Gambling addiction is soaring: The SAFE Bet Act can stop it getting worse |
Gambling addiction is soaring: The SAFE Bet Act can stop it getting worse
For sports lovers, the month of April is as exciting as it gets. Over a span of 30 days, fans will celebrate the NCAA college basketball championship, The Masters, home openers of Major League Baseball, and the start of the NHL Stanley Cup Playoffs.
The anticipation of these games and come-from-behind triumphs will put millions on the edge of their seats. But for those who place bets on these events, many of them — especially young men — will put their financial and mental health at risk.
Sports betting has exploded since the Supreme Court opened the door for states to legalize it in 2018. Once restricted to Nevada-based casino sportsbooks, betting apps now allow millions of users to place wagers on just about any form of competition.
There is no federal age requirement for legal sports betting — it’s entirely up to the states. In places like Kentucky, kids as young as 18 can use their phones to place a bet as easily as they can order an Uber ride. Today, more than 20 percent of all Americans — and nearly half of all men between the ages of 18-49 — have at least one online betting account. The American Psychiatric Association estimates that more than a quarter of Americans gamble online every day.
Before 2018, legal bets on sports totaled less than $5 billion. In just six years, it skyrocketed to $150 billion and sparked a 33 percent spike in gambling addiction.
Online sports betting is a growing public health problem. Gambling addiction can cause depression, mood and anxiety disorders. It can promote feelings of low........