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Gambling addiction up 110% as people less likely to invest in stock

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Published  September 13, 2024 10:01pm EDT
Gambling
FOX 13 News

More people betting money instead of investing it

Since sports betting was legalized in Florida, research shows net investments in stocks are down and gambling addiction has jumped.

TAMPA, Fla. - Gamblers are dumping stocks to bet on sports. A new study by the Social Science Research Network found that for every dollar spent on the recreational activity, net investments in stocks dropped by $2, and betters were investing 14% less in stocks after these apps became legal.

"It used to be that you'd bet on a game and bet, you know, who's going to win. Now it's like, who's going to score the next touchdown? Who's going to score the next goal? Who's going to be the next interception?" said Forrest Arthur with Resurgence Tampa Bay. "I mean, there's a limitless number of bets they're doing just for one particular game. And of course, what's the point behind that? More bets, more money goes from the people to the business."

He said the trend speaks to a larger problem that’s costing some their savings.  

RELATED: Increase in sports betting can lead to decrease in investments, study suggests

"Well, when you are able to gamble on your cellphone any time you want to, 24 hours a day, seven days a week, that is very much like an alcoholic trying to successfully abstain from alcohol while walking around all day with a flask of alcohol in their back pocket," Arthur said. "That is not going to be a recipe for success." 

Since online sports betting was legalized in Florida late last year, gambling addiction hotlines have seen a huge increase in calls. 

"Overall, we saw 110% increase in online gambling contacts just this past fiscal year," said Jennifer Kruse with the Florida Council on Compulsive Gambling. "Just since the start of this NFL season, which we're going on two weeks, we have never been busier."

"It's a fun activity. It's no different than if you take a set amount of money and go to the movies and that's your recreational activity for the week," Kruse said. "So as long as it's not causing problems in your life, it can be something that can be enjoyed recreationally as it's intended to be."

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