gambling

Love online sports betting? Here’s what you need to know – CNN

Summary

And never has there been an easier time to bet on them, just by pulling out your phone. While it’s meant as a form of entertainment, ease of access, combined with Americans’ obsession with sports, make online sports betting a fast growing, yet potentially risky activity.

Today, online sports betting is both legal and operational statewide in 16 states and the District of Columbia. Another five states, which have already legalized it, are likely to come online soon, according to Dustin Gouker, …….

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And never has there been an easier time to bet on them, just by pulling out your phone. While it’s meant as a form of entertainment, ease of access, combined with Americans’ obsession with sports, make online sports betting a fast growing, yet potentially risky activity.

Today, online sports betting is both legal and operational statewide in 16 states and the District of Columbia. Another five states, which have already legalized it, are likely to come online soon, according to Dustin Gouker, an analyst with PlayUSA Network, which provides news and analysis on online gaming.

The amount of money being wagered is high and rising. In just the first eight months of this year, $28.7 billion in sports bets were made, with the vast majority of that coming from online wagers. By comparison, the total for all of 2020 came to $21.6 billion, Gouker said.

And given that September is one of the biggest months for online sports betting, he said he wouldn’t be surprised if the total amount wagered this year comes close to double that of 2020.

Here comes the ad blitz

If you live in or near a state where online sports betting is allowed or soon will be, expect to be bombarded with television ads and other marketing.

Money spent on advertising — especially by the three biggest purveyors of online sports betting (FanDuel, DraftKings and BetMGM) — likely accounts for over 25% of the industry’s gross revenue, according to independent research firm Eilers & Krejcik Gaming.

If you count their efforts to both acquire new customers and retain current ones, that share goes higher. “The typical US online sportsbook spends more than half of its revenue acquiring and retaining customers,” said Chris Grove, a principal at the firm.

Being oversaturated with ads can become a risk for anyone who currently has a gambling problem, is a gambler in recovery or is a young adult who likely has never been educated about the risks of excessive gambling, said Keith Whyte, executive director of the National Council on Problem Gambling.

Signs your online betting may be getting out of hand

While people with a severe gambling problem are estimated to be just 1% of the US population, another 2% to 3% are considered to have mild to moderate gambling problems, according to NCPG.

It’s unclear whether the growing prevalence of online sports betting across states will eventually increase those estimates, which have been around for more than a decade. But NCPG has seen an uptick in people reporting problematic gambling behaviors between 2018, when legalized sports betting in states began to take off, and 2021.

NCPG further notes that research shows people — especially young men — who bet on sports and who pay to play daily fantasy sports are at least twice as likely as other gamblers to report problematic behaviors.

And the risk of developing a gambling problem is associated with high-frequency in-game betting, increased advertising and …….

Source: https://www.cnn.com/2021/09/29/success/online-sports-betting-gambling-problem-feseries/index.html