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Losing Big: America's Reckless Bet on Sports Gambling

Book by Jonathan D. Cohen · 10 quotes · Addiction, Gambler, Gambling Addict

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Losing Big: America's Reckless Bet on Sports Gambling Quotes

“Using his unemployment checks, he placed at least 151 bets totaling $14,000 over the course of February, losing $2,300. He kept going, gambling multiple times a day almost every day for nearly six months, resulting in a net loss of $7,250. With his mental health deteriorating and a void in his bank account where all the money he gambled should have been, he decided that something needed to change. He moved back in with his parents, outside of Wichita, Kansas. His career, his finances, and his life had been thrown off track. Gambling, he said, “tore me apart.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Between May 2018 and August 2024, Americans gambled $308 billion through legal sportsbooks, including $121 billion in 2023, more than they spent that year on video games, movie tickets, music streaming services, books, and concert tickets combined.”

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“Calls to gambling hotlines have increased dramatically since states legalized sports betting. For the first time, many of these callers are young people. The director of a problem gambling resource center on Long Island notes that teenagers and twenty-somethings have become the “number one demographic” for gambling hotlines.”

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“A study from Australia finds that each problem gambler financially or psychologically affects five others—for example through requests for money—so even a modest increase in the percentage of people with a gambling disorder will impact millions of people.”

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“Conversations with current and former gamblers offer a portrait of the standard trajectory of a bettor whose life becomes uprooted by gambling. The story begins with a young male sports fan enticed by a sign-up promotion in a sportsbook advertisement. He probably wins his first bet—as Kyle did—which provides a huge rush of dopamine and an overconfidence that will be almost impossible to shake. Eventually he loses and starts to chase his losses, which over 50 percent of all bettors and over 60 percent of young bettors admit they have done. While chasing, he loses more than he intended. Maybe he stops betting, or maybe he keeps chasing for a few hours or a few days. When the clouds clear, he might be a few hundred or thousand dollars poorer, but he has learned firsthand the dangers of careless betting. Others will have stories more like Kyle’s. They will fall farther down the rabbit hole for longer periods in ways that damage their financial security and mental health. Still others will develop full-blown addictions that will be with them permanently, their lives fully derailed by gambling. If they are lucky, their losses will only be financial.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Modern sports betting is so dangerous specifically because it is available online. Sports betting today bears little resemblance to the smoke-filled sportsbooks tucked inside Las Vegas casinos. Players can bet on almost everything, from how the Jacksonville Jaguars will do next season (probably poorly) to the speed of the next pitch or which team will score the next basket. Online sports betting offers almost no friction, providing little to encourage players to slow down and take stock of their play. Instead, the apps present an endless stream of action at the touch of a button. “I don’t think I would’ve ever gotten into it if I couldn’t do it online,” Kyle noted, recalling how carefully he has bet each of the handful of times he has been to a casino. He compared these trips to his all-night betting sessions chasing losses with four-figure bets on minor-league British darts. The online accessibility was “everything.”

SportsAddictionGamblingGamblerGambling AddictGambling AddictionSports BettingLegalized Sports BettingOnline Sports BettingSports Gambling
Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Sports betting today bears little resemblance to the smoke-filled sportsbooks tucked inside Las Vegas casinos. Players can bet on almost everything, from how the Jacksonville Jaguars will do next season (probably poorly) to the speed of the next pitch or which team will score the next basket. Online sports betting offers almost no friction, providing little to encourage players to slow down and take stock of their play. Instead, the apps present an endless stream of action at the touch of a button.”

SportsAddictionGamblingGamblerGambling AddictGambling AddictionSports BettingLegalized Sports BettingOnline Sports BettingSports Gambling
Book:Losing Big: America's Reckless Bet on Sports Gambling
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