The Summer Olympics are underway, broadcast live from Paris. What’s new this time? Breaking (also known as breakdancing)) will be held as official events. For the first time, Americans in most states will be able to put down their hard-earned money to bet on who will win and lose in world-class events like sport climbing, jumping, gymnastics and 3×3 basketball, and by what margin. Is this progress?
Mobile sports betting will be legalized in New York State in January 2022. Total transaction volume is approximately $45 billionThe casinos have “generated” $4 billion in revenue, and paid a little over $2 billion into the state coffers, but all of that cash has to come from somewhere: if it wasn’t being put into good or bad bets, it was being put into savings accounts, buying food, paying off credit cards, funding other entertainment, or whatever else that may be.
Most of the other forms of spending mentioned above do offer real value for money. Gambling offers only the ever-elusive promise of big wins that too often mask the reality of big losses. A small proportion of people with gambling problemsGambling addicts, who can now place bets with the tap of a smartphone app, suffer the majority of those losses – and the psychological and interpersonal impacts that come with them.
This is, New Research A study by three California academics. Since the 2018 Supreme Court ruling, 38 states have legalized sports betting. Credit score There was a “small but statistically significant decline”, with the number of bankruptcies increasing by around 28% and debts transferred to debt collectors increasing by 8%.
“In conclusion, we find widespread evidence that legal sports betting, and particularly mobile/online access to betting, is linked to significant increases in problematic debt activity and worsening consumer financial conditions,” one co-author wrote.
However, despite this background, Increase in calls to state gambling problem hotlinesCongress in this year’s budget negotiations. The proposal was rejected Allocate an additional 1% of sports betting revenue to help people suffering from gambling addiction. State Senator Joe Addabbo later His sensible proposal was passed by the Senate.but it It has not yet passed the committee In parliament.
The state constitution expressly prohibits all gambling except for lotteries and up to seven specially licensed casinos. The state legislature first laughed at that constitutional language and justified daily fantasy sports as “games of skill.” Then, further insulting the intelligence of New Yorkers, they allowed sports betting anywhere, even though it should only be allowed in casinos, by pretending that smartphone betting takes place “at” the casinos because the computer servers are located there.
The massive expansion of gambling in New York State has occurred primarily under the watch of Governor Andrew Cuomo, and we should take his words to heart. Father Mario“There is respectable economic thought that argues that casino gambling is actually economically regressive to states and local communities,” he said, adding that bringing more gambling to a state “doesn’t create wealth, it just redistributes it.”
Redistribute money from addicts into national coffers.
