Sports gambling

In 2025, Americans wagered $166 billion on sports, surpassing combined revenues from movies, music, books, and museums. Experts suggest the actual total could reach $300 billion when including unreported tribal and prediction market bets, with losses concentrated among a small percentage of bettors.

Fanatics, led by CEO Michael Rubin, has become a major player in sports by developing a large merchandise, collectibles, and sports gambling platform.

Reeve L., an Illinois resident, spiraled into gambling addiction after legalizing sports betting in 2019, losing $450,000 in savings and $150,000 in loans. Illinois expanded gambling operations, generating $2.6 billion in tax revenue in 2022, but critics argue the state lacks sufficient safeguards to protect individuals from addiction and financial ruin.

A Texas judge's ruling allowing Texas Tech quarterback Brendan Sorsby to continue playing after he was banned for wagering $90,000 on sports games has sparked debate about sports gambling and addiction. Sorsby and his school appealed his ban, citing his gambling addiction and anxiety issues, which the judge acknowledged.

Rebecca Paul, CEO of the Tennessee Education Lottery, will retire in 2026 after 23 years, amid scrutiny over her $650,000 salary. Lottery revenue has declined since the legalization of sports gambling, leading Tennessee House Speaker Cameron Sexton to push legislation for board restructuring and public disclosure of her compensation.

Amy Howe is stepping down as CEO of FanDuel after five years, during which the company experienced significant expansion in sports gambling and prediction markets. Her departure comes at a time of growing popularity in these areas. FanDuel's future direction remains to be seen.