""The gambling is really the one that has in the last year, year and a half, really taken off," Ed Boltz, a bankruptcy attorney in North Carolina, said. "We've started to see people with $20,000, $30,000, $40,000 of fairly rapid credit card debt that they've incurred.""
""The debt builds incredibly fast because people aren't gambling with cash; they're gambling with borrowed money," Van Horn said, adding that balances can go from zero to $25,000 in a matter of months."
A surge in online sports betting is pushing many young gamblers, particularly men in their 20s and 30s, into bankruptcy. Consumer bankruptcy attorneys report clients accumulating tens of thousands in credit card debt due to gambling. The trend follows a Supreme Court ruling that legalized sports betting at the state level, making it more accessible. Many young Americans, already facing financial strain, are turning to high-risk speculative assets. Surveys indicate a significant portion of Gen Z and millennials are engaging in sports betting, often using borrowed money, leading to rapid debt accumulation.
Read at www.businessinsider.com
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