Americans bet $220B on sports in 5 years since legalization

[jgo]

Source: ABC News

Americans have bet over $220 billion on sports with legal gambling outlets in the five years since the U.S. Supreme Court cleared the way for all 50 states to offer it, and the industry shows few signs of slowing despite some recent scandals that have put a spotlight on wagering safeguards.

It's also caused problems: Those treating compulsive gambling say calls to their hotlines seeking help have increased significantly in the five years since sports betting was legalized and made available on cell phones. Keith Whyte, executive director of the National Council on Problem Gambling, says calls to the 800-GAMBLER help line have increased by 15% over the last five years as “states began the fastest and largest expansion of gambling in our history.”

The industry is constantly coming up with new ways to bet, too. One fast growing trend is so-called microbetting, which can be a series of rapid-fire bets. In baseball, it could involve how fast the next pitch will be; whether it will be put into play; whether that ball will be caught for an out, or become a single, double, triple or home run.

Those who treat problem gambling are particularly concerned about this type of betting for its capacity to lure gamblers into one wager after another in a very short period of time, potentially racking up large losses quickly.


Read more: https://abcnews.go.com/US/wireStory/americans-bet-220b-sports-5-years-legalization-99173021

[brewens]

1. It pisses me off every time I see it promoted on big time sports. I used to use Bodog before

credit card companies restricted payments. That was like $300 bucks win or lose every year. I only bet on the NFL and cashed out after the Superbowl. I have no desire to get back into it even if I can.

[EYESORE 9001]

2. I don't even watch sports, so imagine my irritation

with an endless stream of sports betting sites. It became legal in my TV market only recently, so they’re going for max saturation.

[underpants]

3. Me too. I'm not a prude I just suck at gambling

aside from 21.

Rozelle and Kuhn must be rolling over in their graves. Rozelle knew he had to be hardcore on gambling or the NFL would never sell especially in the south. He made Namath sell his part ownership of a restaurant because some of the other owners were known gangsters. Alex Karras refused to sell his ownership in a bar in Detroit and he got suspended for a year.

[EYESORE 9001]

5. I remember when Pete Rose got his legacy dragged through the mud

I’m not sure if what he did would even raise an eyebrow nowadays.

[underpants]

6. Athletes can't gamble on games

The NFL suspended 5 players for the year just a few weeks ago.
https://www.cbssports.com/nfl/news/five-nfl-players-suspended-for-violating-leagues-gambling-policy-including-lions-2022-first-round-pick/

[Warpy]

10. Most people suck at gambline, they're just addicted to their own brain chemisty

which is why when they do win something, they'll run through it as quickly as possible, chasing that next "hit."

Personally, I found it too much effort for too little reward, you might as well work for a living.

[SWBTATTReg]

4. So in short, Americans lost $220B (or more, probably gambled the winnings away too)...

[ProfessorGAC]

8. Not Necessarily

Sure, there's a vig so the books made their cut, no matter who wins or loses a game or event.
So, a decent portion of that money was transferred from one person to another.
I also think it's naive to think that a number approaching $40 billion per year wasn't already being bet, just underground.
Organized crime considered gambling to be their #1 or #2 source of revenue for 6 decades after prohibition.
Somebody was gambling.

[onenote]

7. That's around $44 billion a year. Americans spend $80 billion a year on cigarettes.

Frankly, gambling is a safer addiction.

[Hugh_Lebowski]

9. Unlikely to be the case that averaging is exactly a valid computation

It's been growing year-over-year, pretty sure.

Also, smoking takes a long time to kill you. Gambling can outright wreck entire young families leading to homelessness, lack of medical coverage, suicide, and other social woes.

Not sure it's all that much safer than smoking in totality ... for society-at-large at least