While sports betting has put considerable sums into state coffers, it has come at a notable personal expense to gamblers and their families.
The explosion of online sports betting is taking a toll on personal finances, particularly among those who are financially distressed." The authors found that sports betting has exploded since the Supreme Court overturned a federal law prohibiting it in 2018. Since then, 38 states have legalized it and it has become a growth industry, generating more than $120 billion in total bets and $11 billion in revenue in 2023 alone.
The authors estimate that legalization reduces net investments by bettors by nearly 14%, and that every dollar spent on sports betting reduces net investment by $2.13."The increase in betting and consumption drives an increase in financial instability in terms of decreased credit availability, increased credit card debt, and a higher incidence rate of overdrawing bank accounts," the authors said.
Again, lower-income households suffer disproportionately; the bottom one-third of households by income had the largest increase in spending on sports gambling relative to income.There were notable differences between the characteristics of bettors and non-bettors. On the one hand, the government attitude is: These are adults, they have a right to spend their money any way they want to. And we need the money.
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