A Boring Dystopia

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Gambling becomes America’s favorite pastime as Americans spend more on sports bets than movies, arts, museums, and music combined (fortune.com)

submitted 3 days ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] immutable@lemmy.zip 1 points 3 days ago (2 children)

Most gambling winnings go right back into gambling and are subsequently lost.

I would be surprised if it was “far less” although mathematically it must be strictly less.

[–] brucethemoose@lemmy.world 4 points 3 days ago* (last edited 3 days ago)

In other words, the average American adult placed roughly $1,000 in legal bets on sports last year. Handle is gross throughput, not consumer expenditure: over 90% of what is wagered gets returned to bettors in the form of winnings. That $1,000 in bets translates to roughly $100 in average losses per adult.

But it does point out the vast majority of the losses are absorbed by 5% of gamblers.

[–] dogdeanafternoon@lemmy.ca 1 points 3 days ago

Say I started with $100 and made a bet but only won 90 back. Then the next day I do it again with my 90, but only win 80 this time. Repeat this until I have $10 left, I bet that and lose it.

By your logic, I’ve lost $550, since thats the amount of money I’ve bet over the week and a half. In reality, any sane person would say I’ve lost $100.