No matter what sport you enjoy, if you watch the games, you have seen ads for sportsbooks and betting. This book is a great look at the state of this industry and the health crisis (in the author's words) that has arisen from the ease of betting.
Title/Author:
“Losing Big: America’s Reckless Bet on Sports Gambling” by Jonathan D. Cohen
Rating:
5 of 5 stars (excellent)
Review:
When the Supreme Court legalized sports gambling in 2018, it opened a floodgate of ways and sportsbooks for gamblers to bet on sports. As of this review, 38 states have legalized sports betting – this book by Jonathan D. Cohen is a great insight into what this onslaught of betting has done for sports, for the sportsbook industry and also to those who became addicted to gambling.
For the latter, the most heartbreaking story is that of “Kyle”, whom Cohen frequently refers to when describing the way that offers made to gamblers will hook them into more betting. Cohen goes as far to describe this as a public health crisis (he notes this is especially the case for young men) and provides Kyle’s story and that of others who suffered losses as cautionary tales. The stories of upping bets to try to get back to even money or even regain self-esteem.
Cohen also writes about attempts to regulate gambling industry at both the state and federal levels, much of which has either been defeated or has been weak attempts to address this. The notices on ads for “responsible gambling” is one of these attempts to help gamblers with addiction is one that Cohen describes in great detail and also explains why it is not working as desired.
Cohen’s account of how Colorado’s bill that allowed sports gambling eventually made it into law is also very interesting – tying the revenue that would be realized into a more sustainable water supply to the state was an excellent piece of writing and research. This was the best example shown into the theory that states saw sports betting as a means of obtaining much revenue without increasing taxes.
The last subject that this review will touch in which Cohen provided the reader with an excellent description is the sportsbook industry and its mechanisms. Focusing primarily on the two biggest sportsbooks, DraftKings and FanDuel, Cohen will take the reader inside their industry and the means in which that while they claim to be helpful to the gambler in avoiding addiction, the opposite occurs when there are the promises of big payouts on parlays, offers of free bets for a win or even a loss for a first-time bettor (much to the chagrin of states, since free bets are not subject to collections by the states) and other ways that the industry keeps their steady customers.
This book is mostly factual and eye-opening, but there is even a little bit of humor at the expense of the New York Jets (I am figuring the author is a long-suffering Jest fan). It is a quick read and one that should be widely circulated to let all know about the current state of sports betting and the risks as well as the benefits.
I wish to thank Columbia Global Reports for providing a copy of the book. The opinions expressed in this review are strictly my own.
