Research Shows Growth of Sports Betting Linked to Bankruptcy, Financial Problems
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.
Casinos See Increase in Mobile Betting, First-Time Gamblers
Casinos in Arkansas took in more money from July to September this year, according to an article in Sunday’s Arkansas Democrat-Gazette.
The article analyzed revenue data from Oaklawn Casino in Hot Springs, Southland Casino in West Memphis, and Saracen Casino in Pine Bluff.
All told, the casinos took in more money during the third quarter of 2024 compared to the same timeframe in 2023.
However, the article indicates that casinos saw an increase in mobile gambling and first-time gamblers this summer, noting,
Robert W. Powell III, a lecturer and instructor of hospitality management at the School of Human Environmental Sciences in the Dale Bumpers College of Agricultural, Food and Life Sciences at the University of Arkansas, . . . said the state’s casinos saw increases in mobile betting and those gains didn’t seem to negatively affect other betting options, which is a positive sign. Powell said anecdotally he saw more first-time players in the state’s casinos during the quarter, noting attempts to lure younger players seem to be working well across the board.
All told, people gambled more than $2 billion at casinos in Arkansas from July to September. That is a staggering figure.
In spite of the millions upon millions of dollars that casinos make, casino tax revenue has not improved Arkansas’ roads or boosted the economy.
A while gambling has increased in the state, the Arkansas Problem Gambling Council has also seen an increase in calls for help with problem gambling this year.
Unless Arkansas’ lawmakers and its people take a stand, gambling and gambling-addiction are simply going to continue wrecking lives and hurting families across the state.
Articles appearing on this website are written with the aid of Family Council’s researchers and writers.