What was once relegated to only Las Vegas trips has now become a viral sensation, capturing the attention of young sports enthusiasts nationwide.
In 2018 the United States Supreme Court decided to leave the legalization of sports betting as a state-level issue revoking the Professional and Amateur Sports Protection Act, according to Josh Brewer, an adjunct professor at URI and specialist at DraftKings.
State legalization of sports betting has caused an influx in tax revenue, according to Brewer.
Since this is a recent development, sportsbooking companies and professional sports leagues have been heavily promoting online betting, making it a part of their watching experience and getting influencers to promote their product, according to Brewer.
“This just adds another layer of excitement and thrill,” Brewer said. “I think it keeps people entertained, because they have skin in the game.”
Aside from the thrill, influence from friends and family as well as clever ads often draw users, according to Brewer.
“I go to Yankees games fairly regularly, and there’s a ton of DraftKings ads at Yankee Stadium,” Brewer said. “[The ads] say if you make a deposit of $20 we are going to give you $50 in bonus bets. So now all of a sudden you’re like, ‘Oh, I have $70 that I can throw around on the DraftKings app or on the FanDuel app.’”
These ads for online sportsbooks hook viewers easily and quickly, according to Brewer. Sports leagues such as the MLB and the NFL are partnered with sports betting apps, promoting viewership for the games.
Some students at URI such as third-year economics major Eleazar Pierre have felt the negative effects of sports betting.
“I feel like [betting] tends to ruin the sport,” Pierre said. “[Betting] breeds these strong emotions because if I bet on you over a certain number of points, and the team doesn’t get that number of points, all of a sudden, how’s that supposed to make me feel?”
A lot of his money was wasted on betting, according to Pierre.
Other students on campus such as fourth-year public relations major Cole Forrest feel similarly to Pierre.
“I have a love-hate relationship [with betting], mostly hate,” Forrest said. “I have struggled significantly this year, I’ve lost a lot of money.”
Primarily betting on college basketball and the NFL, Forrest said that last week he bet on the Buffalo Bills to beat the Atlanta Falcons.
The odds for the game were heavily in the Bills favor; however, they lost by three points, according to Forrest.
“I’ll lose 20 bucks and then be like, ‘Oh, I can just place another bet and win it back,’” Forrest said. “Then you’re down even more, and then it’s just a constant struggle of trying to get back to even.”
One fourth-year supply chain management student bet on every game put on by the NHL one day and he ended up winning $500 by the end of it. However, he cautioned the over usage of betting, saying that his friend went into a lot of debt from it.
Smart financial decision making can be key to preventing overuse, according to Brewer. Working professionals shouldn’t dip into their 401(k) retirement accounts to place sports bets and students shouldn’t bet larger amounts than they can afford to lose.
“I would definitely say be careful,” Brewer said. “These apps can be very addictive if you’re not careful. Be careful and be smart about it.”
For gambling addiction help in Rhode Island, reach out to Rhode Island Problem Gambling Services at 401-499-2472.
