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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
564 people want to read
About the author
Jonathan D. Cohen
14 books10 followersProfessor of Philosophy at University of California, San Diego
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Displaying 1 - 26 of 26 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...
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
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.
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
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.
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.
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.
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.
November 13, 2025
Losing Big: America's Reckless Bet on Sports Gambling by Jonathan D. Cohen is a 5/5 stars must-read for anyone trying to understand the explosive rise of sports betting in the U.S. No other book predicts the tidal wave of sports gambling addiction that's about to decimate America.
Cohen delivers an exquisitely well-researched, first-of-its-kind exposé into how lawmakers, in a desperate bid for tax revenue, gave the gambling industry everything they could've wanted, only to unleash a wave of addiction and financial ruin on everyday Americans. With a non-stop barrage of ads and a lack of regulation, the book explains how sports betting became an epidemic, and how we're still unprepared to deal with its fallout.
I’ve been waiting for this book for years, and it exceeded my expectations. Cohen’s insights from insiders at DraftKings and FanDuel are eye-opening. My only wish is that he had expanded more on the personal stories of gambling addicts and their families. What little he included was powerful.
I'm writing this review in 2025, knowing full well that this book will only become more relevant, more prescient, and more concerning in years to come. Losing Big is a wake-up call for legislators, regulators, and the public health community. Let's hope they listen and let's hope they do something before it's too late.
Cohen delivers an exquisitely well-researched, first-of-its-kind exposé into how lawmakers, in a desperate bid for tax revenue, gave the gambling industry everything they could've wanted, only to unleash a wave of addiction and financial ruin on everyday Americans. With a non-stop barrage of ads and a lack of regulation, the book explains how sports betting became an epidemic, and how we're still unprepared to deal with its fallout.
I’ve been waiting for this book for years, and it exceeded my expectations. Cohen’s insights from insiders at DraftKings and FanDuel are eye-opening. My only wish is that he had expanded more on the personal stories of gambling addicts and their families. What little he included was powerful.
I'm writing this review in 2025, knowing full well that this book will only become more relevant, more prescient, and more concerning in years to come. Losing Big is a wake-up call for legislators, regulators, and the public health community. Let's hope they listen and let's hope they do something before it's too late.
Displaying 1 - 26 of 26 reviews