Algerina Perna | Baltimore Sun | MCT | Getty ImagesThe explosion of online sports betting is taking a toll on personal finances, particularly among those who are financially distressed.
The authors found that sports betting has exploded since the Supreme Court overturned a federal law prohibiting it in 2018.
Those who participate tend to invest less and have higher debt levels.
"Two to three years after betting becomes legal, there is a noticeable drop in net investment relative to states where betting is not yet legal," the report said.
The higher credit card debt indicates that these households are not just shifting funds from one type of entertainment to another (for example, shifting money from betting on lotteries to betting on sports).
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Algerina Perna
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Baltimore Sun