March Madness: America’s sports gambling boom is a worry

livemint.com:

Like many Americans, I love March Madness. I still consider the night of 22 March 1990, when my local college team won one of the greatest victories in NCAA basketball tournament history, one of the most exciting moments of my life. Of course, a strong emotional attachment to a particular team isn’t the only reason why people love March Madness: The money they have on the line adds an extra thrill.

Part of the annual tradition is the office bracket pool—in the age of remote work, it’s one of the few things that brings colleagues together. Now, that gambling has taken a dark turn. Since the US Supreme Court’s 2018 decision ending the prohibition on sports gambling in most states, March Madness betting has become easier and more accessible.

As a result, more people are betting not against their co-workers, but through online gambling sites. In fact, per capita wagers on the NCAA tournament are expected to be larger than the Super Bowl this year. Add it all up, and the outcome is clear: Americans have an unhealthy relationship with risk.

My libertarian impulses are too strong to oppose the legalization of sports gambling. But I am not sure it should be quite so easy to do, either. This gambling boom has been made possible by technology—specifically, the apps on our phones.

Not to mention the betting parlours in many professional sports arenas. Now even many universities themselves are promoting gambling on their campuses. The amount of money Americans spend gambling has exploded in recent years.

Much of it is sports gambling, as casino revenues have not grown nearly as much. Mobile apps and websites account for a large share of the boom; 30 states now allow sports betting on mobile sites. It is a $320 billion business.