Troubling Sports Gambling Trends Among Young People
By Alan Moreland, LMFT, International Certified Gambling Counselor, Life Balance Counseling Peoria
We see slot machines everywhere now. The landscape of legal gambling now allows legal betting in over 40 states. Today, sports betting companies are omnipresent throughout televised sporting events. In 2024 alone, several hundred billion dollars were gambled by Americans, and the revenue by gambling companies was $14 billion. That is larger than the entire motion picture industry in the United States. It is important to note that the vast majority of that revenue comes from only 3% of gamblers, what we used to commonly call the degenerate gambler, or the compulsive gambler, or gambling addict. And yet the profile has shifted dramatically.
Today, it is young people who are progressively getting in trouble with sports gambling. Ask almost every young man in America, and he will have a sports betting app on his phone; this is progressively a part of the social fabric of our society. The dark side of this is that the frustrations and sadness of young people are being played upon, as they increasingly believe they will never be able to afford a wife, family, or a house with a white picket fence. So they are willing to risk it all for the chance to live out these dreams, and many are gambling away theirs and their families' life savings. Often, the bets being made are called "single game parlay bets" which are multi-contingent bets. In the state of Illinois last year, a shocking 60% of all bets were single-game parlay bets. These single-game parlay bets are priced this way, because it is exciting, addictive, and the odds of someone hitting is very low.
In this younger generation, the social costs of sports betting are mounting. In every single state where it's been legalized, we have seen an increase in bankruptcy, particularly in young men. We have seen a rise in domestic violence, largely when men lose and they take it out on their wives or children. Tens of millions of people are borderline addicted to gambling, and hundreds of millions are making bets regularly in America. How does one identify this? The signs are often lying or concealing the extent of one's gambling involvement. Thinking or talking about gambling all the time. Chasing losses, which is returning to gamble to try and win back money previously lost. Gambling to escape from negative emotions like distress, guilt, worry, or anxiety. And as the problem progresses, one will experience loss of control over when they gamble or how much money they gamble or repeated unsuccessful efforts to control, cut back, or stop gambling. Jeopardizing or losing significant relationships, jobs, or educational opportunities due to gambling. Inevitably, a compulsive gambler will rely on others to provide money to relieve gambling-related debt or a bailout. If you or someone you know fits this description, they need help. Life Balance Counseling Peoria has several therapists specifically trained in the treatment of problematic gambling.
Contact Alan Moreland of Life Balance Counseling Peoria to schedule a free phone consultation at 309-676-0538.