It's also ruining sports, the advertising is everywhere and extremely tacky, while contributing to the financial ruin of the poorest in society. If I see another HollywoodBets advert I will

Specifically, for every $1 spent on betting, households put $2 less into investment accounts. States see big increases in the risk of overdrafting a bank account or maxing out a credit card. These effects are strongest among already precarious households.

Fake society with fake finance. This is terrible.

Looking specifically at online sports gambling, they find that legalization increases the risk that a household goes bankrupt by 25 to 30 percent, and increases debt delinquency. These problems seem to concentrate among young men living in low-income counties—further evidence that those most hurt by sports gambling are the least well-off.

Yeah definitely. I see it all the time with soccer/football.

Matsuzawa and Arnesen extend this, finding that in states where sports betting is legal, the effect is even bigger. They estimate that legal sports betting leads to a roughly 9 percent increase in intimate-partner violence.

...

Legalization isn’t yielding many benefits, either. Tax revenue—one of the major justifications for legalization—has been anemic, with all 38 legal states combined making only about $500 million from it a quarter, less than alcohol, tobacco, or marijuana

Of course, these gambling operations are great at avoiding taxes, setting up their operation to be off shore on official paperwork, in office buildings that don't exist.