Rise of Sports Betting
Sports betting is on the rise.
The U.S. Supreme Court struck down a federal ban on sports betting back in 2018. Since then a majority of states have legalized the activity. Retail and online sports betting is now legal in 37 states along with Washington, D.C. More states are expected to revisit or introduce legislation in 2024.
The problem is that gambling can easily become an addiction. It can have serious consequences whether winning or losing. Addiction may be one of the main reasons why the industry is growing so fast. Many don’t realize the financial burden of a gambling addiction until it’s too late. Besides the loss of money, there’s the loss of time and the reward of advancing your career or spending time with your children. Money is gambled away that could have been given to the Kingdom of God, saved, or invested for the future.
Profits from sports betting or any other type of gambling are taxable income in the United States. Sportsbooks may provide you with form 1099-G that reports winnings above a certain level. It will also be filed with the IRS. Let’s not put our trust in money, even money earned through investing. It will lead to our demise. “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” (1 Timothy 6:10) Sports betting may be on the rise. Just remember, in the long run, the house always wins. Always!
And if gambling or poor financial decisions have led you into debt, maybe you need a budget! Crown offers many resources and tools to help you get out of financial pain. One of those is budget coaching! We’ll work with you to develop a customized spending plan and debt elimination strategy to put you on the road to financial freedom! You can learn more at crown.org.