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8 mentions found


☆ Sports Betting Is Driving Americans Into Debt, Bankruptcy
  + stars: | 2024-08-01 | by ( Emily Stewart | ) www.businessinsider.com   time to read: +11 min
AdvertisementIt tracks: The closer you live to a casino, the likelier you are to develop a gambling problem. About 1% of US adults have a severe gambling problem, according to the National Council on Problem Gambling, and 2% to 3% have a mild or moderate problem. Advertisement"By the time everyone gets all excited, we're talking about really large credit-card debt, really large debts to friends and family. A lot of online debt," said Timothy Fong, a clinical professor of psychiatry at UCLA and a codirector of its gambling-studies program. In the sports world, we've recently seen some high-profile examples of young men getting into hot water from sports betting.
Persons: that's, Brett Hollenbeck, Hollenbeck, It's, Michelle Malkin, You've, Timothy Fong, Fong, Young, we've, Shohei, Ippei Mizuhara, Jontay Porter, Malkin, doesn't, it's, Emily Stewart Organizations: University of California, University of Southern, UCLA's Anderson School of Management, National Council, East, East Carolina University's, Policy Initiative, UCLA, MLB, NBA, Sports, Business Locations: Los Angeles, University of Southern California, East Carolina, America, New Jersey
☆ From Sports Betting to Meme Coins, Young Men Are Gambling in Droves
  + stars: | 2024-04-16 | by ( Emily Stewart | ) www.businessinsider.com   time to read: +9 min
For young men in particular, it's an enticing, if a bit troubling, prospect. For some young men, a level of nihilism about the economy leads to an impetus to take some risks. Along with the rise of new customers, problem-gambling behavior is increasing, especially among young men. The New Jersey report identified a significant prevalence of high-risk stock trading among young men. According to the National Council on Problem Gambling, some 2.5 million Americans have a severe gambling problem, and another 5 million to 8 million have a problem it considers mild or moderate.
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☆ A millennial sports bettor who's wagered nearly $1 million on FanDuel shares the 7 things new gamblers should do — and avoid
  + stars: | 2024-02-03 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +9 min
Read previewWhen states across the US started legalizing sports gambling in 2018, Jimmy, a New York-based sports bettor in his 30s, was ready. Since January 2022, Jimmy and his cousin have bet nearly $1 million through FanDuel and netted roughly $35,000 in winnings, according to a document viewed by Business Insider. Don't bet more than you're willing to loseJimmy said establishing a bankroll and unit size are important steps for new bettors. The unit size is the percent of the bankroll — Jimmy said ideally it's 1% — that gamblers dedicate to the typical bet. Despite his success with sports betting, Jimmy said he and his cousin both have part-time jobs.
Persons: —, Jimmy, FanDuel, Jimmy hasn't, they've, they'd, it's, bettor, parlays, shouldn't, Timothy Fong, Don't, he's, we'll Organizations: Service, Business, American Gaming Association, Sports, NCAA, NBA, WNBA, UCLA, Studies, National Council, Virgin Islands Locations: New York, Young, Canada, Virgin
☆ How a culture of sports betting and fantasy gaming is emerging on college campuses
  + stars: | 2024-01-10 | by ( Margaret Fleming | ) www.businessinsider.com   time to read: +14 min
Noah, a 19-year-old who goes to college in Illinois, uses sports betting to keep up with his friends from high school. The expansion of legal sports betting in the US has fueled a widespread culture of gambling on college campuses, as savvy students find betting alternatives and workarounds for age limits and state restrictions. Many sports-loving college students like Marcus and Noah casually use fantasy gaming, sweepstakes, and betting to make and maintain friendships. BI spoke with seven college students and three researchers to learn more about what sports betting looks like on campuses. A culture of sports betting sustains friendshipsSince the expansion of legalization, sports betting and gaming have exploded on college campuses largely through word of mouth.
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☆ A millennial who grew his net worth to $600,000 explains what it took to dig his way out of debt after overcoming a gambling addiction
  + stars: | 2023-04-10 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +6 min
Ambus Hunter, 36, said he almost went broke when he became addicted to gambling over a decade ago. His net worth is now about $600,000, and he works part time as a financial coach. Over the course of just four weeks, he said he lost roughly $10,000 — almost all his savings — playing roulette. Hunter said he'd had one major hiccup since he committed to quitting gambling but that he was able to get back on track. He said he set out to quickly replace the roughly $10,000 he'd lost.
☆ Don't lose your life savings on your phone: A millennial with a sports-betting addiction explains how he's cut back as March Madness hype mounts
  + stars: | 2023-03-18 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +9 min
James said sports betting was a way to "lose your life savings on your phone." But sometimes gambling addiction gets you to do crazy things." While the highs were "exhilarating," James said, gambling began to take over his life. After downloading a sports-betting app, he began by betting roughly $50 to $100 at a time on anything from baseball to hockey to tennis. But then he started winning — at one point winning roughly 14 of 16 bets — which he said was the "worst thing" that could have happened to him.
☆ Online sports betting is surging. So is gambling addiction
  + stars: | 2023-02-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +10 min
The booming sports betting industry, lawmakers and even the professional sports leagues themselves are making it easier, faster and more tempting for people to bet on games — and develop gambling problems, say gambling researchers and addiction specialists. A flood of advertising, technology that allows for one-click betting at home, and nearly unlimited betting options during games have collided. The sports gambling industry is most similar to financial markets, he said, but financial markets are much more regulated than banks. Most states require that sports betting ads disclose the minimum legal age to gamble and responsible gambling messages, such as problem gambling hotlines. From DraftKingsRegulators are wary of how tightly they can curtail messages in gambling advertising without running afoul of First Amendment protections on commercial speech.
☆ Monterey Park, the first suburban Chinatown, remains a beacon for Asians, residents say after the mass shooting
  + stars: | 2023-01-24 | by ( Sakshi Venkatraman | Sakshi Venkatraman Is A Reporter For Nbc Asian America. | ) www.nbcnews.com   time to read: +5 min
When 11 people were killed in his hometown of Monterey Park on Saturday, Raymond Cheung struggled to find the words to tell his mom. After his parents immigrated from China in the 1960s, and then to the West Coast, Monterey Park was the obvious choice. “We didn’t have to worry about that in Monterey Park. Courtesy Raymond CheungA history of resilienceThe residents of Monterey Park have never been strangers to hatred and vitriol. “The folks who live in Monterey Park are super resilient.
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