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Losing Big: America's Reckless Bet on Sports Gambling
Inside America’s preventable sports-gambling debacle
In 2018, the United States Supreme Court opened the floodgates for states to legalize betting on sports. Eager for revenue, almost forty states have done so. The result is the explosive growth of an industry dominated by companies like FanDuel and DraftKings. One out of every five American adults gambled on sports in 2023, amounting to $121 billion, more than they spent on movies and video games combined.
The rise of online sports gambling—the immediacy of betting with your phone, the ability of the companies to target users, the dynamic pricing and offers based on how good or bad of a gambler you are—has produced a public health crisis marked by addiction and far too many people, particularly young men, gambling more than they can afford to lose. Under intense lobbying from the gaming industry, states have created a system built around profit for sportsbooks, not the well-being of players.
In Losing Big, historian Jonathan D. Cohen lays out the astonishing emergence of online sports gambling, from sportsbook executives drafting legislation to an addicted gambler confessing their $300,000 losses. Sports gambling is here to stay, and the stakes could not be higher. Losing Big explains how this brewing crisis came to be, and how it can be addressed before new generations get hooked.
“Losing Big demonstrates how legalized sports betting became a gigantic business, a ceaselessly annoying marketing presence, and a genuine danger to hundreds of thousands of people.” —Daniel Okrent, author and inventor of Rotisserie League Baseball
In 2018, the United States Supreme Court opened the floodgates for states to legalize betting on sports. Eager for revenue, almost forty states have done so. The result is the explosive growth of an industry dominated by companies like FanDuel and DraftKings. One out of every five American adults gambled on sports in 2023, amounting to $121 billion, more than they spent on movies and video games combined.
The rise of online sports gambling—the immediacy of betting with your phone, the ability of the companies to target users, the dynamic pricing and offers based on how good or bad of a gambler you are—has produced a public health crisis marked by addiction and far too many people, particularly young men, gambling more than they can afford to lose. Under intense lobbying from the gaming industry, states have created a system built around profit for sportsbooks, not the well-being of players.
In Losing Big, historian Jonathan D. Cohen lays out the astonishing emergence of online sports gambling, from sportsbook executives drafting legislation to an addicted gambler confessing their $300,000 losses. Sports gambling is here to stay, and the stakes could not be higher. Losing Big explains how this brewing crisis came to be, and how it can be addressed before new generations get hooked.
“Losing Big demonstrates how legalized sports betting became a gigantic business, a ceaselessly annoying marketing presence, and a genuine danger to hundreds of thousands of people.” —Daniel Okrent, author and inventor of Rotisserie League Baseball
185 pages, Kindle Edition
Published April 1, 2025
34 people are currently reading
612 people want to read
About the author
Jonathan D. Cohen
14 books11 followersProfessor of Philosophy at University of California, San Diego
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Displaying 1 - 30 of 33 reviews
May 27, 2025
I feel like a lot of these single-issue, "why is no one talking about this?" deep dives all kinda boil down to: the kids™ are not alright. In this instance, the kids are 18 to 35 year old young men - and particularly men of color - as if they didn't have enough going on.
At this point even someone like me who doesn't follow any sports is just one degree removed from someone who frequently bets on games. I have a coworker who I still mock for betting on FIFA streams during the height of COVID lockdowns because nothing else was playing, but it seems like his behavior is becoming more the norm than an outlier. This book does a good job laying the groundwork for how sports betting got legalized in 2018 and how individual states experimented with their rollouts (or lack thereof). But really the main focus that I'll take away from it was the detailed reasoning of why gambling addictions are unique from other substance-related addictions and how and why they need to be handled in their own way.
A specific interviewee the author established contact with while researching this book is highlighted throughout as an example of what a crippling gambling addiction looks like in this day and age for Gen Z men. Referred to only as "Kyle", the guy in question went through some shit and self-admittedly avoided the worst-case scenario because he had rich parents who wanted to support him once he came clean about his self-caused financial ruin. Though in a book that kept stressing how young men of color are uniquely at risk from this kind of gambling, I was curious why the book didn't follow any of their stories.
As far as nonfiction goes, this book felt a touch more colloquial than other entries in this Columbia Global Reports series that I've read (lots of people were catching strays, from the Denver Broncos, to the state of New Jersey in general, to professional wrestling), but not in a way that felt overly biased towards the author's perspective; it still read as a presentation of a contemporary phenomenon rather than a persuasive essay. And to its credit, this book does also spell out specific measures that could be followed to protect vulnerable gamblers without resorting to a kneejerk reactionary return to prohibition.
Maybe I'm just a cynic old bastard, but nothing here surprised or shocked me. I'm at the point where I learn something new and terrible is happening and my first reaction is, "sure, this may as well happen too."
At this point even someone like me who doesn't follow any sports is just one degree removed from someone who frequently bets on games. I have a coworker who I still mock for betting on FIFA streams during the height of COVID lockdowns because nothing else was playing, but it seems like his behavior is becoming more the norm than an outlier. This book does a good job laying the groundwork for how sports betting got legalized in 2018 and how individual states experimented with their rollouts (or lack thereof). But really the main focus that I'll take away from it was the detailed reasoning of why gambling addictions are unique from other substance-related addictions and how and why they need to be handled in their own way.
A specific interviewee the author established contact with while researching this book is highlighted throughout as an example of what a crippling gambling addiction looks like in this day and age for Gen Z men. Referred to only as "Kyle", the guy in question went through some shit and self-admittedly avoided the worst-case scenario because he had rich parents who wanted to support him once he came clean about his self-caused financial ruin. Though in a book that kept stressing how young men of color are uniquely at risk from this kind of gambling, I was curious why the book didn't follow any of their stories.
As far as nonfiction goes, this book felt a touch more colloquial than other entries in this Columbia Global Reports series that I've read (lots of people were catching strays, from the Denver Broncos, to the state of New Jersey in general, to professional wrestling), but not in a way that felt overly biased towards the author's perspective; it still read as a presentation of a contemporary phenomenon rather than a persuasive essay. And to its credit, this book does also spell out specific measures that could be followed to protect vulnerable gamblers without resorting to a kneejerk reactionary return to prohibition.
Maybe I'm just a cynic old bastard, but nothing here surprised or shocked me. I'm at the point where I learn something new and terrible is happening and my first reaction is, "sure, this may as well happen too."
December 3, 2024
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.
https://sportsbookguy.blogspot.com/20...
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.
https://sportsbookguy.blogspot.com/20...
December 29, 2025
Gambling is not my biggest concern 🙁 in life
I honestly think it’s a poor man tax
I don’t argue with people who do
Cause it puts me onto a level of discussion
To the gambler
Rationalizing things that I don’t think it need to be rationalized or a reality that I don’t think it needs to be a reality
As such it should be a good book
I have seen people struggle with this issue, so I appreciate the book in the detail
The reason why I picked up the book is to try and understand the struggle
Between being passionate and I couldn’t get the anecdotal or passive sentence to relate
Now, if we’re online shopping as gambling
🎰 then I didn’t interchange the relating of gambling to shopping
🛒
Your things have gone so cheap lately that you can pretty much buy anything you want
Except the house it’s not anything you want that’s really not excluding me from the housing market
It’s a housing market
Maybe back in the 80s that would’ve been the case but today in 2025. A TV is not gonna be a down payment for me.
I really want rationalize this book
To see my friend struggle
It’s just something I won’t understand
About is
I honestly think it’s a poor man tax
I don’t argue with people who do
Cause it puts me onto a level of discussion
To the gambler
Rationalizing things that I don’t think it need to be rationalized or a reality that I don’t think it needs to be a reality
As such it should be a good book
I have seen people struggle with this issue, so I appreciate the book in the detail
The reason why I picked up the book is to try and understand the struggle
Between being passionate and I couldn’t get the anecdotal or passive sentence to relate
Now, if we’re online shopping as gambling
🎰 then I didn’t interchange the relating of gambling to shopping
🛒
Your things have gone so cheap lately that you can pretty much buy anything you want
Except the house it’s not anything you want that’s really not excluding me from the housing market
It’s a housing market
Maybe back in the 80s that would’ve been the case but today in 2025. A TV is not gonna be a down payment for me.
I really want rationalize this book
To see my friend struggle
It’s just something I won’t understand
About is
July 12, 2025
The book was very interesting. It went over the history of how gambling became legalized and the Murphy ruling of the Supreme Court and how the NFL always wanted to stay away from it because they thought it would tarnish their sport and when you look at it now it really has tarnish their sport. It was interesting that the psychologist have classified the “gambling disorder”as the first behavioral non-substance abuse disorder. Also interesting was that a gambler doubling down on their bet could hope to win back their losses by using their addiction, unlike substance abuse, which taking one more drink will not stop your alcoholism, or care any of the problems that your alcoholism has caused. All the solutions presented to prevent gambling addiction, seem to just take away freedoms, one was they planned to collaborate with the credit bureau to identify anyone gambling beyond their means. They want everybody to be safe from problem gambling, and to be safe you must take away your freedoms share your personal information all in the name of safety. Too much government too much shared information to make that happen.
June 24, 2025
Insight into the ways sports betting is the new cigarette, and they’re being marketed eerily similarly
March 23, 2026
When state officials choose between cutting services or increasing revenue, they usually opt for the latter. Expanding legal gambling and taxing it seems the path of least resistance, especially since 2018 when the Supreme Court ruled that states could legalize sports betting.
It isn't popular to raise general taxes and fees. By contrast, there is less pushback from imposing a tax on a recreational activity. Those who never place legal sports bets don't pay the tax.
At least 38 states have legalized sports betting, and most permit gambling on cellphones. This rapid growth of the sports gambling industry has caused a crisis, contends Jonathan Cowen.
It had led to an epidemic of gambling disorder and financial disruption, especially for young men. "The primary cause of the crisis is a gambling system focused on generating profits for sportbooks instead of protecting the well-being of sports bettors."
Government has a responsibility to regulate industries to protect public health. The problem comes when the regulations are written or enforced by the industries they are supposed to control.
When states were eager to bring in new revenue, they hurriedly legalized sports betting. But they were influenced by the industry when the law was written. In some cases industry lobbyists literally wrote the laws.
Consequently, there was precious little consumer protection in statute. Legislators and governors felt they were doing their duty to protect the public by designating a tiny percentage of new tax revenue to treatment for gambling addiction. They turned a blind eye to the social harm addiction causes. What they did not do was to curb or prohibit practices that made gambling more addictive.
The basic facts:
▪︎ Sports gamblers have twice the rate of a gambling disorder as other bettors.
▪︎ Higher rates are found among those who bet online and among young men, who engage in more risky behavior than other age groups.
▪︎ Two thirds of students living on college campuses bet on sports.
▪︎ Men are twice as likely as women to have a sports betting account.
▪︎ African Americans and Latinos are more likely to bet than whites or Asian Americans.
▪︎ States with more sports bettin also have higher rates of bankruptcies, lower credit scores and more debt collection.
▪︎ "Problem gambling has a higher suicide rate than any other type of addiction."
"The sports books do not rely upon casual bettors for their profits," just as the alcohol industry does not rely upon light drinkers for theirs. Heavy and addictive users account for the bulk of profits, with five percent placing about 70 percent of all bets. In short, the industry relies upon problem gamblers to stay in business.
Accessibility influences behavior. It's true for alcohol and other drugs, and it's also true for gambling. Sports betting is more accessible than casinos and betting parlors because it's online. Gambling has never been so convenient and easy.
In addition, sport betting companies know how to keep their customers engaged. Algorithms are designed for that purpose, just as with social media. "They advertise everywhere, offer innumerable ways to bet, and provide generous promotions."
Companies have an extensive record of their customers' betting behavior. Consequently, sport books know which customers are engaged in addictive betting patterns.
With alcohol, the law prohibits retailers from serving an intoxicated customer (even if that law is rarely enforced). With sports betting, there are no regulations to require DraftKings or FanDuel to cut off customers caught in an all-night betting frenzy chasing losses. Doing so would reduce their profits, so customers can keep on betting until their money runs out.
The NFL contributed to the sports gambling ecosytem when the League did an about-face on legalized gambling. After decades of staunch opposition to gambling, the NFL realized there was big money on the table by embracing the newly legal activity. NFL support helped to bring sports gambling into the mainstream as an acceptable activity.
Sportbooks limit bettors who win consistently, but not those who lose consistently. In other words, what matters is the bottom line, not consumer protection.
Critics accuse the industry of "preying on the addicted through both the design of their products and their marketing." Gambling is a public health issue because large numbers of people are negatively affected. It is not sufficient to send individuals to treatment. Instead, the environment that encourages heavy gambling needs to be addressed.
There is no doubt that environment influences behavior. To curb drInking and driving, it was not sufficient to prosecute DUI offenders. Society also addressed the environment that was so conducive to drunkenness. Three-for-one and two-for-one "happy hours" were prohibited. So were drinking games. The drinking age was enforced via sting operations, and there were frequent sobriety checkpoints.
A public health approach with gambling would restrict how much individuals can wager. It would also curb addictive app interfaces and predatory marketing practices designed to keep bettors engaged for hours at a time. It could even ban TV ads as happened to cigarettes.
In Ontario, current or former professional athletes are banned from sportsbook commercials.
Australia limits sportsbook ads during live sporting events and bans the use of credit cards for online betting. All ads are either banned or severely restricted in Belgium, Netherlands, Italy, and Spain.
By contrast, the US has a free-for-all betting framework.
Industry lobbyists can be counted on to oppose reforms — just as the alcohol industry fought reducing the legal limit for DUI from 0.15 and 0.10 to 0.08 BAC.
As Big Tobacco did with cigarettes, the gambling industry insists that betting is a choice. This argument overlooks the fact that the "nonstop stream of betting options, the relentless advertising, and the auspiciously timed bonus offers" are designed to keep players betting as long as possible.
Addicted bettors, after all — not casual players —account for a greatly disproportionate share of profits. If the top five percent did bet responsibly, then sportsbook profits would nosedive. In other words, it is not in their financial interest for sportsbooks to curb betting by customers who are out of control.
Sportbook ads are required to contain a notice about a hotline for problem gamblers. But this reinforces the notion that betting responsibly is solely up to the individual. If a gambler is on the verge of bankruptcy, it's his fault because he didn't call the hotline.
When it comes to blame, state dramshop laws hold liquor licencees partly liable for damage caused by their customers who drive under the influence. Sportsbooks who allow customers with an obvious problem to continue betting have zero liability for the foreseeable financial devastation, even if the desperate bettor commits a crime to raise money for gambling.
A public health approach puts more focus on preventing harm instead of just trying to mitigate it after the fact. The gambling industry supports treating addicts, but is accused of giving lipservice to prevention.
"What was once an illicit vice at the margins of society is now at the heart of sports culture." Sports betting has been normalized, and is perceived as harmless.
The era of rapidly expanding legalized gambling is not over. IGaming is just around the corner as the prospect of more tax revenue lures states to legalize online casino gambling.
The status quo has been created by "profit-hungry companies and revenue-hungry lawmakers."
Cohen says it is time for a national reassessment about gambling and the best way to protect public health.
The answer is likely national regulation with the goal of reducing harm, not maximizing revenues. Government regulation can have "a significant impact on the intensity with which (former vices are) sold and consumed," writes Charles Lehman.
How many more bankruptcies, sports scandals and suicides will it take before Americans see the steep price for the big bet on sports betting? -30-
It isn't popular to raise general taxes and fees. By contrast, there is less pushback from imposing a tax on a recreational activity. Those who never place legal sports bets don't pay the tax.
At least 38 states have legalized sports betting, and most permit gambling on cellphones. This rapid growth of the sports gambling industry has caused a crisis, contends Jonathan Cowen.
It had led to an epidemic of gambling disorder and financial disruption, especially for young men. "The primary cause of the crisis is a gambling system focused on generating profits for sportbooks instead of protecting the well-being of sports bettors."
Government has a responsibility to regulate industries to protect public health. The problem comes when the regulations are written or enforced by the industries they are supposed to control.
When states were eager to bring in new revenue, they hurriedly legalized sports betting. But they were influenced by the industry when the law was written. In some cases industry lobbyists literally wrote the laws.
Consequently, there was precious little consumer protection in statute. Legislators and governors felt they were doing their duty to protect the public by designating a tiny percentage of new tax revenue to treatment for gambling addiction. They turned a blind eye to the social harm addiction causes. What they did not do was to curb or prohibit practices that made gambling more addictive.
The basic facts:
▪︎ Sports gamblers have twice the rate of a gambling disorder as other bettors.
▪︎ Higher rates are found among those who bet online and among young men, who engage in more risky behavior than other age groups.
▪︎ Two thirds of students living on college campuses bet on sports.
▪︎ Men are twice as likely as women to have a sports betting account.
▪︎ African Americans and Latinos are more likely to bet than whites or Asian Americans.
▪︎ States with more sports bettin also have higher rates of bankruptcies, lower credit scores and more debt collection.
▪︎ "Problem gambling has a higher suicide rate than any other type of addiction."
"The sports books do not rely upon casual bettors for their profits," just as the alcohol industry does not rely upon light drinkers for theirs. Heavy and addictive users account for the bulk of profits, with five percent placing about 70 percent of all bets. In short, the industry relies upon problem gamblers to stay in business.
Accessibility influences behavior. It's true for alcohol and other drugs, and it's also true for gambling. Sports betting is more accessible than casinos and betting parlors because it's online. Gambling has never been so convenient and easy.
In addition, sport betting companies know how to keep their customers engaged. Algorithms are designed for that purpose, just as with social media. "They advertise everywhere, offer innumerable ways to bet, and provide generous promotions."
Companies have an extensive record of their customers' betting behavior. Consequently, sport books know which customers are engaged in addictive betting patterns.
With alcohol, the law prohibits retailers from serving an intoxicated customer (even if that law is rarely enforced). With sports betting, there are no regulations to require DraftKings or FanDuel to cut off customers caught in an all-night betting frenzy chasing losses. Doing so would reduce their profits, so customers can keep on betting until their money runs out.
The NFL contributed to the sports gambling ecosytem when the League did an about-face on legalized gambling. After decades of staunch opposition to gambling, the NFL realized there was big money on the table by embracing the newly legal activity. NFL support helped to bring sports gambling into the mainstream as an acceptable activity.
Sportbooks limit bettors who win consistently, but not those who lose consistently. In other words, what matters is the bottom line, not consumer protection.
Critics accuse the industry of "preying on the addicted through both the design of their products and their marketing." Gambling is a public health issue because large numbers of people are negatively affected. It is not sufficient to send individuals to treatment. Instead, the environment that encourages heavy gambling needs to be addressed.
There is no doubt that environment influences behavior. To curb drInking and driving, it was not sufficient to prosecute DUI offenders. Society also addressed the environment that was so conducive to drunkenness. Three-for-one and two-for-one "happy hours" were prohibited. So were drinking games. The drinking age was enforced via sting operations, and there were frequent sobriety checkpoints.
A public health approach with gambling would restrict how much individuals can wager. It would also curb addictive app interfaces and predatory marketing practices designed to keep bettors engaged for hours at a time. It could even ban TV ads as happened to cigarettes.
In Ontario, current or former professional athletes are banned from sportsbook commercials.
Australia limits sportsbook ads during live sporting events and bans the use of credit cards for online betting. All ads are either banned or severely restricted in Belgium, Netherlands, Italy, and Spain.
By contrast, the US has a free-for-all betting framework.
Industry lobbyists can be counted on to oppose reforms — just as the alcohol industry fought reducing the legal limit for DUI from 0.15 and 0.10 to 0.08 BAC.
As Big Tobacco did with cigarettes, the gambling industry insists that betting is a choice. This argument overlooks the fact that the "nonstop stream of betting options, the relentless advertising, and the auspiciously timed bonus offers" are designed to keep players betting as long as possible.
Addicted bettors, after all — not casual players —account for a greatly disproportionate share of profits. If the top five percent did bet responsibly, then sportsbook profits would nosedive. In other words, it is not in their financial interest for sportsbooks to curb betting by customers who are out of control.
Sportbook ads are required to contain a notice about a hotline for problem gamblers. But this reinforces the notion that betting responsibly is solely up to the individual. If a gambler is on the verge of bankruptcy, it's his fault because he didn't call the hotline.
When it comes to blame, state dramshop laws hold liquor licencees partly liable for damage caused by their customers who drive under the influence. Sportsbooks who allow customers with an obvious problem to continue betting have zero liability for the foreseeable financial devastation, even if the desperate bettor commits a crime to raise money for gambling.
A public health approach puts more focus on preventing harm instead of just trying to mitigate it after the fact. The gambling industry supports treating addicts, but is accused of giving lipservice to prevention.
"What was once an illicit vice at the margins of society is now at the heart of sports culture." Sports betting has been normalized, and is perceived as harmless.
The era of rapidly expanding legalized gambling is not over. IGaming is just around the corner as the prospect of more tax revenue lures states to legalize online casino gambling.
The status quo has been created by "profit-hungry companies and revenue-hungry lawmakers."
Cohen says it is time for a national reassessment about gambling and the best way to protect public health.
The answer is likely national regulation with the goal of reducing harm, not maximizing revenues. Government regulation can have "a significant impact on the intensity with which (former vices are) sold and consumed," writes Charles Lehman.
How many more bankruptcies, sports scandals and suicides will it take before Americans see the steep price for the big bet on sports betting? -30-
December 19, 2025
This book is incredibly well researched and honestly a must read for any male aged 18-35 who has ever bet on sports. Very eye opening statistics and scary real life accounts from men who have fallen deep into sports betting.
Cohen shares the origin of sports betting and some of the large events during the legalization process along the way. He spends the last chapter discussing ways to put guard rails on the regulations around sports betting wisely addressing that the genie can't be put back in the bottle.
A few crazy stats I highlighted:
- After New Hampshire launched the first state lottery in 1964, it took thirty-three years for lotteries to reach thirty-eight states. After the 2018 Supreme Court decision, sports betting launched in thirty-eight states in less than six years.
- parlays are, simply, a dumb way to bet for the vast majority of gamblers. Between 1989 and 2023, casinos kept roughly five cents for every dollar in non-parlay sports bets and thirty-one cents for every dollar bet on parlays.
- Problem gambling has a higher suicide rate than any other type of addiction. According to a 2023 Rutgers study of New Jersey bettors, almost 30 percent of individuals with a gambling disorder reported thoughts of suicide, 25 percent had engaged in self-harm, and 20 percent had attempted suicide.
Cohen shares the origin of sports betting and some of the large events during the legalization process along the way. He spends the last chapter discussing ways to put guard rails on the regulations around sports betting wisely addressing that the genie can't be put back in the bottle.
A few crazy stats I highlighted:
- After New Hampshire launched the first state lottery in 1964, it took thirty-three years for lotteries to reach thirty-eight states. After the 2018 Supreme Court decision, sports betting launched in thirty-eight states in less than six years.
- parlays are, simply, a dumb way to bet for the vast majority of gamblers. Between 1989 and 2023, casinos kept roughly five cents for every dollar in non-parlay sports bets and thirty-one cents for every dollar bet on parlays.
- Problem gambling has a higher suicide rate than any other type of addiction. According to a 2023 Rutgers study of New Jersey bettors, almost 30 percent of individuals with a gambling disorder reported thoughts of suicide, 25 percent had engaged in self-harm, and 20 percent had attempted suicide.
September 6, 2025
A few years ago, you couldn’t watch college sports without being overwhelmed by alcohol ads. Today, it is sports betting ads and they are equally irresponsible.
Most people can enjoy the occasional bet without falling into gambling addiction, the same way most can drink without becoming alcoholics. But sports betting is becoming an increasingly serious issue, primarily with young men. In the worst cases, it leads to financial ruin and suicide.
The biggest issues are there is so much money to be made that the sport betting corporations have a disincentive to be serious about the problem. The other is that in many states, the foxes are guarding the henhouse. The corporations who make their money from gamblers are the ones in charge of their care. It doesn’t make sense.
This is a book that explains the problem and offers solutions. Working with college students the last 25 years was sobering; it’s amazing how much betting goes on a campus. It’s startling how easy it is to bet on your phone, and how many fall prey to it.
It’s time to get serious about this.
Most people can enjoy the occasional bet without falling into gambling addiction, the same way most can drink without becoming alcoholics. But sports betting is becoming an increasingly serious issue, primarily with young men. In the worst cases, it leads to financial ruin and suicide.
The biggest issues are there is so much money to be made that the sport betting corporations have a disincentive to be serious about the problem. The other is that in many states, the foxes are guarding the henhouse. The corporations who make their money from gamblers are the ones in charge of their care. It doesn’t make sense.
This is a book that explains the problem and offers solutions. Working with college students the last 25 years was sobering; it’s amazing how much betting goes on a campus. It’s startling how easy it is to bet on your phone, and how many fall prey to it.
It’s time to get serious about this.
April 19, 2025
This is an excellent book that is both very readable and packed with information. The author does a masterful job covering the history of gambling laws in the last 50 years, especially in the last 5-10 years, in an accessible and interesting way. Explaining the importance and impact of the changes. Then there is the human side of this story which is covered in a thoughtful and compassionate way. In the end it is people who suffer from the rapid and uncontrolled way that online gambling has swept through America. The conclusion that online, and specifically sport betting, has been a disaster for this country is well presented. Also presented are some ideas on how we can move forward with a more thought out approach to gambling that would minimize the risk to players while still allowing the freedom for the many who can safely gamble. I think his outline of a plan, actions, and future steps is a great launching point for the next stage of this discussion.
July 5, 2025
A really great book on a topic that most people don't talk about or even think about very much. But gambling is around us every day and thankfully Cohen has taken a good look at it. He has lots of facts and information about the sports gambling industry. He has two outstanding profiles of problem gamblers. Cohen did mention that the industry has a bad habit of not paying the winners their money. He could have covered this more as it's part of the story.
I am a sports fan but have been turned off by all of the gambling ads on TV. It's non stop sometimes. What really gets me is the announcer reading gambling app ads during the game. They even do it on golf. Amazon's Thursday night football us the worst. It feels like you're watching the game inside a casino. The supposed football experts talk about who is likely to have a big game tonight and such. So yeah, what Cohen writes about DOES affect you and me.
PHIL Kuhn
I am a sports fan but have been turned off by all of the gambling ads on TV. It's non stop sometimes. What really gets me is the announcer reading gambling app ads during the game. They even do it on golf. Amazon's Thursday night football us the worst. It feels like you're watching the game inside a casino. The supposed football experts talk about who is likely to have a big game tonight and such. So yeah, what Cohen writes about DOES affect you and me.
PHIL Kuhn
December 28, 2025
This is a very short, about 160 pages plus end notes, book about the explosion of sports gambling in the United States. The book is very biased and one-sided against sports gambling. The author highlights two individuals who became seriously addicted to sports gambling to the point they lost all their money, their jobs, and were forced to move in with their parents in order to survive. Admittedly, these are horror stories, but they are the extreme. For every story like this, there are thousands of stories of people who gamble responsibly, set limits, and do not become addicted.
I am not a gambler and am not advocating betting on sports, but the book could have been better if it had portrayed the lifestyle of recreational sports betters in a more fair and unbiased light. The author advocated for heavy-handed government regulation on the sport gambling industry. We all know that when the government gets involved all of our problems are solved, right!
I am not a gambler and am not advocating betting on sports, but the book could have been better if it had portrayed the lifestyle of recreational sports betters in a more fair and unbiased light. The author advocated for heavy-handed government regulation on the sport gambling industry. We all know that when the government gets involved all of our problems are solved, right!
June 23, 2025
“Losing Big” looks at the recent phenomenon of legalized sports gambling in the United States and how it has permeated through the sports industry. What was once a dirty little secret that the leagues tried to distance themselves from has become fully embraced and an important source of revenue. The book does a good job of going through a couple of scenarios where gambling overtook individuals and through the legal and political process of bringing the industry to where it is. The hypocrisy of the industry is exposed when the author looks at protections for gambling addicts, who are also the target customers. A solid read.
January 14, 2026
Losing Bet offers a compelling exploration of the legal and political history surrounding sports gambling in the United States. What I found most engaging was the book’s examination of how conservative justices and legal thinkers have historically viewed sports gambling through the same moral and constitutional lens as issues like abortion—framing both primarily as matters of states’ rights rather than purely social or economic concerns. This parallel adds an important layer of context to the legal battles that have shaped the modern gambling landscape.
The discussion of legal history is especially strong. Rather than treating the fall of PASPA as an isolated event, the book situates it within a broader constitutional debate about federalism, morality, and regulation. For readers who already have a solid understanding of sports gambling, Losing Bet remains informative by clarifying how deeply legal philosophy and judicial ideology have influenced the industry’s evolution.
Beyond history, the book also implicitly points toward the future. By outlining the patchwork of state-level approaches and the reasoning behind them, it helps readers understand why thoughtful, consistent regulation is necessary as sports betting continues to expand. Overall, Losing Bet is a valuable read for anyone interested in the intersection of law, politics, and sports gambling, and it provides meaningful insight into the regulatory framework the industry still needs to develop responsibly.
The discussion of legal history is especially strong. Rather than treating the fall of PASPA as an isolated event, the book situates it within a broader constitutional debate about federalism, morality, and regulation. For readers who already have a solid understanding of sports gambling, Losing Bet remains informative by clarifying how deeply legal philosophy and judicial ideology have influenced the industry’s evolution.
Beyond history, the book also implicitly points toward the future. By outlining the patchwork of state-level approaches and the reasoning behind them, it helps readers understand why thoughtful, consistent regulation is necessary as sports betting continues to expand. Overall, Losing Bet is a valuable read for anyone interested in the intersection of law, politics, and sports gambling, and it provides meaningful insight into the regulatory framework the industry still needs to develop responsibly.
November 5, 2025
audiobook. a topic that has fascinated me as a college football and NBA basketball fan for years. another swing and miss by the government as far as protecting people from the goals of lobbyists. a good listen or read for anyone who wants to know how sports gambling went from a behind the bowling alley business to every single ballgame on TV being littered ads for gambling on sports.
January 29, 2026
Like his previous book, Cohen makes a compelling case that the subject is Bad, Actually. By the end of it I think I was even a bit more of a hardliner than he was. There’s a conversation to be had about liberty and the role of the state and all that, but I wouldn’t be all that sad if sports gambling were regulated into near-nonexistence.
April 12, 2025
This was an interesting look at sports gambling now that it’s legal in many states in the US. Anecdotally, I’ve heard this is a big problem for many here, particularly young men, but reading firsthand stories helped bring the issue to life.
April 30, 2025
Good book for anyone interested in the business of sports gambling and the effect normalizing sports gambling is having on American consumers. You can tell the author put a lot of effort into compiling this into an easily digestible story - overall definitely worth the read!
June 30, 2025
I liked this book and there was a lot of interesting facts that happened behind the scenes that I didn’t know about. Multiple stories about how dangerous gambling is and gave good suggestions about what should be done to help prevent tragic losses. A pretty quick read, but felt a little repetitive
August 8, 2025
I've disliked the constant barrage of sports betting advertising that one sees when watching any sporting event on television. It's loathsome what we do to ourselves in this country. We don't have enough indications of addiction?
August 15, 2025
This is a short read that covers the history of sports betting (primarily in the US) and its rapid evolution since 2018. I am thankful that Georgia is one of the few states that has not given in to the "free tax revenue" that most other states have.
October 29, 2025
Quick read and straight to the point with how quickly sports betting became legalized in the US. I appreciate the author’s nuanced perspective and believe the same lessons we’re learning from expanding sports betting can be applied to other sectors (crypto, prediction markets, etc).
November 3, 2025
Sad to hear some of the stories of people struggling with gambling addiction, and the denial that they are in. It seems that most of this is up to state and federal legislator. There’s not much individuals can do, even families of those affected.
January 14, 2026
Quick, dry, strong read on the state of online sports betting in the U.S., and what can be changed to better protect bettors. I don't necessarily agree with all of it, but the arguments Cohen makes are strong and backed up well.
June 25, 2025
Not a bad book but lacks any true actionable advice u til congress decides to dig into this addiction vs revenue much like tobacco.
June 29, 2025
Super informative but too short to get fully invested in.
September 7, 2025
Informative, but much of this could be gleaned from podcasts or longform articles. At the same time, this is valuable research, and the subjects covered add a very sympathetic human element.
October 15, 2025
As someone who has grown up around gambling this book highlights major problems with the industry. Great book to learn more about the current landscape.
November 20, 2025
Great information on the spread of legalized sports gambling in the USA and all of the consequences that go with it.
November 29, 2025
The first if what I’m sure will be many books documenting a crisis being created in real time.
January 2, 2026
This was a depressing indictment of the industry and regulatory environment. Can't shake the feeling that I dodged a bullet by not being in college for the rise of this insanity.
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