fun fact Americans are racking up credit card debt and selling stocks to sports bet since the Supreme Court overturned the federal law Banning sports betting in 2018 the online sports betting industry has exploded and studies are showing it's really bad for people's Financial Health researchers found people are contributing significantly less to their savings and investment accounts in order to sports bet and for every $1 people spend on sports betting it cost them $2.13 they would have put into their savings or investment accounts they also found bankruptcies are up credit card balances are higher autol loan delinquencies are up and debt consolidation loans are up now all of this comes at a time when everything is more expensive so the researchers made sure to control for that factor by cross referencing deposits and withdrawals from sports betting sites versus people's bank accounts the research also found that sports betting was disproportionately affecting lowincome Americans the states are happy though New York is taken in $2 billion in tax revenue from sports betting sites over the last 3 years