Video Summary

As Americans, we've grown accustomed to seeing sports betting advertisements everywhere we turn. What was once illegal has now become a normalized part of our culture, with sportsbooks like FanDuel and MGM Bet vying for our attention. But beneath the surface, some experts warn that the rapidly growing sports betting industry could be hiding a public health crisis of unknown proportions.

Research has shown that gambling can activate the same parts of the brain as drugs like cocaine and nicotine, and can lead to addiction. The American Psychological Association classified gambling as an addiction back in 2013, yet the industry continues to push for relaxation of gambling laws. In the last six years, online sports betting has become legal in 29 states and the District of Columbia, generating a staggering $220 billion in bets.

Experts like Dr. Tim Fong, co-director of the UCLA Gambling Studies Program, caution that when governments regulate and promote gambling, they must also address the potential negative consequences. The industry's growth can be attributed in part to the rise of daily fantasy sports, which allowed fans to wager on the performances of real players. After the Supreme Court struck down the federal ban on sports betting in 2018, the industry launched a massive lobbying effort to win over state lawmakers.

Despite the industry's efforts to generate tax revenue, many states that have legalized sports betting have seen disappointing results. In 2022, revenues in 14 jurisdictions were nearly $150 million less than expected. Meanwhile, the industry has convinced states to classify promotional bets, which cost over $1 billion in 2022, as tax write-offs.