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Cardozo Arts & Entertainment Law Journal

Abstract

In 2018, the U.S. Supreme Court's decision in Murphy v. NCAA struck down the Professional and Amateur Sports Protection Act (PASPA). Since 1992, this federal law had prohibited most states from allowing sports betting, with some limited exceptions. Following the landmark ruling in Murphy, 39 states and the District of Columbia have moved to permit variousforms of legalized sports betting. The industry is growing exponentially, reaching almost $150 billion in total legalized bets in 2024, and $14 billion in revenues.

Both states and professional sports leagues are profiting handsomely from this burgeoning new sector. Unfortunately, legalized sports gambling is not without negative consequences; studies show it can lead to addiction as well as financial and mental health distress. Betting on sports now has a similar feel to investing in the stock market, but provides instant gratification (or loss, as is more often the case). Utilizing data available from six years of legalized sports betting and numerous studies,2 this article shows that sports betting, especially for the targeted demographic (males 18-40), detracts from the capability to invest long term as well as save for retirement.

Since sports betting will continue to grow for the foreseeable future, this article provides insights on the sector, as well as potential guardrails and policies to address the associated detrimental impact.

Disciplines

Entertainment, Arts, and Sports Law | Law

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