Gambling and Lotto
“Divorce, loss of productivity, bankruptcy, and crime are only a few of the many consequences that can occur.” Gamblinghelp.org
On this bombshell, The Supreme Court, in 2018, allowed states to legalize sports gambling. Online sports gambling surged during the pandemic because no one had anything productive to do. According to a major research firm, by 2027, predict the online gambling market will be worth 127 billion dollars. The major casinos are changing the casino floor to make gambling more appealing to millennials. They prefer a more video game like experience, called iGaming, than the old-fashioned slot machines. Casinos are scrambling to cater to the new customers.
If you are spending $1.00 per week on your state lottery, I am not worried about you. However, know what is happening in your surrounding culture. Gambling is almost never a good idea.
This is the start of my Gambling and Lotto chapter in my book, Get WalletWise. Gambling as entertainment may have its merits. However, today I received a letter in my mail today from the " Florida Education Champions" and it reminds me of the similar "story" Florida voters were told prior to 1986 regarding the Florida Lottery. Change the Florida Constitution to allow legal sports betting and REQUIRE Tallahassee (Florida Legislature) to use the funding for education. I see the letter has the endorsement of Draft Kings and FanDuel, the nation's largest sports betting platform. I suspect they are doing this solely for charity. In fact, they donated $10 million each to the political action committee (PAC) Florida Education Champions. I suspect these companies are looking for a return on their investment and in reality couldn't care less about Florida education. Adding Florida to their list of approved states would have the potential to add hundreds of millions of dollars to their bottom line.
Another twist to this story is that Florida Governor Ron DeSantis made a pact or "compact" with the Seminole Indians giving them the rights to sports gambling.
My concern is that an additional opportunity for Floridians to gamble will hurt strapped Florida families, possibly negatively affecting the same families the Florida Education Champions wish to assist with additional dollars used for education.
Please re read the Gamblinghelp.org quote above. Gambling is a risky business.