Gambling away stability: Sports betting's impact on vulnerable households☆

• 成果类型: Article
• 署名作者: Baker, Scott R.; Balthrop, Justin; Johnson, Mark J.; Kotter, Jason; Pisciotta, Kevin
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; University of Nebraska System; University of Nebraska Lincoln; Brigham Young University; University of Kansas
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104330
• 发表日期: 2026-09
• 页码: 104330
• 关键词: Sports betting; gambling; household finance; Stock market participation

摘要

We estimate the causal effect of online sports betting on households' investment, spending, and debt management decisions using household transaction data and a staggered difference-in-differences framework. Following legalization, sports betting spreads quickly, with both the number of participants and frequency of bets increasing over time. This increase does not displace other gambling or consumption but significantly reduces savings, as risky bets crowd out positive expected value investments. These effects concentrate among frequent bettors and low-savings households. Our findings highlight the potential adverse effects of online sports betting on vulnerable households.