The recent expansion of legalized sports betting in 36 states has undeniably boosted the gambling industry’s revenues.
However, experts are increasingly concerned about the toll it is taking on the mental health of young men.
One significant factor contributing to this concern is the ease of access to online betting, especially through sportsbooks, which often entice new customers with credits and the promise of forgiving initial betting losses.
This marketing strategy has proved especially effective in capturing the attention of Generation Z.
A 2023 prevalence report on gambling in New Jersey conducted by Rutgers University reveals that a third of bettors aged 18 to 24 exclusively wager online, foregoing traditional casino or in-person facilities.
This statistic represents a staggering fivefold increase compared to a 2017 report and exceeds the online gambling rate among any other age group.
Lia Nower, the director of the Center for Gambling Studies at Rutgers University School of Social Work, highlights the hidden nature of this issue, explaining that individuals can gamble away their savings on their mobile phones without anyone knowing until the damage to their family is irreparable.
Moreover, Nower emphasizes that excessive gambling not only leads to financial problems but also contributes to mental health issues such as depression, anxiety, and even thoughts of suicide.
The prevalence report also identifies younger men, particularly those aged 18 to 44, as the most susceptible to becoming high-risk problem gamblers. Shockingly, 19% of those aged 18 to 24 fall into this high-risk category.
Another alarming observation is that players between 18 and 20 years old are more likely to chase their losses and exceed their budget when gambling, according to Responsiblegambling.org.
As the College Football Playoff games between the Universities of Alabama and Michigan in the Rose Bowl and the Universities of Texas and Washington in the Sugar Bowl approach on New Year’s Day, experts anticipate a record-breaking level of sports gambling activity.
Psychologist James Whelan, director of The Institute for Gambling Education and Research at the University of Memphis, underscores the addictive nature of gambling, comparing it to smoking, drugs, and alcohol.
He explains that gambling triggers a significant release of dopamine, often considered the primary neurotransmitter associated with addiction.
Pamela Brenner-Davis, team leader of the New York Council on Problem Gambling, points out that individuals under 25 are particularly susceptible to gambling addiction because their brains are not fully developed.
Overall, experts worry that the rapid expansion of legalized gambling may lead to an increase in mental health issues among bettors.
Unlike other forms of addiction, the signs of gambling addiction can be subtle, making it difficult to detect and address.
As a result, it is imperative to raise awareness and implement measures to safeguard the mental well-being of young men and all individuals impacted by the rise of sports betting.