Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances. In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound.
In a separate study led by Brett Hollenbeck, an associate professor of marketing at UCLA’s Anderson School of Management, researchers found that compared with states that did not implement sports gambling, states that did so saw credit scores drop by a statistically significant, though modest, amount, while bankruptcies increased 28% and debt transferred to debt collectors climbed 8%. Auto loan delinquencies and use of debt consolidation loans also increased, they found.
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