Episode
How Sports Betting Hit the Mainstream in America
34:25
Published: Fri Feb 10 2023
Description
This weekend, one of the most watched sporting events of the year, the Super Bowl, will draw an estimated $16 billion in bets from Americans, more than double last year’s total.The booming trade is a sign of how gambling has gone from illegal to legal very quickly in many states — and hints at the enormous risks posed by the change.Guest: Kenneth P. Vogel, an investigative correspondent for The New York Times.Background reading: Cigars, booze, money: A lobbying blitz helped to make sports betting ubiquitous.Government oversight of gambling in the United States offers scant consumer protections and looks to the industry to police itself, The Times found.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Chapters
In the US, betting on sports has risen to an unprecedented $16 billion, but this exponential growth may carry unexpected risks.
00:00 - 01:20 (01:20)
Summary
In the US, betting on sports has risen to an unprecedented $16 billion, but this exponential growth may carry unexpected risks. The New York Times' Sabrina Tavernisi interviews Ken Vogel on the dangers of the current gambling situation in the country and how it's now possible to legally gamble on sports within almost all of America's states.
EpisodeHow Sports Betting Hit the Mainstream in America
PodcastThe Daily
Betting on major sports such as baseball and football was mostly illegal under federal law, however, fantasy sports and sports betting are now becoming increasingly popular, creating a surge of coverage and advertising.
01:20 - 08:52 (07:31)
Summary
Betting on major sports such as baseball and football was mostly illegal under federal law, however, fantasy sports and sports betting are now becoming increasingly popular, creating a surge of coverage and advertising. The legal grey area in the industry has allowed for the growth of these disruptive tech companies.
EpisodeHow Sports Betting Hit the Mainstream in America
PodcastThe Daily
The podcast discusses the history and legal battle behind the rise of daily fantasy sports, including the efforts to convince lawmakers that it is not gambling.
08:52 - 16:28 (07:36)
Summary
The podcast discusses the history and legal battle behind the rise of daily fantasy sports, including the efforts to convince lawmakers that it is not gambling. The episode also touches on how the legalization of sports betting could revolutionize fan engagement during games.
EpisodeHow Sports Betting Hit the Mainstream in America
PodcastThe Daily
Sports gambling lobbyists are pushing lawmakers to legalize sports betting by presenting the argument that it already happens illegally and citing questionable data that suggests $400 billion is bet illegally on sports each year.
16:28 - 21:34 (05:06)
Summary
Sports gambling lobbyists are pushing lawmakers to legalize sports betting by presenting the argument that it already happens illegally and citing questionable data that suggests $400 billion is bet illegally on sports each year.
EpisodeHow Sports Betting Hit the Mainstream in America
PodcastThe Daily
New York's sports betting tax rate is set at 50% -- the highest in the country -- but this didn't scare away gambling companies, and instead inspired other states to consider higher tax rates as well.
21:34 - 25:46 (04:11)
Summary
New York's sports betting tax rate is set at 50% -- the highest in the country -- but this didn't scare away gambling companies, and instead inspired other states to consider higher tax rates as well. While some argue that these tax rates are too high for the industry to maintain profitability, others see it as a necessary trade-off for the state to benefit from the revenue.
EpisodeHow Sports Betting Hit the Mainstream in America
PodcastThe Daily
Legal sports betting in the US is recent and information suggests that sports betting is leading to an increase in problem gambling concerns, which could be intensified by adding iGaming, leading to additional challenges for regulators and public health apparatus.
25:46 - 32:37 (06:50)
Summary
Legal sports betting in the US is recent and information suggests that sports betting is leading to an increase in problem gambling concerns, which could be intensified by adding iGaming, leading to additional challenges for regulators and public health apparatus.
EpisodeHow Sports Betting Hit the Mainstream in America
PodcastThe Daily
The death toll from the earthquake in Turkey and Syria has surpassed 20,000 people, with Turkish officials saying that it has surpassed the toll from the country's massive 1999 earthquake.
32:37 - 34:17 (01:40)
Summary
The death toll from the earthquake in Turkey and Syria has surpassed 20,000 people, with Turkish officials saying that it has surpassed the toll from the country's massive 1999 earthquake. Across the border in northwest Syria, millions of people have been displaced by a decade of civil war, and power outages are creating fuel shortages in hospitals and snowfall has hampered rescue efforts.