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Losing Big: America's Reckless Bet on Sports Gambling

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Jonathan D. Cohen

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“Executives and spokespeople constantly argue that offshore, illegal sportsbooks do not have to comply with any regulations or pay any taxes. But legal sportsbooks should be held to a higher standard than illegal operators.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Sportsbooks are doing much more than siphoning money that would have already been spent on betting. They are inculcating sports betting among people who never would have bet otherwise, creating new generations of gamblers.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Sportsbooks’ current business model relies on a small percentage of bettors losing a lot of money, and their bottom line would be in grave danger if these RG [Responsible Gaming] tools were in wider use. Not surprisingly, most of these tools are entirely optional, and available data indicates extremely low uptake rates. In its home state of Massachusetts, DraftKings reported 0.1 percent of players set a time limit for app use, 0.13 percent set a spending limit, 1.4 percent had used a “cool-off” period, and a whopping 2.3 percent had set a deposit limit. As former problem gambler and longtime marketing professional Jamie Salsburg explained, the messaging around RG is “broken” and is not designed in such a way to effectively reach the people who most need to use RG tools. The messaging is not the only thing that is broken. Optional tools rely on a moment of clarity from someone who might already be chasing their losses. These tools are, fundamentally, the wrong way to protect players.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“At the 2024 MIT Sloan Sports Analytics Conference, Kristie Savage, head of data science at Fanatics Betting and Gaming, gave a presentation entitled “Predicting Problem Gambling Among Sports Bettors.” Savage explained how Fanatics creates player risk profiles using two measures, one of risky behavior and another based on the trend of that behavior if it is becoming more or less risky. Within a week of someone gambling on their app, Savage boasted, Fanatics can identify about half of all high-risk players. The presentation confirms what the Public Health Advocacy Institute and others have long suspected: Sportsbooks have massive amounts of data on players. If they wanted to, companies could use that data to stop unsafe practices before they develop. They are actively choosing not to deploy these predictive models, which would catch people like Kyle before they get into trouble.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Some sportsbooks are notorious for delaying customer withdrawals. An uncharitable interpretation is that companies intentionally keep as much money in players’ accounts as long as they can in the hopes that players will get the urge to gamble. Withdrawals should be as frictionless as possible, with severe penalties for unnecessarily prolonged withdrawals. Deposits, meanwhile, should entail much more friction. Some advocates have called for a ban on credit card deposits (already in place in seven states), though evidence from the United Kingdom suggests that this measure does not help problem or at-risk gamblers. More promising would be a limit on the number of deposits a bettor can make within each twenty-four-hour period. Rather than rely on players to set a time or deposit limit, sportsbooks should use their data on players to identify when they are chasing their losses and should block them from accessing or funding their account for a certain amount of time.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“No one is watching Malaysian women’s doubles badminton at four in the morning hoping to make every moment more by placing a little money on the match, though it is perfectly legal to do so in some states. If someone is gambling on such an obscure sport, they are seeking action wherever they can find it. They would bet on a coin flip if they could and Kyle describes his late-night betting on minor league British darts as effectively doing this. States make rules as to which sports to include in their betting catalogs and what types of outcomes are acceptable to bet on. These lists should be shortened. Obscure sports account for fractions of sportsbooks’ revenue but cause massive amounts of harm for the small subset of people using them to feed their addictions. If anything, certain bets could effectively become trapdoors to snag problem bettors: Place a bet on an obscure sport in the middle of the night on a Tuesday after a day of heavy losses? Congratulations, you’ve won an automatic limit on app access, bet size, and deposits.”

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