Former Democratic presidential candidate Andrew Yang wrote in an op-ed this week that sports betting increases harms such as financial hardship and domestic violence. The ex-New York City mayoral candidate called for the U.S. to rethink regulation of online sports wagering.
Writing for Newsweek, Yang noted that he bets on sports himself after being “enticed” by a promotional offer for new customers. However, he wished he didn’t and he wants to see regulation and expansion of sports wagering reconsidered, for various reasons.
“I would love to see the regulation on this issue rethought,” wrote Yang. “… The facts are clear. Online sports betting is the equivalent of a new tax on Americans that preys upon vulnerable, low-income men in particular. It increases financial stresses and emotional problems. It’s not what your citizens need.”
Ultimately, he advised any states that may be considering legalizing online sports betting to consider the consequences carefully.
“Betting on sports online is a perfect storm for men in that it combines things we enjoy at a visceral level: sports, money, speed, risk, and thinking that we know something that others don’t. It’s social, and it makes spending time on sports seem like a job that will pay you money. But what makes it such a powerful intoxicant also gives it the ability to ruin your financial life, your relationships, and your mental health.”
Yang warns of risks of domestic violence, financial ruin
In particular, Yang cited researchers who found that online sports betting increases the risk of domestic violence.
“This is hard to say out loud but anyone who has bet on sports can see the connection,” wrote Yang. “When you lose money on a bet, it puts you a terrible mood. It stresses you out. If you go home to a partner, it could be your partner that suffers. Researchers estimate that legalized sports betting leads to a nine percent increase in domestic violence.”
While Yang did not specifically reference which study reported this information, he appears to be citing a September paper produced out of the University of Oregon.
The founder of the Forward Party added that addiction has been connected to feelings of anxiety and depression, and can transform the feeling of disappointment at an adverse sporting result into “calamity.”
Yang acknowledged that he is fortunate enough that any betting losses he incurs do not threaten his financial security or quality of life, but he stressed that is not the case for many bettors. One study, he wrote, showed that for every $1 spent on betting, households put $2 less into investment accounts. He also suggested that economists have found that legalizing sports betting increased the risk of a household going bankrupt by 25 to 30%, with the risk highest among young men living in low-income counties.
Again, Yang referenced several pieces of research but did not specify which studies he was referencing or provide any links.
A vocal critic of sports betting, but not anti-gambling
Yang’s is a familiar voice warning of the supposed dangers of sports betting. Just last week, he called online sports betting a “tax” on Americans.
“Guys, I gamble on sports on one of the apps,” he wrote in a reply to his own tweet. “It’s a time suck and totally changes your viewing experience — and not for the better. It’s incredibly easy to imagine people betting money that they can ill afford.”
Yang is not a staunch anti-gambling politician, it’s worth noting. While running for president in 2019, he advocated for expanding online poker to bring it under regulatory oversight in all 50 states.
In 2021, while he was running for mayor of New York City, he voiced his support for opening a new casino in the Big Apple despite the “many downsides,” citing the potential tax and tourism revenue.
