Online bets tied to financial woes
With the NFL season underway and the baseball postseason soon to begin, online sports wagering is seeing a lot of action. But with the proliferation of gambling apps making online betting easy, the odds of financial problems are rising.
In the wake of 38 states including New York legalizing sports wagering, a new study from UCLA found “the ease of access to sports gambling is harming consumer financial health” in these states. Specifically, researchers found a “statistically significant” link between online sports betting and an increase in bankruptcies, loan delinquencies and debt collections.
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With the NFL season underway and the baseball postseason soon to begin, online sports wagering is seeing a lot of action. But with the proliferation of gambling apps making online betting easy, the odds of financial problems are rising.
In the wake of 38 states including New York legalizing sports wagering, a new study from UCLA found “the ease of access to sports gambling is harming consumer financial health” in these states. Specifically, researchers found a “statistically significant” link between online sports betting and an increase in bankruptcies, loan delinquencies and debt collections.
Not surprisingly, researchers found financial stress in states that have legalized sports betting was highest among young men, the core audience for sports.
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