August 26, 2024
WBUR recently interviewed Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing the financial hurdles associated with online sports betting in Massachusetts.
A recent working paper by Commonwealth Beacon found that people who gamble typically spend over $1,000 each year putting money into an account such as DraftKings. Additionally, when gamblers put money in these accounts, they found that their savings decreased by twice as much.
“I think the states are being shortsighted and they’re going to miss a long-term financial hit,” Zagorsky adds.
States legalizing sports gambling could lead to social and financial complications, particularly affecting individuals’ ability to save for medical care and retirement.
