Over the last few short years, it seems like not just gambling apps and ads have popped up everywhere, but that every thing can suddenly now be bet on. Even the weather, election outcomes, news events:
Sounds like a problem, doesn't it?
Our guest today, journalist Dustin Gouker, points out that gambling and betting have been around since time immemorial. People have and will continue to find ways to bet on anything. Dustin has spent years studying and writing about the issue, covering the rise of daily fantasy sports, legalized sports betting, and prediction markets.
But, it's the access that has become far easier, and is thus making gambling more prevalent.
It's a fine line between something that's done for fun and entertainment versus becoming a genuine problem and addiction. We go and spend $20 at the movies, or $50 to go to a sports event, purely to be entertained and enjoy ourself. So why is it any different watching that game at home, and spending $50 placing bets on various outcomes? You might even win some money! That's not going to happen when you pull out your wallet at Yankee Stadium!
Ok, but clearly that $50 can turn into something far, far more.
So today we're talking about the impact of sports betting and gambling opportunities these days, how to recognize warning signs, and in particular how seniors need to be aware of warning signs and gray areas that can hook you in, without you realizing it.
Resources from today's episode:
1-800-MY-RESET by the National Council on Problem Gambling.
There's also 1-800-GAMBLER, run by state organizations that deal with problem gambling.
https://www.linkedin.com/in/dustin-gouker-876857b5/
https://closingline.substack.com/
https://nexteventhorizon.substack.com/
Chapters:
00:00 - Gambling as one of humanity’s oldest behaviors
00:57 - Fossil shells, a dinner bet, and the origin of the episode idea
08:11 - How many Americans use sports betting apps
11:29 - Why almost everyone loses in the long run
16:40 - Setting a unit and sticking to a gambling budget
20:40 - How betting apps are set up and funded
22:43 - Regulated operators versus offshore gambling sites
24:15 - State-by-state rules and why Florida is a special case
27:13 - What prediction markets are and how they work
33:39 - Is prediction trading investing or gambling?
35:13 - The biggest trap of having a casino in your pocket
41:10 - The future of gambling, gamification, and financialization
44:10 - What to do if you or a family member has a gambling problem
Visit weareoldpodcast.com to learn more about Ken and the show!