Growth of sports betting may be linked to financial woes, new studies find
By Kevin Hardy, Stateline.org
While states have cheered the new tax revenue from sports gambling, some new studies have linked the burgeoning industry to lower consumer credit scores, higher credit card debt and less household savings.
With access on their cellphones, gamblers can bet more often and easily than in traditional casinos, heightening concerns about problem gambling and the financial fallout for sports fans. The rate of gambling problems among sports bettors is at least twice as high as it is for other gamblers, according to the National Council on Problem Gambling.
Legal sports gambling is more widespread than ever. Missouri voters in November became the latest to approve it, making it legal in 39 states and the District of Columbia. Last year, Americans bet more than $121 billion on sports, according to the American Gaming Association. While betting revenues are exploding, the industry is still relatively young — only blossoming after a 2018 U.S. Supreme Court ruling opened the door for states to authorize sports gambling.