Legalized mobile sports betting — which officially launches at 10 a.m. today — is expected to bring in big business for one Boston company, but it comes with risks.
DraftKings and its rivals are running big promos to get new users online. Ads on billboards, TV and across social media offer hundreds of dollars in credit, called"bonus bets."
"They're expecting to get that [money] back in the long run," said Victor Matheson, a sports economist at the College of the Holy Cross in Worcester. "If I can get you hooked with my app now, the $200 I'm going to get to spend on you today is going to be tiny compared to the amount you're going to be spending on me from now and forever."
Sports gambling at the state’s casinos went live in January, but Matheson predicts that after Friday, around 90% of sports bets will be placed online. Matheson said the sheer number of ads blanketing the state reveal how much money is at stake. Looking at data from New Jersey and Arizona, he estimates players will place approximately $5 billion worth of sports bets in Massachusetts per year.Sports betting comes with risks. Public health experts warn that immigrant communities, young people and people in recovery areMatheson said his Holy Cross students often ask for his thoughts about sports gambling.
"To the extent it's an entertainment product, it's great," Matheson said."But I tell them, if you're trying to do this as a way to actually make money, this is likely to be a pretty expensive habit for you."to speak with a trained specialist to receive support.This segment aired on March 10, 2023. Audio will be available soon.
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