This is going to be a pivot but it’s something that has been on my mind lately. The proliferation and normalization of online sports betting could be the downfall of a generation. The National Council on Problem Gambling (NCPG) showing that 60% to 80% of High Schoolers have gambled for money at least once in the past year. That’s a high number and especially for kids whose brains are still growing and have an inclination for riskier behavior. The warning bells are ringing but is anybody listening?
I started thinking about this when I noticed that I cannot look at anything on television or online without getting an ad for some sports betting app. Then I noticed they all had promotions to give you 50-300 dollars after your first $5 bet. If they can afford all these ads and to give away that kind of money to try and hook you in then they must be raking in billions easily. No company in the USA gives money away unless they know for a fact they will get double in return. It’s all analytics and number crunching with them. Then I thought how can you possibly win on these apps when they no doubt have super computers calculating out all kinds of scenarios that make sure the betting line only benefits them. It’s only through a freak chance that you could possibly win. Let’s say though you’re a statistics or math savant and can accurately beat their odds in some cases. It’s well documented then that they will limit or outright ban you from the app because they want to limit their risk. https://www.espn.com/sports-betting/story/_/id/41231266/espn-sports-betting-news-sportsbooks-defend-practice-limiting-sharp-customers
Even when you win, you lose. That has not stopped people from using it though much like playing the lottery. We know the odds are stacked against us, but what if. What if we do win, what if we get enough to pay of debts, or put a down payment on a house. Let’s face it in the USA the economy is in shambles and people are struggling. In times of struggle we reach for those long shots because sometimes it’s our last line of hope.
As for high schoolers gambling, of course it’s illegal but so is under age smoking and drinking but before it became illegal that never stopped either of those industries from advertising to them. They all understand that if you can hook them when they are young and don’t know better you are likely to have a customer for life. If you think the barrage of advertising everywhere, on every podcast, YouTube video, website and sporting event isn’t to entice teenagers who live their lives glued to their phone then you are delusional. They sign up all the sports stars they can, both past and present, and try to normalize the entire thing showing you how it enhances the game you are watching. They highlight how easy it is, and how it bonds you with your friends. It’s fun and exciting! However the real truth is that A study by Southern Methodist University involving 700,000 sports bettors found that only about 5% of people withdrew more money from the apps than they deposited. 95% of their user base is giving money to these companies. Money they worked hard for all so they can get that endorphin rush of maybe winning. While there are not statistics on it yet, you can expect to see more marriages being destroyed too by sports gambling. It starts innocently, but then can spiral into addiction quickly because of how easy it us to put more money in hoping to dig yourself out of the hole you are put yourself into. 10-20 years from now, hopefully sooner, we will see advertising for these applications scaled back just as we do with tobacco and alcohol today. This is our latest disease, it’s not being talked about widely yet but it will. It’s only a matter of time.