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Make sports betting taboo again
Turn on any ESPN or Fox Sports show and you’ll hear anchors discussing spreads, Vegas odds, and laying points. The rise in sports gambling is a boost for states’ tax revenues — but it’s a disaster for the often low-income young men losing their money.
Up to half of all sports betting today is not a “pick the winner” wager, but rather a labyrinth of parlays and random props that take low entry costs — like the options contracts — and yield disproportionate payouts when they hit. Even prior to the bill being passed into law, DraftKings and FanDuel issued a warning to the government, essentially promising to rig the spreads even further for Illinois residents, hiking their vigs and offering less appealing odds. A recent study out of University of California, Los Angeles, found that “young men in low-income counties” are experiencing the most financial distress due to the legalization of online sports betting: this translates to lower credit scores, more bankruptcies and more auto loan delinquencies for those already most at risk.
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