Attorneys Say Online Sports Betting Is Bankrupting Families
Bankruptcy attorneys across the country say online sports betting is driving a surge in personal bankruptcies — especially among young men in their 20s and 30s.
As states have legalized sports betting, most men ages 18 – 49 now 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.
Chad Van Horn, a bankruptcy attorney in Florida, recently told Business Insider that roughly 15% of his clients now carry gambling-related debt — and that it piles up faster than any other type of debt he sees.
He described clients going from zero to $25,000 in credit card debt in a matter of months. “The debt builds incredibly fast because people aren’t gambling with cash; they’re gambling with borrowed money,” Van Horn said.
Ed Boltz, a bankruptcy attorney in North Carolina, said the same thing, noting that, “It has been astonishing, the speed in which people can fall into this.”
We have written before about how research shows sports betting is linked to bankruptcies and financial devastation.
A report from the Federal Reserve Bank of New York found that states with legal mobile sports betting have seen credit delinquency rates spike — especially among borrowers under 40.
These financial problems affect families — and sometimes even whole communities.
Sports betting is out of control. It’s corrupting sports, and it’s ruining lives.
Tax revenue from gambling has not improved Arkansas’ roads or boosted the economy. 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.
