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The surge in sports betting across the United States is starting to ripple through consumers’ credit health and bolster delinquencies, economists at the Federal Reserve Bank of New York caution.
Americans legally bet nearly $167 billion on sports last year, generating a record $16.96 billion in revenue for the industry, according to the American Gaming Association.
Now that sports betting is everywhere—even on smartphones—New York Fed economists said in a March 25 paper that the practice is impacting consumer credit outcomes.
This is especially true of the states that have legalized mobile sports betting.
“Following the legalization of sports betting in a state, credit delinquencies increase, driven by those under 40 years old,” researchers wrote….
Americans legally bet nearly $167 billion on sports last year, generating a record $16.96 billion in revenue for the industry, according to the American Gaming Association.
Now that sports betting is everywhere—even on smartphones—New York Fed economists said in a March 25 paper that the practice is impacting consumer credit outcomes.
This is especially true of the states that have legalized mobile sports betting.
“Following the legalization of sports betting in a state, credit delinquencies increase, driven by those under 40 years old,” researchers wrote….
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