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Losing Big: America's Reckless Bet on Sports Gambling

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Jonathan D. Cohen

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“Too many young people and some not-so-young people are getting caught up in gambling without understanding how easy it is to get carried away or to become addicted. Some of these people likely would have run into trouble gambling anyway—a curious fact about American problem gambling is that rates have generally remained consistent for decades, even as states have expanded the menu of legal betting options. But many people like Kyle, only started betting because it was legal and, more importantly, because it was available on their cell phone.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“The question is not how to totally denormalize sports betting such that putting $5 on the Cubs becomes socially or legally unacceptable. The question is how to normalize safe betting practices and, more importantly, to put a system in place that prevents unsafe practices from developing in the first place.”

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Book:Losing Big: America's Reckless Bet on Sports Gambling
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“The classification of gambling as an addictive activity means that at some point, problem gamblers are not choosing to gamble. The road to addiction is smoothed for them by sportsbooks. The design of the app interfaces, the nonstop stream of betting options, the relentless advertising, and the auspiciously timed bonus offers all serve to keep people like Kyle engaged, maximizing their “customer lifetime value,” the industry’s holy grail metric dating back to the days of DFS. If sportsbooks have smoothed bettors’ paths to heavy losses and gambling disorder, then states have smoothed sportsbooks’ paths to products that let them do so.”

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