On Thursday night, the NFL season kicks off with a rematch of last year’s AFC Championship Game.
It’s the Baltimore Ravens lining up against the Kansas City Chiefs to open the season. Fans are eager to see if quarterback Patrick Mahomes can lead his team to a fourth Super Bowl win in seven years. Mahomes could even push his team toward a rare and historic third championship in a row.
It’s about as enticing a storyline as the league could hope for. Most of the action will happen off the field. Thursday kicks off the busiest time of year for players—sports bettors.
Five years after the 2018 US Supreme Court ruling, states have taken in over $300 billion in sports wagers. In 2023, bettors placed $120 billion—a record amount. In 2024, we expect over 70 million Americans to join. This year is likely to set a new record on major platforms like 22Bet. Companies don’t share the exact amounts bet on each sport. Still, the American football season is seen as the biggest event in the industry.
So far, 38 states and the District of Columbia have legalized sports gambling (LSG). Most action happens on smartphone apps like DraftKings and FanDuel. These giants manage most of the bets. Some states might not follow the 38, like Utah, due to ethical or religious reasons. Yet, more states will likely join in. They’ll back it up with a simple, catchy logic: illegal gambling is risky and profitable. Legalizing and regulating it can help lower risks. It will cut organized crime and increase tax revenue. This extra money could be used for education, veterans’ services, and environmental programs.
Will there be negative social costs? Legalizing vices doesn’t guarantee safety. Sometimes, the risks can be greater than the rewards. Or so the thinking goes.
Just in time for football season, new studies are questioning these beliefs. They look at how legal sports betting influences consumer financial health.
Most research came before our new app-based era. It mainly looked at casinos and illegal gambling. Yet, recent studies focus on how bettors can now “bust out” without leaving their couches.
While the financial effects might appear modest on paper, they still signal meaningful strain for everyday users. They confront the main beliefs that fueled the call for legalization.
Many feel at their breaking point, having lost everything. They post for relief or hope that someone might learn from their story. Others write about coming clean to their families and their (often) long-suffering spouses or fiancés. “The self-hatred is overwhelming,” one popular thread is titled. Some real angels, often in recovery themselves, linger in the comments. They offer one-on-one chats or guide those at rock bottom to helpful services.
Lawmakers often ignore these stories. Some individuals lose their entire paychecks to gambling. Others gamble their 401(k)s, kids’ college funds, or joint savings accounts.
These are the individuals bearing the real consequences of the push toward ever-smoother, always-on sports betting. We hope that regulation, or at least a chat about adding some friction, is coming soon.
Until then, more stories will come. The companies involved are doing well, but costs keep rising for those who are struggling.