Jonathan D. Cohen > Quotes

“Sports betting today bears little resemblance to the smoke-filled sportsbooks tucked inside Las Vegas casinos. Players can bet on almost everything, from how the Jacksonville Jaguars will do next season (probably poorly) to the speed of the next pitch or which team will score the next basket. Online sports betting offers almost no friction, providing little to encourage players to slow down and take stock of their play. Instead, the apps present an endless stream of action at the touch of a button.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“If any aspect of the sports gambling boom has inspired a backlash, it is not rising rates of problem gambling, industry lobbying, or the athletes banned for gambling. It is the advertising. Everyone hates ads, after all. But the sudden rise of sports betting ads seems to have inspired a special kind of rancor and regulatory pushback. Frustration with sports betting ads relates in no small part to their sheer quantity, with around 1.5 million television advertisements in 2023. In polls, 47 percent of Americans—and nearly 60 percent of sports fans—agreed that there were too many ads. Just 10 percent disagreed. As late-night television host Conan O’Brien tweeted, “I haven’t seen an online sports betting ad in almost 7 minutes. Am I dead?”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“67% of sports bettors said they watched more than usual when they had bet on an NFL game. While a quarter of all sports bettors said they watched more than usual when they had bet on an NFL game, watching a game that was a blowout, just 10 percent said they would do so if they had money on the line. This was music to the league’s ears. As a former DraftKings employee observes, gambling is “scratching the itch of people who are competitive . . . or somebody that just wants a reason to watch a Thursday night Titans/Texas game.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Gambling companies had promised sports betting as a tax revenue bonanza and by converting players from the illegal market, a product that would do little to reshape the total amount spent on gambling. “We’re starting to see policymakers start to really push back on all of the false promises that they were once sold,” Brianne Doura-Schawohl explained.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“The operators have so much data on every customer, PHAI alleges, they could identify problematic play as it develops. But they choose not to.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Tobacco companies have long insisted that smoking is a choice. They do so even as they have adjusted their cigarettes to ensure just the right balance between ammonia and nicotine to keep smokers chemically hooked.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“He was addicted to the dopamine high that came with the feeling of a bet hanging on the outcome of a game, having a stake in something he could not control. “Since I started gambling, I could turn every day—no matter how much work/school/ stress I had into the most exciting day of the year,” he later wrote in his journal. He would bet in the shower. He would bet while driving. Betting became his reason to wake up in the morning. He would place a wager before he fell asleep and wake up eagerly to check the result. Regardless of the outcome, he would place another bet, his action the only thing that could motivate him to get out of bed and start the day.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Seven states have legalized iGaming — online casino games like slot machines and blackjack. From personal experience, these games are terrifying in how addictive they are. They offer much better margins than sports betting, so major gambling companies will leverage their sportsbooks to dominate this market, just as they leveraged DFS to dominate sports betting. While sports betting can be tweaked to be made safer, iGaming needs to be stopped in its tracks until it can be proven that the games are designed with player safety in mind. And even these games are just the beginning, as young people are caught up in a range of online gambling-adjacent activities, from stock trading and cryptocurrency to video-game skin gambling and loot boxes.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Polls indicate that between 20 and 40 percent of American adults have bet on sports, many doing so legally for the first time in the last seven years.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“By far the top factor that led Fanatics to label a customer as high-risk was deposit frequency. (The second largest was the percentage of bets placed on days of the week other than Saturday.)”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“A study from Australia finds that each problem gambler financially or psychologically affects five others—for example through requests for money—so even a modest increase in the percentage of people with a gambling disorder will impact millions of people.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“The two companies that dominate the American sports gambling market—FanDuel and DraftKings—came onto the scene in the mid-2010s as the purveyors of daily fantasy sports. Today, they control 75 percent of the American sports betting market, generating a combined $8.07 billion in revenue in 2023. Their political spending has made it almost as easy to find one of their lobbyists at a state house as it is to find one of their ads on TV. In many ways, they are more tech companies than sportsbooks, given their reliance on specialized software to generate constantly changing lines on every possible game and every possible outcome within those games. Like other tech companies, they know how to find their target demographic and how to keep them engaged. They keep players hooked with everything from carefully constructed app interfaces to VIP hosts, all with the goal of extracting as much money as possible from as many gamblers as possible.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Garnett and the sportsbooks justified the design of their bill by emphasizing the need to compete with the illegal sports betting market. By their telling, Colorado was a state overrun with bookies and offshore gambling websites, and the only defense against these nefarious forces was legal, regulated gambling. DraftKings’ Stanton Dodge estimated that sports betting was already taking place “on a massive scale,” and that 1.2 million Coloradans (one out of every five people) bet a total of $2.5 billion per year illegally, an enormous, un-fact-checkable figure of unknown origin. Proponents implied that so much gambling was happening anyway that HB1327 would not so much expand sports betting as siphon existing illegal players into a taxed marketplace. The black-market bogeyman both got legislators on board and rationalized the industry-friendly aspects of the bill.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Colorado had the misfortune of launching legal sports betting at the height of the COVID-19 pandemic, when all major professional sports leagues were shut down. Some people, like Garnett, were willing to place bets that would not be decided for months (the Broncos finished 5–11). Others wanted action right away, wherever on the globe they could find it. Among the most popular sports in those early months were South Korean baseball, Costa Rican soccer, and Russian ping-pong. In May and June, Coloradans bet $15.7 million—roughly a quarter of the total bet on all sports—on table tennis, which was exciting, fast paced, and played at all hours of the day. Even if many bettors were simply picking players at random, they were not going to miss the chance for convenient, legal betting.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“[New Jersey Democratic senator Bill Bradley] feared the spread of problem gambling, that legalized gambling would supplement rather than supplant illegal gambling, and most of all, the threat of the corruption of sports and of America’s youth. “When young people see the State involved in gambling on sports, can there be any doubt that they will think that that’s what sport is all about?”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“While sportsbooks contract with their fair share of athletes from active players like LeBron James to recent retirees like Rob Gronkowski to old-timers like Charles Barkley they select actors and comedians in an attempt to strike a broader appeal. It likely comes as no coincidence that Hart, Smoove, and Foxx and many of the former athletes are Black. African Americans are more likely to have a sports betting account, more likely to check their account at least daily, and twice as likely to say they typically bet more than $100.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Gradually his wagers got bigger, as he needed to gamble more money to have the same thrill that he had once gotten from just $5. And because he was betting digitally, the “money never felt real.” Scholars have documented that casino chips help dissociate gamblers from the size of their bets, encouraging them to act more liberally than they ever would with cash. Smartphones take this dissociation to a whole new level.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“The classification of gambling as an addictive activity means that at some point, problem gamblers are not choosing to gamble. The road to addiction is smoothed for them by sportsbooks. The design of the app interfaces, the nonstop stream of betting options, the relentless advertising, and the auspiciously timed bonus offers all serve to keep people like Kyle engaged, maximizing their “customer lifetime value,” the industry’s holy grail metric dating back to the days of DFS. If sportsbooks have smoothed bettors’ paths to heavy losses and gambling disorder, then states have smoothed sportsbooks’ paths to products that let them do so.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“If a business sells alcohol to someone who is clearly intoxicated, and that person commits personal or property damage, the business that sold them the booze can be held partly liable. These laws place the onus on suppliers to ensure their customers behave safely and to remove any incentive to overserve someone in pursuit of profit. Levant asks why sportsbooks should not be partly liable if they allow someone with an obvious gambling problem to continue betting and that person commits a financial crime to keep up their habit.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“The question is not how to totally denormalize sports betting such that putting $5 on the Cubs becomes socially or legally unacceptable. The question is how to normalize safe betting practices and, more importantly, to put a system in place that prevents unsafe practices from developing in the first place.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“On TV and online, companies have turned to celebrity spokespeople to help normalize sports gambling. On the surface, the selection of spokesmen and they are almost all men may seem unconventional: comedian and actor Kevin Hart for DraftKings, actor and singer Jamie Foxx for BetMGM, and actor and comedian J. B. Smoove for Caesars. After all, none have any post-secondary athletic credentials. The former DraftKings employee believes these spokesmen were chosen to make sports betting feel accessible to casual fans, rather than someone already obsessed with sports or gambling.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“The NFL justified its embrace of gambling with a new favor­ite Goodell phrase: “fan engagement.” “We’re going to find ways we can engage fans through legalized sports betting,” he declared in 2021. What Goodell meant was that betting offered a chance for people to raise the stakes for the games they already loved and to make being a football fan a more interactive experience. Gamblers had always taken a special interest in NFL games and now there were a lot more potential gamblers, casual and occasional viewers who could be converted into superfans if they thought they could win some money.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“In interviews, many current and former lawmakers and industry representatives acknowledged the flaws in Colorado’s initial sports betting system, which they attributed to the fact that Colorado was an early adopter and had few models to learn from. (It was the sixteenth state to launch sports betting after Murphy, and the ninth to launch full online gambling.) But there was nothing forcing the state to adopt so early other than a gambler-esque hope for a quick windfall. Colorado could have sat back and assessed the results from New Jersey and Delaware and designed regulations that addressed the issues faced in other states. With money—or water—in their eyes, it chose not to.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Andrew missed two mortgage payments and the bank called his father, whose name remained on the title. His parents confronted him and, seven years after he placed his first bet, he confessed that he had a gambling problem. It came as a complete surprise. His mother said it felt “like we were hit by a truck.” For his father, the confession immediately explained so much of Andrew’s behavior the previous few years: his shabby clothes and beat-up car that seemed out of place for a young attorney, his isolation, his use of the family credit card for innocuous purchases, his moodiness, his encyclopedic knowl- edge of seemingly every sport, his addiction to his phone, and so on.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“His gambling routine was blessedly interrupted in March 2020, when professional sports shut down amid the onset of the COVID-19 pandemic. But before too long, Korean baseball came back, followed by tennis. Because he was working from home, he could have sports on all the time. It was like an “NCAA Tournament every day, every week.” Not knowing any other bookies, Andrew turned to the two largest offshore, online sportsbooks: Bovada.lv and BetOnline.ag. Both offer a wide array of sports betting options, as well as casino games and poker. BetOnline consistently accepts credit cards, which only sometimes worked on Bovada. For the latter, Andrew would deposit money into cryptocurrency exchange Coinbase, purchase Bitcoin, and immediately deposit the Bitcoin into Bovada, where it was converted into cash he could use to gamble. On the offshore sportsbooks, Andrew resumed his normal betting routine. But once he started gambling with credit cards, he began racking up significant debt.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“The election still proved extremely close. At one point on election night, “Yes” led by just eighty votes. Sports bettors across the country stayed up to watch the results. Garnett was awake with them, tweeting at 10:30 p.m. “Just hang tight and enjoy the #sweat,” the term used by gamblers to describe anxiously watching the outcome of a bet. Ultimately, DD would prevail with 51.4 percent. “Yes” votes outnumbered “no” in just seventeen of Colorado’s sixty-four counties, but the campaign was able to run up the score in Denver and its surrounding suburbs. Despite the bipartisan nature of the original bill, the vote fell largely along the state’s established rural/urban, Republican/Democratic divide. In all but nine cases, a county’s vote for DD predicted which way it would swing in the following year’s presidential election, with pro-DD counties going for Joe Biden and anti-DD counties for Donald Trump. According to Brian Jackson, polling conducted after the vote by the Environmental Defense Fund revealed that, without the water tie-in, the proposition very likely would have failed.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“Records from his BetMGM accounts show that, over the sixty-two days from May 16 to July 16, he placed at least one bet all but eight days. Thanks to an early hot streak, he ended his betting binge down just $1,500, a somewhat meaningful sum given his lack of steady income, but like the year prior, the toll was not just financial. On some days he spent nearly all his waking hours gambling, multiple times equating his mindset to being high on psychedelic mushrooms where gambling becomes “your reality,” a reality totally detached from all other parts of life. The stress of that reality led him to take up smoking and to drink a lot more alcohol than he otherwise would have. For the first round of the tournament, he stayed awake for nearly forty consecutive hours researching potential picks, discussing upcoming matches, and then watching them unfold. His preferred way to bet was to identify a match he liked and watch the first game or two to see how the players were performing. BetMGM would have let him bet on every single serve if he had wanted to.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“By the time someone recognizes the need for a deposit limit, their dopamine pathways may already be rewired in a way that makes it difficult to slow their gambling -- and therefore makes them unwilling to opt into a program to do so.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“There have always been Americans driven to ruin by gambling. But never have so many been driven to ruin so easily, and never has government done so much to enable them to gamble.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling

“States were unprepared for the onslaught of lobbying that followed the Murphy decision and were caught flat-footed by an aggressive campaign to set up industry-friendly sports betting systems. Facing the promise of a new source of tax revenue, lawmakers largely went along with sportsbooks’ desires without considering the potential harm that could ensue from gambling arriving onto every cell phone in the state.”
― Jonathan D. Cohen, Losing Big: America's Reckless Bet on Sports Gambling