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March Madness and Sports Betting is a Bad Combination for Gambling Addicts

Straight up.

The Supreme Court screwed up big when they struck down the ban on Sports Betting in 2018.

Now Americans who fight gambling addictions are facing massive sports betting temptations on a scale that would make the old-time bookies lose their cookies!

Not so long-ago watching sports on TV or listening to them on the radio were a fresh break from the evils of corporate gambling. Stars like baseball's Pete Rose were banned from the game and denied a place in the Baseball Hall of Fame because they betted on sports events.

Now look at March Madness where the best men's and women's college basketball team challenge each other... and have been contributing to the skyrocketing legal sports betting industry since 2018.

For decades March Madness betting in office pools offered employees a chance at winning a jackpot. A harmless event that didn't make headlines in Las Vegas sporting parlors.

According to the American Gaming Association, which promotes gambling, Americans made $120 billion in sports bets in 2023.

This year the group predicts Americans will place $2.7 billion in legal bets on March Madness alone!

How did we come to this place where the love and integrity of sports has been diluted into another get rich quick scheme?

Jay L. Zagorsky is an associate professor of markets, public policy and law at Boston University who has been studying March Madness and sports betting for years. He offers an explanation of why legal sports betting became acceptable.

"Studying sports betting has shown me how valuable it is for states short on cash. Unfortunately, it also has significant drawbacks, especially for gambling addicts and their families," Zagorsky said in a recent article on the subject.

So, it's a money-maker for cash-strapped states and gaming companies but not so good for one segment of Americans - gambling addicts.

As of this month, 38 states allow some form of sports gambling, and six more are debating the issue. The need for more revenue for these states is an appealing option to politicians.

Apparently, to my surprise, state revenues from so-called "sin taxes" have flatlined after adjusting for inflation. People are smoking and drinking less, reducing revenue from cigarette and alcohol taxes. Even lottery revenue has flattened out after growing for decades, according to the experts.

As it Stands, sports betting is a gamble to save states (it too will flatline someday) at the expense of vulnerable Americans.



This post first appeared on AS IT STANDS, please read the originial post: here

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March Madness and Sports Betting is a Bad Combination for Gambling Addicts

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