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In 38 states and the District of Columbia, sports betting through establishments such as casinos and online is legal.The intention is to provide a fun moment for players as they try to guess general situations such as which team will win a certain game, which team will make it to the Super Bowl, or how many touchdown passes the Denver Broncos quarterback will throw during his rookie season.
The problem is that For many bettors it is actually a season of considerable losses which can significantly destabilize your finances and lead you to regret.
And this is according to research carried out at the University of Southern California, cited by the media Business Insider, Sports betting is damaging the financial health of millions of Americans.
To reach this conclusion they realized that there was a relationship between the legalization of the Sports Betting and the 1 Percent Decrease in Credit Score in the 30 states they analyzed.
But not only that, they also noticed that Two years after gambling became legal, residents’ chances of going bankrupt increased by 28 percent. This is after analyzing the records of around 7,000,000 American adults.
The problem is that these types of games are attracting more and more people. The total amount wagered on sports in the United States is estimated to have increased to US$14 billion by January 2024. Additionally, a survey of 1,523 adults conducted by Seton Hall University found that 37 percent of people had placed a bet on a sporting event.
The risk is that many fall into addiction. A Siena College survey of more than 3,000 Americans found that 15 percent of respondents knew someone who had a gambling problem and because of it had been struggling to meet their financial obligations.
Unfortunately, Americans with lower income levels tend to be the hardest hit.
Although, not everything is negative. States that legalized these games have seen their tax revenues increase.In addition, jobs have been created and many have earned quite a bit of money.
Americans stop investing for gambling
Beyond that Thousands of people face financial problems when spending part of their money on sports betting, A study by Northwestern University, along with the University of Kansas and Brigham Young University, found that they also keep them away from valuable investments.
The report found that For every dollar a person bets on sports, they reduce their investment in financial instruments, such as stock purchases, by an average of US$2. They discovered this trend when they noticed that about three years after sports betting was legalized, net investments fell by 14 percent.
In addition, a tendency has been detected in many homes to increasing credit card balances and debts due to sports betting.
If you know someone, or you yourself are facing problems with sports betting, you can resort to the tools that the platforms themselves provide to their users, for example, to restrict the deposits and time you spend on this activity. You can also seek outside help
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