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Sports betting is raking in record revenues as the industry skyrockets in popularity.

This includes in Illinois, which represents the 3rd largest sports gambling market in the country.

But according to recent studies, sports gambling can be much more costly to draining household finances, finances than other forms of gambling.

Joining us now are no Henderson, a clinical instructor in sports management at Loyola University, Chicago and writer for Sports Illustrated and joining us via Zoom, Jason Carter and assistant professor of finance at Brigham Young University and co-writer of a study on sports gambling impact on vulnerable households.

Gentlemen, thank you both for joining us.

No, Anderson, let's start with you, please.

According to the American Gambling Association last year, sports gamblers legally BET.

Nearly 120 billion dollars nationwide bringing in 11 billion dollars in revenue.

Why a sports gambling so popular?

Well, I think first we have to look at that in the majority of these legalize jurisdictions.

We have mobile sports wagering where sports gambling is as easy to do as ever.

>> And the comfort of your own home.

If you have access to a computer or cell phone, you can fire it up.

Turn on your TV.

Watch a game and start gambling off your phone.

It's exploding and other reasons because while the state of Illinois were in Big 10 country, people love sports, professional sports, college sports all are made available on these apps and kind of a limitless platform to play.

It's become obviously much more accessible.

>> Jason Carter remind us about the 2018 Supreme Court ruling that enabled states to make sports gambling legal.

>> prior to 2018 at this sports betting sports games is only allowed in Nevada.

And in 2018, the Supreme Court have ruled against that law.

It was a lawsuit filed by New Jersey which allows sports betting to become legal in any state that chooses to legalize it.

So and New Jersey start of that wave in 2018 over the course of the last several years.

Several states followed.

We now have, you know, close to 30 states that have legalized sports betting and more states considering it as we speak.

>> As you mentioned, there are 38 legal sport, legal sports gambling states.

Noah plus Washington, D.C., and Puerto Rico.

What are some of the the benefits of legalization tax revenue I would imagine is one sure.

I think firstly for states as far as states are concerned, tax revenues, huge and the state of Illinois.

Last year we had 150 million dollars in tax revenue from.

>> Sports Governor Pritzker's recently signed into law new tax codes for sports gambling.

It's going to be the first-ever progressive tax code in the United States where depending on total revenues from sports gambling retailers, they could have to pay anywhere from 20 to 40% tax rate for their which will more than double the projected tax and come in the future for the state is Illinois bringing in the kind of tax revenue that was predicted that's expected.

Is it beneficial?

Well, the revenue that Illinois frankly all states around the country abroad and has been much higher sports gambling, the amount wagered and subsequently the revenue sports gambling retailers have had as way bigger than forecasted.

So Illinois seeing tremendous amount tax revenue creation.

Jason, what separates sports gambling from other types of of legalized gambling?

How is it so different from?

>> Going to the casino?

>> Well, I think as those already mentioned, one of the things here is the ease of access because you can do this on your phone from anywhere.

It's just really easy to do that any time you'd like to that.

And other thing that I think plays a role here is that at the park emotionally connected to sports, they often consider themselves experts in their team or their player in ways that you don't always feel like an expert.

When you walk into the casino and that makes it easier for people to like they have advantage when they place these is not?

>> Some people see, you know, sports gambling has a skill.

Lot of people think that they might have more of an advantage to say, you know, full of us what I think we just heard People who are most certainly connected their sports teams.

People who watch sports will spend all day Saturday and Sunday watching games of Chance probability whether that's the slot machines, blackjack.

And there's understanding that these are random probability sports fans who either played the game or watched it since they were child.

>> Thank through that exposure.

They know more than those making the lines in Vegas or elsewhere and think that they have a house edge reality sports gambling like anything else favors the house.

It always does.

Jason Howe increased gambling.

Has it impacted the gambler and their families?

>> Well, an important thing that we find in our recent research is that.

The Adventists sports gambling has really been negative for family finances.

So the biggest thing that we've seen in our study is that as houses begin betting on sports, they actually stop investing stocks.

And so they sort of transfer some of their long-term savings into as sports betting, you know, it's just really a bad decision in terms of the long-term financial health of of balance sheet.

And moreover, what we see this happen, most the houses that are least able to be prepared to deal with houses that are already pretty tight on their finances are the ones that we see cutting their savings the most.

They increase their debt also that they can participate in this betting market.

>> No, what are some of the signs that someone might be developing?

A sports gambling addiction?

Well, sports gambling addictions look like addictions and a variety other substances or industries.

>> Cash advances are one of the most dangerous things that you can see.

A lot of sports retailers now allow that people use credit cards to deposit money on these apps, right anytime of cash any time.

Someone's using a cash advance.

That's dangerous.

Chasing losses.

Depositing multiple times in a day staying up late to watch.

You know, later games to continue to gamble, a lack of desire or care for things that aren't sports or sports gambling.

It mirrors a lot of other addiction.

>> Jason, how would you say sports gambling has changed the way people consume sports?

>> Well, I you any casual sports fan you it turns on a game it's in your face all of the time.

So for many people that's great.

It makes it more enjoyable for them to consume sports when they have a little bit of money on the line and the, you know, the more invested in and they get a lot enjoyment out of that, which is great it for other people.

It's kind of a pain to have.

It will always in your face and the advertising and the focus on odds and so on maybe makes it a little bit less and less enjoyable.

But I think the important thing here is if you know, of course, if you can responsibly enjoy sports betting, that's great.

But you want to be cautious because there are real potential downsides.

If if this had to get out of control.

>> Okay.

Something to keep an eye out for for everybody obviously has a Rowling midway