Arkansans Wager $2.5M Every Day on Sports Betting

Gambling,

Arkansans have wagered an average of roughly $2.5 million every single day on sports betting this year.

Data from the Arkansas Department of Finance and Administration shows that from January 1 through July 31, sports bets totaled $529,050,612.76. Nearly all of those bets were placed online.

All told, Arkansans have wagered an average of more than $75.5 million every month, or roughly $2.5 million per day.

That figure is likely to increase once football season gets underway.

We have written repeatedly about the explosion in gambling over the past few years. Studies show more than half of men ages 18-49 now have an active sportsbook account online, and the Arkansas Racing Commission approved FanDuel and DraftKings to conduct sports betting in February. But a growing body of evidence shows sports betting is harmful — and that internet sports betting is especially destructive.

People who gamble on sports are at an increased risk of suffering from gambling problems. When sports betting happens online or on a smartphone, the risk is even higher.

A study published this summer found gambling disorder diagnoses have risen in states that legalized sports betting. Researchers said the largest increase in gambling disorders was found among young adults.

Unfortunately, gambling problems go hand-in-hand with financial problems.

A report from the Federal Reserve Bank of New York also found that states with legal mobile sports betting have seen credit delinquency rates spike.

A recent report from the Ethics and Public Policy Center confirmed that legal sports betting is linked to increases in personal bankruptcies and credit card delinquencies.

Bankruptcy attorneys across the country say online sports betting is driving a surge in personal financial problems — especially among young men in their 20s and 30s.

In fact, researchers at UCLA estimate that online sportsbooks are linked to roughly 30,000 more bankruptcies per year nationwide.

Arkansans need to understand that sports betting isn’t harmless entertainment — it’s predatory, and it’s growing.

To put it another way: Can Arkansas really afford to wager $2.5 million every single day on sports?

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.

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Colorado Says No to “Bet Now, Pay Later.” Arkansas Should Too.

Gambling,

As of last week, Colorado gamblers can no longer use credit cards to fund sports betting apps, and they are limited to six deposits per day. The new rules come from a bipartisan bill passed in May after lawmakers grew alarmed by rising addiction rates — especially among young men and boys.

We have written repeatedly about the explosion in gambling over the past few years. Studies show more than half of men ages 18 – 49 now have an active sportsbook account online. The Denver Post reports Colorado gamblers bet a staggering $6.4 billion on sports last year alone. But this kind of gambling is taking a serious toll on everyday families.

A recent report from the Ethics and Public Policy Center found legal sports betting is linked to increases in personal bankruptcies and credit card delinquencies, writing:

This rise in bankruptcy rates translates to roughly 30,000 more personal bankruptcies in the United States every year, and the households that experienced most adverse effects were the ones with existing financial constraints when legalization occurred.

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.

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.”

Researchers at UCLA estimate that online sportsbooks are linked to an increase of roughly 30,000 more bankruptcies per year nationwide.

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.

The list goes on.

These financial problems affect families and even whole communities.

Prohibiting sportsbooks from accepting credit cards could help protect gamblers from running up excessive gambling debts.

Family Council has said before that restrictions like this one are something Arkansas could do to address predatory gambling.

As powerful corporations try to make gambling part of everyday life, it is important for Arkansas to protect its citizens and families the way other states have done. 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.

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Gambling’s Toll on College Students

Gambling,

A recent study raises serious concerns about how gambling may affect mental health among college students.

Gambling has exploded in recent years, and studies show more than half of men ages 18-49 now have an active sportsbook account online. But experts are also questioning what this type of gambling may do to our society.

A study published last month in the International Journal of Mental Health and Addiction examined gambling habits and mental health among more than 1,800 college students in Mississippi from the 2021 school year.

Researchers found nearly one in four college students surveyed said they gambled, and 7% suffered from gambling problems.

Researchers also found that “increased gambling risk was generally associated with worse mental health symptoms” among students. Students with gambling problems were also more prone to struggle with anxiety and worry or problems with their mood.

Gambling problems were also tied to greater problems with substance use.

Gambling isn’t harmless entertainment. It’s predatory, and it’s growing.

A report from Common Sense Media earlier this year found 36% of boys ages 11 to 17 reported gambling in the past year. Among boys exposed to gambling content, 59% said the content appeared in their feeds without them seeking it out.

Researchers have repeatedly voiced concerns about sports advertisements that aggressively target young adults.

Internet gambling makes placing a bet as easy as sending a text — especially when it comes to sports betting.

We have identified a few examples of simple, sensible steps that Arkansas could take to protect families from predatory sports betting.

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.

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