High Stakes, Low Standards: America's Gambling Gamble
Episode overview: sports betting, addiction, and reckless rollout
On this episode of The Gist, Mike Pesca interviews Jonathan D. Cohen, author of Losing Big: America's Reckless Bet on Sports Gambling, about how the U.S. legalized sports betting quickly and with few guardrails. The conversation explores harms, regulatory mistakes, industry marketing tactics, and cultural tradeoffs around wagering, online sportsbooks, and in-play betting.
Why the rollout matters for public health and finances
Cohen argues the rapid expansion of mobile sports wagering prioritized revenue over safety. States rushed to capture offshore dollars without adequate consumer protections, oversight, or minimum federal standards. The result: an environment where live, in-play bets and algorithmically tailored ads accelerate risky behavior and financial harm, especially among younger users.
Advertising and normalization of mobile wagering
Advertising is a major theme. Cohen and Pesca discuss how heavy marketing — sponsorships, in-game promos, celebrity endorsements, and jersey patches — normalized betting as part of the sports experience. This normalization changed how younger fans learn about wagering, making it a routine part of watching games rather than a discrete vice.
Comparisons, international lessons, and natural experiments
The episode contrasts U.S. practices with other countries that regulate or are now rolling back aggressive betting ads. Cohen points to natural experiments — states that restrict online sportsbooks versus those that permit phone-based betting — showing early indicators of increased bankruptcies, delinquencies, and financial stress where mobile betting is allowed.
Policy fixes and practical safeguards
Cohen recommends federal minimum standards, responsibility-focused state commissions (not revenue-first mandates), stricter advertising limits, and operator accountability similar to dram-shop laws. He also calls for better data collection on problem gambling, limits on rapid live bets, and investment in treatment and prevention programs.
In short: the episode balances the entertainment value of small-stake wagers with the demonstrated societal costs of a poorly regulated mobile betting ecosystem. It argues for a measured, safety-first approach to wagering, drawing on public health, legal, and international perspectives to propose practical reforms.
