"A recent report from the New York Federal Reserve found that sports betting is linked to plummeting credit in the more than 30 U.S. states where the activity is legal, as well as in neighboring counties where it was not."
"Credit delinquency rates, primarily driven by missed payments on credit cards and auto loans, rose about 0.3% overall in states where sports betting is legal, despite legal sports bettors making up only 3% of the population."
"Since the pandemic, the Federal Reserve study found bettors more than doubled their quarterly spending, going from under $500 in December 2019, to in excess of $1,000 by June 2021."
"The American Gaming Association projected that Americans will legally wager $3.3 billion on this year's tournaments, a more than 50% increase over the past three years."
Online sports betting has surged in popularity, particularly during events like March Madness, with Americans expected to wager billions. A report from the New York Federal Reserve indicates that this boom correlates with rising credit delinquency rates, especially among the 3% of the population who engage in sports betting. Credit delinquencies increased by over 10% for these gamblers. The industry has expanded significantly since a 2018 Supreme Court decision, with mobile betting apps contributing to increased accessibility and spending.
Read at www.npr.org
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