Letters to the Editor: Rein in sports betting before the costs to society become astronomical
To the editor: The key passage in your article on sports gambling addiction is this: “[David Leong’s] father paid his bookie $10,000 to settle his account, and Leong declared bankruptcy, absolving himself of $90,000 he owed to various credit card companies.”
A 2022 review in the scientific journal Addiction reported that one in 400 adults in the U.S. has sought help for a gambling problem, but the actual prevalence of gambling addiction is much higher since the vast majority with a problem don’t get help. The Milken Institute has estimated that for every dollar a typical sports bettor wagers, they lose 7.7 cents.
Using Milken’s estimate and the American Gaming Assn.’s finding that legal U.S. sports betting hit $7.5 billion in 2022, the losses for that year alone would be $577.5 million. The association estimates that the U.S. betting market will be worth more than $40 billion by 2030.
The data are there for legislators to rein in online betting immediately before it incurs astronomical costs to society.
People who use credit responsibly should not bear the costs of bankruptcies filed by gambling addicts. The costs should be borne by the betting sites and the gamblers. A solution could be requiring sites to have cash-on-hand accounts for each bettor, thus eliminating the use of credit cards.
Michael N. Antonoplis, Sherman Oaks
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To the editor: Activities such as gambling and prostitution have been around forever. Since we cannot ignore the obvious, regulating them with reasonable laws is the only answer.
As with alcohol, prohibition doesn’t work. Appropriate government oversight and taxation do.
I don’t believe my government should be in the business of gambling or prostitution. The government-sponsored lottery is a very bad example for our citizens, particularly children.
Making money at all costs (sponsored gambling) is not a government activity that serves my best interest.
Edward Gilbert, Studio City
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To the editor: In today’s economic reality for the American masses — with the side hustle being a way of life for many and a bachelor’s degree just a very expensive ticket to the middle class — many young people apparently aspire to lucrative careers as social media influencers.
Given this, I have to wonder how many 25- to 34-year-olds view sports betting as a possible supplemental income source.
This is us in the year 2024 — Mr. Potter’s America, not George Bailey’s.
Greg Melton, Kansas City, Mo.
