October 9, 2026 - Trends

Sports Betting Sparks Public Health Debate

Calculating risk.

Group of people watching sports at a bar

Former US Surgeon General Jerome Adams warns sports betting is the new opioid crisis.

Dicey. Once limited to Nevada, sports betting spread nationally after a 2018 Supreme Court ruling. Fueled by gambling apps, legal wagering (excluding prediction markets) grew from $6.6B in ’18 to ~$165B last year, with states’ betting tax revenue up 382% since ’21.

Fed data suggests under-40s men are taking the biggest credit hit, and Betterment reports 52% of Gen Z investors redirected money into sports betting, with many calling it part of their long-term strategy.

Hedging bets. Cautioning the public health impact, Adams notes gambling addictions raise suicide risk. Taking a moral stance, the Mormon Church condemned the trend, and ethical athlete-investor Wemby is firmly out. Meanwhile, Raiders #1 pick Fernando Mendoza is partnering with U.S. Bank on a fiscal responsibility series for young fans.

Chips in, Kevin Durant is a FanDuel ambassador, Giannis Antetokounmpo has a stake in Kalshi, and LeBron James struck a deal with Polymarket. Another Kalshi investor, Kyle Kuzma argued prediction markets aren’t gambling, but the NFL says they are and wants regulation.

Looking ahead: Courts will decide whether prediction markets are swaps or bets, but the legal label doesn’t change the impact of losses.

Jasmina Breen

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