When legal sports betting surges, so do Americans' financial problems
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The rise of legal sports betting in the US has led to an increase in financial problems for Americans, with credit delinquency rates rising by 0.3% overall in states where sports betting is legal. A recent report found that bettors who took up sports betting after their state legalized it saw credit delinquencies spike by more than 10%.
Online sports betting has become increasingly popular in the US, with Americans expected to wager billions of dollars on the March Madness basketball tournament. The sports betting boom has led to financial strain for bettors, with credit delinquency rates rising. A recent report from the New York Federal Reserve found that sports betting is linked to plummeting credit in over 30 US states where it is legal. Credit delinquencies spiked by more than 10% among gamblers who took up sports betting after their state legalized it. The ability to place bets on phones has made it more accessible, contributing to the growth of the industry. The American Gaming Association has started a responsible gaming awareness initiative, but the industry opposes federal regulation aimed at protecting consumers.
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