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Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances. In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound. Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling.

Persons: ”, Scott Baker, Charles Schwab, Baker, “ It’s, ” Baker, “ Rather, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee, ” Candee Organizations: Northwestern University’s Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA’s Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S

☆ Sports gambling takes a toll on Americans’ checkbooks, research shows
▼ + stars: | 2024-08-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors' finances. Meanwhile, states that legalized sports betting saw their residents' aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling. Yet there is likely a limit to how much the platforms will seek to restrict their own activities.

Persons: Scott Baker, Charles Schwab, Baker, It's, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee Organizations: Northwestern University's Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA's Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S

☆ US consumers pulled back their spending last month as inflation took a toll
▼ + stars: | 2022-12-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Pullbacks in auto sales helped drive the decline — the largest monthly decrease seen all year — but even excluding autos, monthly sales declined by 0.2%, despite cooling inflation. Economists had expected monthly sales to shrink by 0.1%, down from October’s 1.3% increase, according to consensus estimates on Refinitiv. Retail sales, which are not adjusted for inflation, were up 6.5% in November from the year prior, according to the report. That’s the slowest year-over-year retail sales growth since 2020, said Ted Rossman, senior industry analyst for Bankrate. “Credit card rates going up could cause more of a contraction, but hopefully [the Fed] gets a nice feather landing.”This story is developing and will be updated.

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