Since the 2018 U.S. Supreme Court ruling that legalized sports betting nationwide, the pastime has taken the U.S. by storm, driving the rapid expansion of online and in-person sportsbooks and fueling the growth of a burgeoning industry.
Billions of dollars are being wagered annually, reshaping how people spend, save, and invest—though not always for the better. While states benefit from the new revenue streams, the social and financial costs of gambling are mounting. From dwindling savings to rising debt and bankruptcy rates, its impact is becoming increasingly apparent.
Key Takeaways
- On average, households spend $1,100 a year on sports betting while cutting back on investments and oftentimes spending more on cable TV and other…
