Sports betting has an undeniable grip on the sports industry. ESPN reported that sports betting generated over $10.92 billion in 2023 alone. Currently, 38 states and Washington, D.C. have legalized sports betting, including Florida, which legalized it in November 2023.
However, sports betting isn’t the only industry that has seen a boost. The entire American gambling industry has grown over the years, with 2023 bringing in over $65.52 billion.
While activities like sports betting continue to be more popular and profitable, the industry’s known problems have many debating whether it should be banned entirely from the United States. NBC News revealed, in an early April report, the rising problems sports betting is causing young men and women.
According to Keith Whyte, executive director of the National Council on Problem Gambling’s, gambling-related issues have increased since 2018 in the United States.
“We have every reason to believe the growth of online sports betting is a major contributing factor to the increase in gambling problems,” said Whyte.
Popular online sports betting apps like FanDuel and DraftKings have seen an explosion in their user base. FanDuel has roughly 2.5 million monthly players, while DraftKings has around 3.5 million players. Thanks to these online platforms, sports betting has become increasingly easier to access, unfortunately drawing a younger crowd with its accessible user interfaces.
This ease of access makes it even easier for people to fall further into their gambling addictions. U.S. Senator Richard Blumenthal is one of many politicians fighting for stricter regulations on these sports betting companies, claiming that they are exploiting people by enabling their addictions.
“Every other form of addiction—drugs, alcohol, tobacco—involves federal funding. But none for gambling addiction, and that is wrong,” wrote Blumenthal. “That is why the measure I have proposed, the GRIT Act, would devote about half of the revenue from the federal excise tax on gambling. It’s a quarter of one percent, but it would produce millions of dollars for treatment, research, and other measures to help people who are addicted.”
While sports betting shows no signs of going away, increasing awareness of its problems is pushing these companies to ensure the safety of those who engage in these activities. That said, there is still room to grow.
