Sports betting, once illegal in most of the US, has become a mainstream industry with widespread promotion and accessibility from smartphones. However, renowned author Michael Lewis warns that this trend will lead to disastrous consequences.
Lewis, known for his books on Wall Street, money, and sports, believes the industry’s aggressive marketing campaign has overlooked the social effects of sports betting. He notes that 60% of college students and high school students gamble on sports, which is a disturbing trend that can lead to addiction, bankruptcies, and even increased suicide rates.
Lewis criticizes the lack of regulation and oversight in the industry, particularly with regards to phone-based gambling apps. Apple’s decision to allow these apps has raised concerns, as it enables easy access to addictive behavior. Lewis advocates for adding friction to this process, such as requiring transparent odds and strict regulations, rather than relying on self-regulation by companies.
Lewis likens the sports betting industry to that of cigarettes, where a lack of regulation and promotion led to widespread addiction and negative consequences. He believes that the genie cannot be put back in the bottle once the phone-based gambling apps are unleashed.
The author emphasizes that while he is not advocating for a complete ban on sports betting, rather than it being framed as “let anyone do what they want” with minimal responsibility from consumers. Instead, Lewis suggests implementing measures to prevent problem gamblers and encourage moderation.
As the sports betting industry continues to grow in popularity, particularly among young men, Lewis’s warnings serve as a cautionary tale about the potential risks and consequences of unchecked addiction and lack of regulation.
Source: https://www.businessinsider.com/michael-lewis-sports-betting-podcast-peter-kafka-interview-2025-2