Stop Predatory Gambling

Gambling addiction does not just affect the individual. It destroys families. Lisa D’Alessandro’s story is a heartbreaking example of how sports betting companies like DraftKings exploit their highest spenders, pushing them deeper into financial ruin. Her husband lost nearly $1M, wiping out their savings and leaving her to pick up the pieces. VIP programs are designed to encourage reckless spending, not responsible gaming. The industry thrives while families suffer. It is time for stricter regulations and corporate accountability. https://lnkd.in/dY7CRgcM

A groundbreaking study from UC San Diego confirms what many have feared. Legalized online gambling leads to irresponsible betting behavior, especially among low-income individuals. Of the 700,000 gamblers studied, 96% lost money. Some were spending more than 10% of their income on gambling. The gambling industry is built on losses, and it disproportionately harms those who can least afford it. While states may see increased tax revenue, the long term financial and social costs are severe. It is time for policymakers to take a hard look at the consequences of expanding gambling. https://lnkd.in/g8Rk_AYW

A recent audit has uncovered that US military members spent over $500,000 in government travel funds on gambling, nightclubs, and online gaming. This is not only a misuse of taxpayer dollars but also a sign of how deeply gambling addiction has permeated our institutions. While the vast majority of military members use these travel cards responsibly, the fact that so much money is being lost to gambling highlights a growing problem. The gambling industry profits off addiction, and without stronger regulations, these issues will only worsen. https://lnkd.in/e6DWB8tK

ESPN’s new “responsible gambling” campaign is just another example of why self regulation does not work. Industries that profit from addiction are not incentivized to meaningfully address the harm they cause. Instead, they focus on personal responsibility, shifting blame away from their own exploitative practices. History has shown this approach fails. Whether with alcohol, tobacco, or opioids. It will fail with gambling too. https://lnkd.in/eTzpjVYE

Pennsylvania’s latest online gambling report reveals troubling trends. Online gambling participation has risen to 20% of adults, with revenues surpassing $2.1 billion. At the same time, nearly half of all problem gambling hotline calls now mention online gambling. This pattern is clear. As online gambling expands, addiction follows. https://lnkd.in/eGvjNn66

The dangers of legalized sports betting are once again making headlines. Miami Heat guard Terry Rozier is under federal investigation after suspicious wagers were placed on him in a 2023 game. This is just the latest example of how sports gambling threatens the integrity of professional athletics. Leagues, regulators, and policymakers must act before the damage is irreversible. https://lnkd.in/eDi3KK7j

The financial industry is trying to disguise gambling as prediction markets to lend it legitimacy. They claim these markets “nailed” the presidential election, but if gamblers were truly great at predicting the future, why do most of them lose money? At the end of the day, election betting is just another gambling scheme. And with gambling comes debt, addiction, and financial harm; issues we have already seen spiral out of control with legalized sports betting. The attempt to paint gambling as “prediction” does not change its consequences. We need stronger regulation to prevent another financial disaster fueled by gambling addiction. https://lnkd.in/ecUar2p4

Bally’s is inviting women and minority investors to back its Chicago casino project, promising a piece of a billion-dollar industry. But the fine print tells a different story; if the casino never opens or folds, investors lose everything. This is not economic empowerment. It is a high-risk gamble disguised as an opportunity. Instead of relying on industries that often do more harm than good, we should be focusing on sustainable investments that truly benefit underrepresented communities. The casino industry does not build wealth, it extracts it. https://lnkd.in/eHhkWYkM

Virginia is experiencing a surge in gambling addiction as casinos and online platforms become more accessible. The younger population is particularly vulnerable, with gambling addiction leading to significant financial, emotional, and social harm. State legislators are taking a bipartisan stand, pushing for increased funding to combat problem gambling while the Virginia Gaming Commission is still in development. This is a critical step toward addressing the harmful impacts of expanded gambling access, but there is more work to be done. Virginia must prioritize preventative measures and support services to protect its communities. Problem gambling is a public health issue, and we cannot afford to ignore it. https://lnkd.in/eGqhquQ4

Episode #9: Vice Monopolists FanDuel and DraftKings with Les Bernal and Dr. Kavita Fischer. How and why did America embrace gambling? And what were the regulatory changes that put a slot machine in three hundred million pockets? https://lnkd.in/em_ygaDy