Everybody Loses: The Tumultuous Rise of American Sports Gambling

In this eye-opening debut investigation, reporter Funt digs into the rise of American sports betting. He chronicles the history of sports gambling laws, detailing how an exemption for fantasy leagues in the early 2000s led to a “gray market” that allowed for the rise of FanDuel and DraftKings, platforms on which users competed to win money by drafting a team of athletes and earning points based on their real-world performances. As the fantasy sports industry grew, the companies successfully lobbied lawmakers and sports leagues to embrace sports betting, and in 2018 the Supreme Court struck down the federal ban. The sports gambling industry boomed as sportsbook companies promoted the dream of walking away with a small fortune. But, as Funt reveals, the market is designed to favor the gambling companies, not those placing bets. Sportsbooks make it incredibly difficult to win, boosting their own profits by limiting wager amounts for sharp bettors who consistently win and denying payments on winnings. Through firsthand accounts of bettors, including a teacher who lost more than $100,000 in two years, and former sportsbook executives (one of whom admits these companies are “selling that you can win, but you can’t”), Funt paints a disturbing portrait of a developing industry. No stone is left unturned in this comprehensive takedown. (Jan.)