Arkansans On Track to Wager Almost $1 Billion on Sports This Year

Gambling, ,

An analysis from Family Council shows Arkansans could wager almost a billion dollars on sports betting this year.

The figure does not take into account “prediction market” wagers on sports or illegal sports betting.

Nationwide, sports betting is legal in 39 states — including Arkansas — but a growing body of evidence shows this type of gambling is causing serious financial harm.

Last week, Family Council reported that data from the Arkansas Department of Finance and Administration shows that from January 1 through July 31, sports bets totaled more than $529 million — an average of roughly $2.5 million per day.

At that rate, Arkansas is on track to wager as much as $912.5 million on sports by the end of December. Even if that daily average were cut in half this fall, Arkansas’ sports betting for the year would still top $700 million.

That estimate does not include “prediction markets” that exploit loopholes in federal law to bring casino-style gambling to anyone with a smartphone. We have written before about how the companies running “prediction markets” claim they just let people “invest” in the future outcome of a ballgame. But calling it an “investment” does not change what it is: It’s gambling.

Studies show people who gamble on sports may be twice as likely to suffer from gambling problems. When sports gambling happens online, the rate is even higher.

More than half of men ages 18-49 now have an active sportsbook account online, and the Institute for Family Studies (IFS) reports almost one in four young men say they gamble daily.

A study by Northwestern University found that for every dollar spent on sports betting, household investment falls by an average of $2.

The Federal Reserve Bank of New York, the Ethics and Public Policy Center, researchers at UCLA, and bankruptcy attorneys across the country all say sports betting is driving a wave of financial problems like credit card delinquencies and bankruptcies.

Sports betting is out of control. It’s corrupting sports, and it’s ruining lives.

Can Arkansas really afford to wager a billion dollars on sports every year?

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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Sportsbooks Still Use Aggressive Advertising

Gambling,

Popular online sportsbooks still use aggressive marketing tactics that seem to promote reckless gambling.

Gambling has exploded in recent years, and studies show large segments of the population now have an active sportsbook account online. But some are concerned that online gambling and sports betting may fuel gambling problems.

For example, sportsbook Bet365 has a TV spot advertising eight-leg parlays. Parlays combine multiple wagers — like passing yards and total points — into a single bet. Their long odds give the sportsbook a distinct advantage, which can hurt people who suffer from problem gambling.

FanDuel has released one commercial that showed people so focused on sports betting that they ignored everyone else around them. Another ad promoted taking advantage of every opportunity to gamble.

FanDuel has also aired commercials encouraging people to gamble on “surprising” hunches — including powerful hunches that strike between football plays.

The ads may seem silly, but gamblers who ignore loved ones, wager nonstop, or place bets “on a hunch” may suffer from a serious gambling problem.

Other recent commercials advertise “playoff mode” with aggressive promotional offers like hundreds of dollars in “bonus bets.” Bonus bets, risk-free bets, deposit matches, or similar promotions may encourage people to place larger wagers, which could ultimately fuel problem gambling.

Sports betting and other types of gambling are not harmless entertainment. Sports betting is 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.

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.

Researchers at UCLA estimate that online sportsbooks are linked to roughly 30,000 additional bankruptcies per year nationwide, and 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.

Gambling addiction is a serious problem, and sportsbooks have a responsibility to be sure their marketing and promotions do not make that problem worse.

Family Council has prepared a list of practical steps Arkansas could take 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. 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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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.

READ MORE