Americans will lose about $250 billion gambling this year, reports Joey Politano, a number that’s up 60% in half a decade. And that doesn’t include “prediction markets” and cryptocurrencies, both mostly vehicles for more gambling. Politicians are well-greased by the industry lobbyists, personal debt is soaring out of sight, and there’s no immediate prospect of anyone taking control.
“Betting is so unregulated & growing so fast in the US that it’s creating a growing population of problem gamblers,” he writes.
The industry regularly produces addicts who bet to their own detriment, losing large chunks of their income and still convincing themselves to bet more. These are people who gamble a rent payment, credit card bill,…