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