New Book "Losing Big" Explores Sports Betting Crisis in U.S.
Published:
Jun 24, 2025
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10:34 a.m.
ET
Key Points:
Jonathan D. Cohen’s new book Losing Big reveals how legal sports betting has ballooned since 2018, creating an overlooked public health crisis.
Young men are gambling more than they can afford, with apps designed to maximize addiction-like engagement.
Experts agree gambling alters brain chemistry, creating chemical dependence much like drugs or alcohol.
Lawmakers often justify gambling expansion by citing tax revenue, despite clear harm to vulnerable users.
Cohen calls for practical reforms, like removing obscure betting markets and adding deposit delays.
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In Losing Big: America’s Reckless Bet on Sports Gambling, historian Jonathan D. Cohen investigates the dramatic rise of legalized sports betting in the United States and its devastating hidden costs. Since the Supreme Court struck down federal restrictions in 2018, nearly 40 have legalized some form of sports betting, fueling a massive new industry. In 2023 alone, Americans gambled $121 billion on sports, risking more than spent on movies and video games combined.
In a Daily Show interview, Cohen explains how gambling apps and constant marketing have reshaped American sports culture and created a public health crisis in plain sight. His book, available now on Amazon, lays out how a booming industry built on endless betting options and clever design keeps millions wagering far more than they can afford to lose.
About the author Jonathan D. Cohen
Jonathan D. Cohen is a historian and senior program officer for American Institutions, Society, and the Public Good at the American Academy of Arts & Sciences. He holds a PhD in history from the University of Virginia and is also the author of For a Dollar and a Dream: State Lotteries in Modern America. His expertise in gambling’s history and impact has been featured in outlets such as The New York Times, Wall Street Journal and Washington Post. Cohen lives in New Haven, Connecticut, where he continues researching the intersection of gambling, public policy and American life.
Key takeaways from “Losing Big: America’s Reckless Bet on Sports Gambling”
In Losing Big, Cohen combines deep historical research with modern cautionary tales to illustrate how easily sports betting can spiral into addiction. Here are some of the biggest takeaways:
Betting everywhere, all the time
Since 2018, sports betting has grown into a cultural norm, powered by mobile apps that allow anyone to wager instantly, on any game, anywhere, and even on obscure international sports that most American fans have never watched or even heard of.
According to new APA research, 28% of U.S. adults now have a daily habit of gambling online, despite Texas and California (the two most populous states) having not yet legalized mobile betting.
Addiction by design
Betting platforms can mimic social media and slot machines with push notifications and alerts, along with live betting options that turn them into always-on wagering opportunities, creating dopamine-driven engagement that can quickly become compulsive and keep gamblers glued to their screens for unhealthy periods of time.
These apps also allow users to bet on obscure events, like minor league darts and badminton, to maintain the action when mainstream American sporting events aren’t being played. This constant stimulation can alter brain chemistry, affecting dopamine pathways in ways eerily similar to drug and alcohol dependence.
The few pay for the many
Cohen’s data shows a small fraction of high-frequency bettors generate most of the industry’s revenue. For instance, just 3% of NFL gamblers produce 82% of the NFL betting take. About 60% of bettors contribute only 1% of total profits.
UK studies have analyzed “VIP” bettors in particular. In a 2023 study published by the University of Bristol, researchers found that VIP or high-value bettors accounted for 83% of profits for online gambling operators in the UK. Just 5% of gamblers contributed 70% of total stakes.
Gateway gambling
Traditional fantasy sports, modern “daily fantasy,” a 2.0 version that mimics player prop parlays, and bracket pools act as low-barrier introductions to riskier betting habits, especially for college-age men.
Story of Kyle
Cohen uses the story of Kyle, who lost hundreds of thousands of dollars chasing betting offers, to highlight how targeted promotions can trap vulnerable users in a cycle of losses and escalating risk.
Policy gaps
According to Cohen, lawmakers justify legal sports betting as an easy way to help balance budgets and fund public projects such as schools, roads and water systems, without raising taxes. He shares Colorado’s tie-in of gambling revenue to fund improvement of water infrastructure as a prime example of how legalization was sold to voters.
However, the so-called “responsible gambling” disclaimers on ads and apps do little to stop compulsive betting. Cohen argues these measures are mostly for show, and that industry lobbyists fight tougher regulations at every turn.
Cohen’s proposed solutions
Cohen argues that while sports betting is here to stay, simple, practical guardrails could reduce the damage:
Remove hyper-niche sports markets that exist mainly to keep problem gamblers betting around the clock.
Add “friction” by requiring a 12–24 hour waiting period before bettors can wager with newly deposited funds, slowing down potential impulsive betting.
Stronger ad controls to limit marketing, especially during live games watched by younger audiences.
Better education for lawmakers and the public about how gambling addiction actually works, as a chemical dependency, not a matter of poor willpower.
Gambling Addiction treatment in America
As gambling becomes more accessible, even on college campuses and, alarmingly now among high school students, there is an urgent need for specialized care.
Birches Health helps meet that need by providing evidence-based, discreet online therapy for gambling addiction anywhere in the United States. Our licensed clinicians specialize in treating compulsive sports betting, casino and lottery gambling. Each patient receives a customized plan to address the unique psychological and behavioral aspects of gambling disorder.
Treatment can be covered by insurance, as Birches Health partners with all major U.S. insurance providers, making recovery more accessible than ever.
Ready to take the first step toward recovery?
Call 833-483-3838
Email help@bircheshealth.com
