Today, Explained The case against legal sports betting
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Dec 23, 2024 
Charles Fain Lehman, an addiction researcher and author, teams up with Danny Green, a three-time NBA champion, to discuss the pitfalls of legalized sports betting. They delve into how this booming industry has negatively impacted sports, highlighting issues like addiction and its financial implications. Danny shares firsthand experiences of the pressures athletes face from fans tied to betting outcomes. They raise critical questions about the ethics and future of sports in an era increasingly influenced by wagering.
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Sports Gambling's Social Harm
- Charles Fain Lehman argues that legalizing sports gambling was a mistake due to its addictive nature and concentrated social harm.
- He believes the tax revenue and reduction of illegal gambling do not outweigh the significant downsides.
Financial Impacts of Sports Betting
- Studies show the negative financial impacts of legalized sports betting, including reduced investments and increased bankruptcy risk.
- These harms disproportionately affect those who are already economically vulnerable, exacerbating existing inequalities.
Sports Betting: A Losing Game for Most
- Research indicates that 95% of sports bettors lose money, with a small percentage (3%) driving a large portion (50%) of profits.
- This Pareto distribution is common in addictive goods markets, highlighting how a few heavy users subsidize the industry.