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“Young Americans are open to a range of speculative forms of investing, from the stock market to cryptocurrency to video game skins. Many in this generation have disposable income, but not so much that they see a realistic possibility of saving up to buy a home, start a business, or pay off their student loans. So they gamble instead, whether on March Madness or meme stocks, hoping to multiply their money many times over.”

Quote by Jonathan D. Cohen

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

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Jonathan D. Cohen

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“Young men across the globe have a documented appetite for risky behavior that might predispose them to gambling, especially for large stakes. In the United States, this appetite for risk is augmented by a relative decline in income for all but the top-earning men and by lower rates of enrollment in higher education compared to women. For many, gambling presents a seemingly rational alternative way to try and get rich. The sportsbooks know all this.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“The two companies that dominate the American sports gambling market—FanDuel and DraftKings—came onto the scene in the mid-2010s as the purveyors of daily fantasy sports. Today, they control 75 percent of the American sports betting market, generating a combined $8.07 billion in revenue in 2023. Their political spending has made it almost as easy to find one of their lobbyists at a state house as it is to find one of their ads on TV. In many ways, they are more tech companies than sportsbooks, given their reliance on specialized software to generate constantly changing lines on every possible game and every possible outcome within those games. Like other tech companies, they know how to find their target demographic and how to keep them engaged. They keep players hooked with everything from carefully constructed app interfaces to VIP hosts, all with the goal of extracting as much money as possible from as many gamblers as possible.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Much of sportsbooks’ behavior is obviously less about competing with the black market and instead about cultivating a new generation of gamblers. “Anybody under twenty-five they have their eye on,” one former FanDuel employee said of their old company. The vast majority of these bettors would likely never have bet illegally. But the companies know that young people are crucial for their bottom line, that bettors between the ages of twenty-five and thirty-five are “the guys that bring you all the money,” the former FanDueler told me.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“Fearful of competition, of demanding stockholders, and of public and private entities seeking greater cuts of their profits, sportsbooks allow people on their platforms to develop gambling problems. Then they let them keep betting until the money runs out.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“After the 2018 Supreme Court decision, sports betting launched in thirty-eight states in less than six years. In much of the country, this rapid pace was facilitated by the gambling industry, which not only lobbied for legalization but helped write the bills and the regulations governing its own behavior.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“In most states, sports betting was the first form of legal internet gambling. But lawmakers did little to prepare the populace. Gambling can be harmless, provided the right safeguards and treatment options are in place. They are not. Most lawmakers are either oblivious to the harms from sports betting or have chosen to turn a blind eye.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“The sports leagues and their gambling partners ... conspired with state governments to place what he calls a “landmine” in front of young people. Many of these young people will be able to avoid gambling or avoid incurring any harm from gambling. Many will not. Most do not realize how addictive it can be, how much attention, time, and money it can suck away. So they download the app onto their phone, eager to add some excitement to the games they love, not realizing this can be the start of a dangerous journey.”

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