Online sports betting is big. How big is it? Americans bet a staggering $120 billion on sports alone in 2023, and the majority of those bets were made online.
The Economic Club of Traverse City will invite experts to speak about the explosive growth of online sports betting in the years since it was first legalized in 2018. Dr. John Holden, Oklahoma State University professor and sports betting researcher, will be speaking. Club on April 19th at the Hagerty Center.
His talk is part of the club's regular lecture series and is open to the public. Advance registration is required.
“This is an opportunity to shine a light on the subject and learn more about the pitfalls and positives of that industry,” says Andy Dolan, the club's program chair. Ticker. “This is a great topic to talk to and educate the public about.”
The legalization and subsequent rapid growth of online sports betting has several documented benefits, Holden says. ticker, which means a large amount of tax revenue that could be put to good use each year. Since the Supreme Court struck down a law effectively banning the practice in 2018, nearly 40 states have legalized it. It started in Michigan in early 2021.
But more gambling could also mean more gambling addictions, and Holden's talk will explore how states can “balance the competing interests of preserving individual autonomy while protecting social welfare.” will be partially focused.
“Personally, I'm completely agnostic when it comes to gambling, but if something like this is happening and it's happening frequently, I'd like it to happen with protections in place. That’s my opinion,” he says. “Maybe we should do it in the safest way possible.”
The concern is that access to sports betting will become much easier. For example, the ability to bet anytime and anywhere via a phone app without having to drive to a casino can further increase gambling problems. Although the situation is too new for hard data to support this idea, Holden says there are some red flags.
“From a long-term data perspective,[five years]is a pretty short period of time to draw a lot of conclusions,” Holden says. “Anecdotally we've heard that problem gambling centers, especially hotlines, are overwhelmed. They're inundated with people calling.”
Paula Lipinski is the CEO of Addiction Treatment Services (ATS) in Traverse City. ATS has over 90 employees serving people throughout northern Michigan suffering from various types of addiction and substance abuse issues. She says requests for help with gambling addiction have increased significantly in recent years.
“We are being asked to serve more people specifically with gambling addiction. We are also seeing more people currently receiving treatment for substance use disorders turning their attention to gambling, especially online gambling. You can also see how it's turned, because of how easy it is,” she says.
Lipinski said the ATS recently banned all forms of online gambling in recovery facilities and other facilities because of this issue.
“People start to wean themselves off their drugs of choice, like alcohol and opioids, and before they know it, they're spending all their money gambling,” she says.
Of course, many people can gamble responsibly without any problems, and Holden's talk will explore how online options are changing the industry as a whole and will likely continue to change it. You can also touch on that. He also explains what changes he sees coming from a regulatory and promotional perspective.
“I think probably the most immediate challenge right now is advertising restraint: how much advertising, how often, when and where it airs,” he says. “I think we'll see some meaningful steps taken within the next five years to crack down on that.”
The Economic Club of Traverse City was founded in 1979 and has more than 200 members from the Grand Traverse area. Visit our website for more information.
