Online gambling's impact on consumers' financial well-being

Ever since the Supreme Court's 2018 decision to allow states to legalize sports betting, online gambling has exploded — and with it, concerns about the impact on consumers.

Andrew Brandt, executive director of the Moorad Center of Sports Law and Business, says, "It's hard to believe any of these states, including the Supreme Court, would not foresee some problematic gambling out of this."

According to the American Gaming Association , sports betting is currently legal in 38 states and the District of Columbia. Two more states are considering legalizing it.

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A recent study by the University of California San Diego finds the legalization of online gambling enhances state revenues, but it also leads to more irresponsible betting, especially by lower-income consumers.

Of the 700,000 gamblers studied, 96% lost money in gambling.

Another study by California researchers found in states with online gambling, the likelihood of filing for bankruptcy increases by up to 30% after three to four years.

Experts are urging states to consider the consequences to consumers when legalizing online gambling.

Help is available for anyone with a gambling problem at 1-800-GAMBLER.

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