Key Takeaways
- Sports betting has exploded in popularity since it was legalized in 2018—especially among young men, who studies say are spending increasing amounts of time and money gambling.
- Several academic studies suggest a range of negative financial consequences from the introduction of online sports betting, including increased bankruptcies, lowered credit scores, and increased debt collections.
- Sports betting does generate substantial tax revenue. Advocates for the industry say it shouldn’t be singled out for effects that other forms of recreation have also been shown to have.
Sports betting has grown into a multibillion-dollar industry. It’s also become a drag on many Americans, especially young men, according to recent…