Ante Depressant

Longtime readers of this newsletter will note that I’ve been worried that increasingly easy access to online betting (and the constant marketing messages suggesting you lay a bet) will have a detrimental impact on society, especially young men. Here’s some early data: “In states with legal gambling of any kind, average credit scores drop by 0.3% after four years. However, in states where online betting is available, average credit scores drop by 1%. Among states with access to online betting, the likelihood of filing for bankruptcy increases by 25-30% after three to four years. Collections on unpaid debts increase by about 8% in states with online betting. Young men in low-income counties experience higher financial distress, with higher rates of bankruptcy, more usage of consolidation and unsecured loans, and more credit card delinquencies.” Sounds like a bad bet. Online sports betting hurts consumers.