Americans will lose about $250 billion gambling this year, reports Joey Politano, a number that's up 60% in half a decade. And that doesn't include "prediction markets" and cryptocurrencies, both mostly vehicles for more gambling. Politicians are well-greased by the industry lobbyists, personal debt is soaring out of sight, and there's no immediate prospect of anyone taking control.
"Betting is so unregulated & growing so fast in the US that it's creating a growing population of problem gamblers," he writes.
The industry regularly produces addicts who bet to their own detriment, losing large chunks of their income and still convincing themselves to bet more. These are people who gamble a rent payment, credit card bill, or student loan and lose — just to come back next month and gamble more. Research by New York Fed economists Jacob Goss and Daniel Mangrum, looking at millions of credit reports, showed that debt delinquency rates increased as states legalized sports gambling, especially for men and people under 40.
The manipulation involved puts it beyond easy takes about personal responsibility and freedom. The Wall Street Journal reported last week that Polymarket marketed fake winning bets by influencers. Kalshi and Polymarket are "muscling into journalism," encouraging broadcasters and newsrooms to use their gambling data in coverage.
As prediction markets seem to become increasingly integrated into media ecosystems, journalism may soon be facing a new challenge: reporting on reality without becoming part of the market that prices it. "This prompts a number of questions for media outlets and journalism to be aware of, especially the potential impact on individual journalists reporting on stories linked to ongoing and new prediction market offers," said Mills.
You can bet on anything, and the house always wins.
