Betting the House - #2
Now, where were we? Oh, yes. Connecting sports and mobile wagering can easily become "enslaving," says an economics professor. Young men are susceptible to addiction.
Less than 5 percent of bettors make a consistent profit, meaning the sports books make most of their revenue on losers. A survey found that about 1 of every 4 betters said they couldn't pay a bill. About 15% took our loans to fund wagers.
Many needs people should be saving money for are being spent on gambling or gaming. Roughly 20 million Americans report "Problematic gambling behavior." And roughly a quarter of them think their habit is out of control. The majority of addicts likely don't report their symptoms. Not everybody is forthcoming about their problem, due to guilt and shame.
Is anyone doing something? Two bills introduced last year could force the federal government to get involved. The Gambling Addiction Recovery Investment and Treatment (GRIT) Act would set aside 50% of federal gambling tax revenue to fund addiction treatment and research grants. The government took in about $150 million in taxes for money wagered on gambling in 2024.
We bet I can find enough information to extend this article one more day. Wanna bet?
Jimmy