August denotes the start of the NFL preseason and return of NCAA Division I college football (August 24). As a result, sports bettors and daily fantasy sports (DFS) players come out of their summertime slumber, although the Olympics have filled some of the void. At the same time, problem gambling awareness needs to increase as helplines across the country struggle to keep up with growing demand for mental health support. While Kindbridge is here to help provide this support through our online gambling disorder treatment platform, we are also here to offer a look at what else is happening in America as it pertains to problem gambling. Read ahead for our monthly update.
August 2024 News Regarding Problem Gambling and Sports Betting that America Needs to Know About
U.S. Credit Scores Have Dropped with Growth of Legal Sports Betting
Results of a study conducted by the University of California, Los Angeles (UCLA) and the University of Southern California (USC) regarding the financial consequences of legalized sports betting were released on August 2 (2024). Researchers found that individual credit scores in regulated (for sports betting) states have decreased by an average of 0.3%. The rate is higher for states where sports betting is allowed online, with the average credit score falling by approximately 1%.
While it’s helpful for the public and policymakers to see this data, the fact that credit scores are falling concurrently with the rise in sports betting comes as little surprise. Consider the following statistics that we shared last year regarding the gambling debt epidemic in America:
Nearly 1 in 5 allot a quarter of their paycheck to sports betting
1 in 5 are in or have been in debt from sports betting
More than 50% are willing to wager $10K at a chance to win $1 million
Average gambling debt for male problem gamblers is between $55,000 and $90,000
Average gambling debt for female problem gamblers is $15,000
If your financial status has taken a hit due to compulsive gambling behavior, please use the resource below to initiate positive change:
Online Lottery Expands in America
August marks a new era in the state of Massachusetts as far as online gambling is concerned. After years of debate on the issue, Governor Maura Healey signed a new state budget for the fiscal year of 2025, which includes legalizing online lottery sales in the state for the first time in history. While this may seem like small news compared to the persistent growth of online sports betting and subsequent scandals that have been disrupting the integrity of professional leagues, it’s important to address other forms of gambling that often fly under the radar.
Many Americans don’t consider lottery draws and scratch cards to be forms of gambling in the same manner as they do with casino gaming and sports betting. This is a dangerous misconception for those who may have a vulnerability to developing gambling disorder. It’s analogous to someone with alcohol use disorder (AUD) rationalizing that it’s OK to consume beer because it’s less “potent” than hard liquor. Further, online lottery may be considered a gateway to more concerning online gambling behavior, which is a contentious topic concerning our nation’s youth. This concern may be reflected in Massachusetts’ decision to make the legal age for online lottery 21 years of age, as opposed to the minimum age of 18 for sales in brick-and-mortar establishments. View more on lottery and other less-obvious forms of gambling that vulnerable persons should abstain from.
Stay tuned for more as stories develop.
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