The Horrifying Truth of the Sports Betting Industry

On January 8, 2022, former New York Governor Andrew Cuomo signed off on a bill legalising online sports betting in the state of New York. Now, sports betting is the newest epidemic, and it's affecting everyone from children to adults.

With their bright colors and flashy graphics, sports betting apps are as attention-drawing as a casino, but available at your fingertips. You can find several ads for sports betting just by watching ESPN for five minutes. Some of the most influential figures in sports and entertainment, like Charles Barkley and Jamie Foxx, are featured in commercials promoting sports betting. At the end of every commercial, there is fine print that reads, “Please gamble responsibly.” Gambling legally with regulations can be a fun and exciting way to spice up your normal sports watching. Sadly, not everyone gambles responsibly and legally.

This is not news to the sportsbooks, as they know a large portion of their revenue comes from children and gambling addicts. Although gambling addicts only make up 1% of the population, they make up between 15-33% of the revenue made by casinos and sportsbooks. The government is also aware of this crisis around addiction, but the amount of cash coming in keeps them quiet. In its first year of being legalised, sports betting has made New York State a whopping $909 million.

In order to intensify and increase the spread of addiction, sportsbooks will offer you deals the first time you put money in. Some of the deals seem too good to be true, and in the long run, they are. Fanduel Sportsbook will give $150 in “bonus bets” to new users who deposit just $10. These enticing deals are making sportsbooks lose money short-term, but as usual, the house always wins.