Studies highlight dangers of legal sports betting as NFL season gears up

THE 20-24 N-F-L SEASON KICKS OFF THURSDAY AND IT’S EXPECTED TO BE THE BIGGEST YEAR EVER FOR LEGAL SPORTS BETTING IN THE U-S. 

THE AMERICAN GAMING ASSOCIATION PREDICTS 35 *BILLION* DOLLARS IN LEGAL WAGERS WILL BE PLACED THIS SEASON – UP 30 PERCENT FROM THE 20-23 SEASON. 

IT’S BEEN FIVE YEARS SINCE THE SUPREME COURT RULED IT WAS UP TO INDIVIDUAL STATES WHETHER TO ALLOW SPORTS BETTING… AND IT’S NOW LEGAL IN 38 STATES AND WASHINGTON D-C – AND MORE ARE LIKELY TO FOLLOW. 

MORE THAN 70 MILLION AMERICANS ARE EXPECTED TO MAKE SPORTS BETS IN 20-24 – AND WHILE COMPANIES LIKE DRAFT KINGS AND FAN DUEL *DON’T* KEEP TRACK OF HOW MUCH IS BET ON EACH INDIVIDUAL SPORT… THE A-G-A SAYS MORE MONEY IS WAGERED ON THE N-F-L THAN ANY OTHER LEAGUE.

AND WHILE THE MAIN ARGUMENT FOR LEGALIZING SPORTS BETTING IS THAT IT MAKES IT SAFER AND INCREASES TAX REVENUE… NEW STUDIES FIND IT’S NOT NECESSARILY A COMPLETE JACKPOT. 

ONE STUDY FOUND THAT IN STATES WITH LEGAL SPORTS BETTING… YOUR CHANCES OF GOING BUST SIGNIFICANTLY INCREASE – WITH BANKRUPTCY RATES HITTING 25 TO 30 PERCENT WITHIN FOUR YEARS OF BETTING LEGALIZATION. 

IT ALSO FOUND COLLECTIONS OF UNPAID DEBT GO UP 8 PERCENT. 

AND IT’S ESPECIALLY DETRIMENTAL FOR ONE GROUP IN PARTICULAR. 

A SEPARATE STUDY FOUND BETTING LOSSES ARE MORE COMMON AMONG YOUNG MEN FROM LOW-INCOME COUNTIES.

THAT SAME STUDY ALSO NOTED AN INCREASE IN CREDIT CARD DEBT AND OVERDRAFTS.

RESEARCHERS ALSO FOUND ALLOWING SPORTS BETTING ONLINE OR ON MOBILE DEVICES HAS A NEGATIVE IMPACT ON NEARLY EVERY FINANCIAL HEALTH INDICATOR THEY STUDIED. 

THEY SAY NEARLY 90 PERCENT OF ALL LEGAL SPORTS BETTING IS DONE ONLINE OR VIA MOBILE DEVICE.

AND RESEARCHERS SAY YOU DON’T HAVE TO HAVE A CLINICALLY DIAGNOSABLE GAMBLING ADDICTION FOR IT TO LEAD TO FINANCIAL RUIN. 

STILL –MORE STATES ARE LINING UP TO ROLL THE DICE ON BETTORS… WITH PLANS TO MAKE SPORTS BETTING LEGAL – WHILE SOME STATES WHERE IT’S ALREADY LEGAL ARE LOOKING TO EXPAND IT FURTHER.