The Gist High Stakes, Low Standards: America's Gambling Gamble
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Aug 5, 2025 Jonathan D. Cohen, author of 'Losing Big: America’s Reckless Bet on Sports Gambling,' dives into the chaotic world of online sports betting. He reveals how rapid app rollouts and dubious state deals have led to a precarious betting landscape. Cohen discusses the alarming rise of gambling ads and the shift of betting from smoky backrooms to college campuses. He also highlights the troubling connection between gambling addiction and economic decline, drawing parallels with the opioid crisis and urging for better regulations.
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Reckless Rollout of Sports Gambling
- The rollout of legalized sports gambling was rushed with minimal safeguards and regulation.
- This recklessness risks severe financial losses and addiction without sufficient safety protections.
Gambling Addiction Is Like Alcoholism
- Gambling addiction shares strong chemical dependency traits with alcohol addiction.
- Yet gambling lacks equivalent legal liabilities like dram shop laws that regulate alcohol providers.
Few Bettors Drive Majority Revenue
- A small percentage of bettors generate the vast majority of sports betting revenues.
- This disproportion is fueled by heavily betting high-risk individuals or wealthy VIP gamblers.
