As sports betting gains popularity in the United States, many people are turning to betting apps in hopes of quick returns. However, this trend may be more financially damaging than most realize. Yahoo Finance senior columnist Janna Herron joins Wealth! to discuss the financial consequences of this growing phenomenon.

Herron highlights several financial repercussions of sports betting. Most notably, she points out that for every dollar spent on sports betting, households typically reduce their “investment behavior” by two dollars. This shift in spending habits extends beyond betting to include increased expenditures on entertainment such as streaming services and nights out at bars. The cumulative effect can lead to serious financial issues, including overdrawn bank accounts and mounting credit card debt.

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This post was written by Angel Smith