[ticking] And at what point did you realize that you needed help?

Today, we're talking about a four-letter word: debt.

When I missed all my payments and was starting to rack up some debt, I recognized it was a problem.

(Narrator) What can money be used for?

My credit score was really high at the beginning (Narrator) What is money, anyway?

and I was just getting access to all these credit cards.

Right now, there are about 6,000 of these smart cards in use in North America... To apply for a card... Youve successfully created your Betmum account... You can actually upload your credit card straight to the FanDuels, DraftKings, so, you deposit straight in from the card.

That can become pretty costly, pretty quickly.

How many credit cards had you opened up?

Probably ten.

Probably ten.

The Consumer Financial Protection Bureau says its seen a nationwide increase in cash advance fees since online sports betting became widely legal.

It's a money disease.

And so you start to borrow, you start to make up lies about why you need money to cover your own tracks.

And ultimately, it completely destroys relationships.

[neon buzzing] We love to hear the stories of the 12 leg parlay that hits or the brilliant bettor who quit their day job to make hundreds of thousands beating the books.

Yet, underneath those rare victories are stories of crippling addictions, often kept secret.

Are all sports betting stories tragedies?

No.

Do all sports betting stories go from hunch to hero?

Also no.

But as weve seen with so many industries that go digital, the technological revolution of sports betting is affecting much more than just money lines.

This is “Cash Out.” Obviously, there's a lot of criticism of modern-day sports gambling and its pervasiveness, But, I guess, what would your response be to someone who's like, “Well, people have been gambling on sports for a millennia, so why is it a problem now?” Because we have cell phones.

Having all those betting and gambling apps on our phone makes it more accessible.

There is not that time to even think about it.

We know that phones and scrolling have an addictive quality to them, so it's kind of like a double-whammy.

Im Emily Hemendinger.

I'm a licensed clinical social worker, and I'm an assistant professor here at the University of Colorado Anschutz Medical Campus.

When someone's either using a substance, or engaging in one of those impulsive behaviors like gambling, it lights up pathways in our brain that feel good.

It's that reward pathway, and we get a surge of dopamine.

Dopamines our feel-good chemical, like we feel when we eat chocolate or hear our favorite song.

The whole chemistry, as well as the pathways being lit up are relatively similar across substance use, gambling, and even with eating disorders.

and even with eating disorders.

And as you can see, the reward center in both brains are stimulated in very similar ways.

Why do you think it's not talked about as much?

I think with the sports betting, like, this is something that people maybe haven't seen as problematic.

It's happening more than we realize because it's happening to smaller degrees.

...becasue its just a dollar-fifty... People are thinking often with a lot of different disorders, that they're either black or white, all or nothing.

It can be problematic, even in those smaller forms.

When it comes to sports gambling, unlike other addictions, there's no necessarily outward signs.

If someone is over-drinking on a consistent basis or using other substances, you can see it, where, you don't know where that money is coming from.

It's a hidden disease, so you don't want anybody to see what you're doing.

And you hide it from everybody so much that nobody knows what you're doing, when you're doing it.

You live two separate lives.

You have to basically live a lie telling everybody that it's okay, when in reality it could not be more opposite.

College kids, especially young men, are more vulnerable than most... That is a scary part of sports betting, in that you're dealing with young minds that don't have those financial literacy skills.

Hit the bet.

Win your money.

Buy Bitcoin.

You have people calling it fast-food gambling where similar to ordering a Big Mac on an app, in a few clicks, its just as easy.

Video games aren't too dissimilar.

The 12-year-old whose parents have synced their credit card to the 12-year-old's Xbox.

That was exactly me when I was 12, and that was the first time I ever learned anything about financial literacy and what microtransactions are, and why they're a slippery slope if youre not being super mindful.

Can you define what the microtransactions are in a sports betting context?

Quick fulfillment markets, your immediate fulfillment markets.

How about betting on the speed of every pitch thrown.

Let's say you and I went to the Rockies game.

you can bet on certain outcomes, like, “Is this next pitch going to be a ball or a strike...” ...or a hit batter?

Wild world we live in.

At PointsBet we called them, “lightning bets.” Getting from downloading the app to actually placing a bet takes less than five minutes.

We don't have that pause that we might have where someone has the urge or impulse to place a bet, they'd have to drive to, like, off-track betting or a bookie.

And maybe they take that time to be like, “Hm.

“Maybe this isn't a good idea.” And turn around and go home.

Now, All you have to do is take out your phone, and it's there.

...always with you at Betano... Its also part of the social movement.

Yesterday, I just paid off my Corvette from sports betting.

And heres... The sports media environment in the United States has led to that social capital that comes with sports gambling.

If you think about a 21-year-old college student that's in a fraternity and is watching Game 7 of the NBA finals alongside 20 fraternity brothers or whatever, you're taking advantage of the big target demographic.

Thank you for joining us for todays event at the University of Coloardo, Boulder.

They give you a bunch of bonus money when you sign up.

You get, like, $300 free play.

So that, kinda, gets you on the hook.

And then it takes you from there.

You just bet every day, pretty much.

Do you have any money in tonight?

Oh we got money on this thing right here.

Were going Buffs money line, obviously got to cheer for the school.

This weekend, we got the NFL.

Chiefs moneyline parlayed with the Cowboys.

That's free money.

Yeah!

[cheering, clapping] Let's go.

[crowded bar noise] In the patients that I have treated who have engaged in problematic gambling, they've all been young, male identifying.

(newsperson) ...specifically those (newsperson) receiving college educations... Every class I talk about the high rates of addiction, especially among young men, which are both the most targeted group, and the most likely to fall into addiction.

We get data back from 1-800-GAMBLER, so we know who is reaching out, and males between ages of around 24 to 34 is really the age group that were seeing at the highest risk.

...finds nearly half of men between 18 to 49 have an online sports betting account.

While data on sports betting, and mobile sports betting specifically, is still limited, researchers have found that sports betting addiction is particularly prevalent among young men.

A 2024 Fairleigh Dickinson University study found that about one-quarter of men under 30-years-old bet online.

About 10% of men between 18 and 30 returned scores that indicated problem gambling, as opposed to just 3% of the overall population.

The survey incorporated nine questions to identify problem gamblers, with questions like, “Have you bet more than you can afford?” and “Have people criticized your betting?” Experts point to a number of factors that might be to blame for the high rates of problem gambling among young men, including the ease of access to sports betting platforms, targeted advertising, and social pressure from friends.

Jamie Glick, the president of the Problem Gambling Coalition of Colorado, calls the issue a, “public health crisis.” Compared to other addictions, this one can happen in secret, or it's kind of hidden.

How do you think that plays into the stigma associated with sports gambling?

I think there's a lot of stigma, and I think part of that stigma is stigma from our male society.

In the manly minute today, Ken has five tips behind sports betting.

OK, you guys know I like to place a wager.

We do, we do.

I've heard this from people who I work with that their friends, and even their brothers, will make fun of them.

I've heard people even say that they've gotten messages to just suck it up, to stop being a sissy.

Or just stop betting, just stop gambling.

And people who have a full-on gambling addiction where their brain has been hijacked, it's not that easy.

Across the board, like all addictions are highly, highly stigmatized.

I think people still unfortunately think it's just a matter of choice.

It controls your well-being, your brain.

You lose care for your hygiene.

You lose your appetite.

Sleeping is a big one.

You can get through the day from pure gambling alone.

You don't need anything else.

I really was profiting from this This really was my job.

Able to pay rent, all that good stuff.

But, it really takes a lot.

You know, you don't get any sleep.

And, you know, I had about four or five TVs going all day.

Gambling is such a socially-accepted hobby, and so, to get it to be to a problem, It takes you going through a lot of things to understand.

I was betting on literally anything I could bet on.

And it kind of becomes a addicting habit.

And then with it being so new, I just don't think people understand that theyre there yet.

I'm happy it's legal now.

I mean, I'm happy I'm able to just do it on my phone.

But, I also know for the people that don't know as much as I do, theyre at a disadvantage.

[ticking] Companies like ours are about improving the fan experience, taking a sport that somebody loves, and actually making it better.

You see or you hear about those things more.

But I don't think it's making more people have a problem.

But I don't think it's making more people have a problem.

Do you think there is a risk that this can hurt average Americans and that therell be a negative for the sport?

I dont think so.

I think the risk is very minimal that thatll happen.

Were seeing in states that have legalized sports gambling, there's been a nearly 30% uptick in bankruptcy.

(news anchor) ...bankruptcies in states where sports betting is legal.

It isn't as necessarily researched, especially when it comes to the online gambling and sports betting.

People right now who are young and gambling and maybe not have a problem, but it's emerging, and it can become a problem.

You can do it for fun and enjoy it in a way that is responsible.

But if you're doing so in a way that you are losing money that you don't have to lose, then it's not worth doing at all.

Yeah.

Put it on the 12-leg parlay.

12-leg parlay is going to hit, I promise.

One time.

One time it'll hit, I promise you.

[neon buzzing] If you or someone you know is experiencing problem gambling, you can call 1-800-GAMBLER or visit the Problem Gambling Coalition of Colorado website to learn more.