The Expensive Pastime That’s Financially Squeezing Young Men

By Faith Barbara N Ruhinda at 1456 EAT on Saturday 23 August 2025

When Ethan lost $11,000 on a single hockey game this past March, it was the breaking point.

Ethan, 27, who asked to withhold his last name for fear of jeopardizing his job, had placed a spread bet on an NHL matchup between the Carolina Hurricanes and the Calgary Flames. In spread betting, it’s not enough for a team to win—they must win by a certain margin. The Hurricanes did win, but only by a single point—falling short of the two or more Ethan needed to cash in.

That night, Ethan broke down in front of his girlfriend. “I couldn’t do it anymore,” he said.

What began as a casual hobby—placing friendly wagers with fraternity brothers in college—slowly spiraled into a years-long gambling addiction. Now, Ethan wanted out.

While his story may be on the more severe end of the spectrum, he represents a growing and troubling trend.

According to a recent national survey of registered voters conducted by Fairleigh Dickinson University, one in four men under 30 in the U.S. bet on sports online. Alarmingly, 10% of men ages 18 to 30 met the criteria for a gambling problem—more than three times the rate in the general population, which stands at 3%.

The survey also found that 68% of online sports bettors reported engaging in at least one behavior considered harmful—such as borrowing money to gamble or experiencing financial or emotional distress as a result.

Dr. Timothy Fong, a psychiatry professor at UCLA and board-certified in addiction psychiatry, told CNN’s Nick Watt that young people are especially vulnerable to the lure of sports betting. The reason, he explained, lies in brain development: the frontal lobe—the part responsible for managing impulsivity and risk—is not yet fully formed in young adults.

“We know that the younger you start betting on sports, that leads to a higher likelihood of developing a gambling problem when you’re older,” Fong said.

That’s exactly what happened to Ethan.

From Dorm Rooms to Betting Apps

Back in college, before sports betting was legal in most of the U.S., Ethan and his fraternity brothers would place bets through offshore, unregulated websites. What started as a thrill quickly morphed into what Ethan describes as an “anxious frenzy” of daily wagers, mounting losses, and sleepless nights.

A major turning point came in 2018, when the U.S. Supreme Court ruled that states could decide for themselves whether to legalize sports betting. Since then, the industry has exploded: as of now, sports betting is legal in 38 states and Washington, D.C.

Watt’s full report will air on The Whole Story with Anderson Cooper at 10 p.m. on Sunday, August 24.

With the rise of legal sports betting apps, Ethan—and others like him—suddenly had easy, round-the-clock access to place bets. The convenience only deepened his addiction. By August of last year, he had quit his nearly six-figure sales job, convinced he could turn sports betting into a full-time career.

One morning last September, Ethan was going through his usual routine—drinking coffee with his girlfriend and scrolling through daily game predictions. That day, a post from a sports betting influencer caught his eye. The influencer boasted an impressive winning streak, claiming to have correctly picked game after game.

Ethan was skeptical—he typically didn’t fall for that kind of content—but this time, the results looked convincing. The influencer was promoting his picks for five games that day, complete with what appeared to be hard proof.

The $11,000 loss on a Hurricanes–Flames hockey game in March was the breaking point for Ethan. After years of escalating bets and mounting stress, he finally took a decisive step: he officially “self-excluded,” using a feature within sports betting apps to ban himself from logging in or placing any further wagers.

A Shifting Industry

Two decades ago, the word gambling typically conjured images of slot machines in Las Vegas or poker tables in Atlantic City—older crowds, occasional bachelor or bachelorette parties, and in-person play.

Today, the landscape looks dramatically different. Online gambling and sports betting have broadened access and appeal, particularly among younger users. While traditional casinos still account for the majority of industry profits, sports betting is rapidly gaining ground.

In 2024, revenue from sports betting reached $13.7 billion—a 25% increase over the previous year—according to the American Gaming Association.

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