Americans have wagered more than $520 billion on sports since the Supreme Court struck down the federal betting ban in 2018 (1). The industry calls that a success story, but it’s a whole other ball game for the finances of younger Americans and their family.
A new study from the Federal Reserve Bank of New York found that credit delinquency rates — being 90 days or more behind on a car loan, credit card, or any other credit account — have risen in every state that legalized mobile sports betting, and the hit is falling hardest on adults under 40 (1).
These implications run deep for parents watching their son or daughter burn through money on DraftKings or FanDuel. Your first instinct is to help, but that inclination…