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America's Young Men Are Blowing Their Money Like Never Before
Young men in America are gambling on sports, crypto, and meme stocks. And a whole lot of companies are making a killing off the rise in betting.
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The Lede
"If you want to gamble in America these days, you have more ways to put your money on the line than ever," writes Business Insider's Emily Stewart. For a variety of companies, from sportsbooks to investing apps, an increased willingness to make some kind of gamble means business is booming. The boys-who-like-to-bet bank is open, and companies are making as many withdrawals as they can.
Key Details
- A 2023 survey from the NCAA found that sports gambling was prevalent among young adults, specifically on college campuses and among Black and Latino respondents.
- The precise reason for this behavior is hard to pin down, said Timothy Fong, a clinical professor of psychiatry at UCLA.
- Along with the rise of new customers, problem-gambling behavior is increasing, especially among young men.