruptcies per year nationwide.
Research has also shown a strong connection between gambling problems and higher rates of depression and suicide.
The data is clear: Sports betting is corrupting sports and ruining lives. On the whole, most Americans do not believe sports betting has been good for society or good for sports. The NFL and sportsbooks have actually faced lawsuits over the harm from gambling.
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.
