Online Gambling Losses to Hit $1 Trillion by 2028, Group Says

by time news

Gambling’s global reach is vast, legal in some form‍ within more then 80% of the nearly 200 countries worldwide. But this​ widespread accessibility ⁣has raised concerns, particularly about the burgeoning online gambling landscape and its potential impact on public health.

A​ recent report from the ⁤Campaign for ‌Fairer Gambling, an autonomous institution dedicated to gambling reform, paints a worrisome picture. This group, ⁣with expertise in lobbying practices within both British‌ and American gambling industries, emphasizes ‍its ⁢commitment to data-driven⁤ policymaking.

Their research reveals a concerning statistic: approximately 16% of adults and 26% of adolescents who engage in online gambling display signs of a gambling disorder. the figures are equally alarming for sports‌ betting, with‌ 9% of adults and 16% of‍ adolescents exhibiting problematic gambling behaviors.

Adding fuel to the fire, the world Health Organization (WHO) projects a ⁤staggering $700 ⁢billion global⁤ market for⁢ legal online gambling by⁢ 2028. The U.S.is ​expected to bear a considerable brunt of this,with projections‍ estimating losses of at least $1 ‌trillion to the online gambling market by ‌the same year. This follows a 2021 UN report estimating annual losses of ⁣up to $1.7 trillion in illicit betting markets.

Reflecting this trend, a 2022 Pew Research survey found that 19% of⁤ U.S. adults placed sports bets within the past year,whether in person or online.

The WHO emphasizes the urgent need for comprehensive, population-wide public health policies designed to mitigate the detrimental effects of gambling and address its addictive nature.

Among their seven key recommendations is a call to end the ubiquitous⁤ advertising, promotion,‌ and sponsorship of gambling ⁤within sports and other activities. ‌However, ‌it appears that many states are disregarding these ​WHO strategies, perhaps exposing ⁤themselves and regulators to legal challenges.

The aggressive tactics employed by online gambling platforms to attract new customers and fuel addiction are also a cause for concern. A⁢ current⁢ lawsuit against ⁣DraftKings, for example, alleges that the company‍ actively ​”nurtured” a gambler’s addiction.

YieldSec, a gambling ‍software security company commissioned by the Campaign‌ for Fairer Gambling, has shed light on the dangers of online gambling.

YieldSec estimates that the ⁢illegal online gambling market in the U.S. reached over $40 ​billion in 2023. However, enforcement remains a challenge, with ⁤illegal operators often stepping in ‌to fill the void when others are shut down.

The Campaign for Fairer Gambling maintains that promoting legal gambling as a means of reducing addiction or eliminating illegal gambling is ‌misleading and ultimately unsustainable.

For individuals struggling with problem gambling,the National Council on Problem Gambling provides valuable resources,including a state-by-state tool to ⁣locate help ​and a list of critical phone numbers for support.

⁣How can policymakers ⁢effectively address the public health challenges associated ⁤with the rise of online‌ gambling?

Interview with Dr.Sarah Thompson: ⁣Understanding the Global Impact of Online Gambling

Editor (Time.news): Thank ⁢you for joining us today,Dr. Thompson.⁣ With gambling now ⁣legal in various forms across more than 80% of the world’s countries, what are the most pressing public health concerns associated with⁣ this widespread accessibility?

Dr.⁣ Sarah Thompson: Thank you for having​ me. The expansion of ⁣gambling, ​especially online, ⁢raises‍ important public health ​concerns. The data we have from the Campaign for Fairer Gambling shows that about 16% of adults and‍ 26% of adolescents who gamble online show signs of a gambling disorder. These numbers are alarming. ‌Coupled with the rise in popularity⁣ of⁤ sports betting—where 9% of adults ‍and 16% ⁣of adolescents exhibit problematic behaviors—we are⁤ indeed facing a critical issue.

Editor: Those statistics ⁤are certainly concerning.With the World⁣ Health Organization predicting a $700​ billion global market ‍for online‌ gambling by 2028, how do you ​think‍ this will affect⁣ gambling behaviors⁤ in the U.S.?

Dr. Thompson: The forecast of $1 ⁣trillion losses to the online gambling market in ​the U.S. by 2028 ‍is ‌particularly significant. It ‍highlights not only financial implications but also suggests ‍a ⁣potential increase ‌in ⁣gambling addiction, especially among vulnerable populations.The WHO’s emphasis on developing extensive public health policies is‍ urgent. Without such measures, the negative social and health impacts‌ could widen.

Editor: The WHO has recommended an end ⁣to ​the advertising and sponsorship of gambling, especially in sports. Why‌ do you think many states are⁣ not following this guidance?

Dr. Thompson: ⁤There’s a complex interplay of interests ​at work here. States ⁣often view gambling as a revenue source and may disregard WHO recommendations⁤ due​ to potential⁤ political and financial repercussions. This short-sightedness risks exposing states‍ to legal challenges, ​especially ⁤as lawsuits, like the⁣ one against‍ DraftKings, spotlight the aggressive marketing practices‍ that⁢ can exacerbate gambling ⁣addiction.

Editor: ‌ Speaking of aggressive marketing,​ the lawsuit against ⁣DraftKings mentions that they “nurtured” an individual’s gambling addiction.⁤ What practices from online platforms ⁤are most concerning in your opinion?

Dr.‌ Thompson: Online platforms often employ elegant targeting techniques to attract new gamblers. They utilize aggressive promotions, bonuses, and ⁢targeted advertising, which ⁣can effectively hook‌ individuals, especially those already predisposed to​ addictive ​behaviors. It’s ⁢concerning that these⁢ platforms⁣ often prioritize profit‌ over public health ​and safety.

Editor: The illegal ‍online gambling market is estimated ⁤to have reached ⁣over $40 billion in the U.S. in⁣ 2023. What barriers ⁣exist⁣ that prevent effective enforcement against these illegal operators?

Dr. Thompson: Enforcement is particularly challenging due to the internet’s global nature. Illegal operators are​ quick to adapt and often ‌resurface‌ even after being⁣ shut down. Additionally, regulatory frameworks ⁢in different states and countries vary considerably, complicating ⁢efforts for unified enforcement.​ the⁤ Campaign ⁣for⁣ fairer Gambling suggests that promoting legal‍ gambling as a solution to addiction ‍is‍ fundamentally ‍flawed, and ​we⁤ need to rethink our strategies.

Editor: ‍What advice can you offer individuals who might be ​struggling with gambling addiction?

Dr. Thompson: ‍ for those affected by problem gambling,I highly recommend reaching out to the National Council on Problem Gambling. ‍They provide comprehensive‌ resources,​ including a state-by-state⁣ locator tool for assistance and critical contact numbers.⁤ It’s crucial for individuals to‌ seek help early and understand that they’re not alone in this struggle.

Editor: Thank you for sharing your ​insights, Dr. ‍Thompson. The implications of online gambling‍ on public⁣ health are profound, and it’s essential for both policymakers and individuals to⁣ take these findings seriously.

Dr. ‍Sarah Thompson: Thank you for‌ having me.⁤ It’s important to‍ engage in continuous dialog about the impacts of ⁣gambling and advocate for stronger policy measures that prioritize public ‍health.

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