Posted on: December 8, 2023, 02:11h.
Last updated on: December 7, 2023, 05:32h.
Financial analyst Meredith Whitney expressed her concerns about legal sports betting on CNBC recently. She discussed the negative impact she believes it’s having on society.
She pointed out that men who spend too much time gambling on their electronic devices could be a cause of the declining marriage rates and lower interest in dating and sexual activity among young men.
Whitney shared her views on “Squawk on the Street,” stating that consumer spending has decreased, with leisure spending on fantasy sports and online sports betting being the fastest-growing categories.
According to Whitney, 63% of young men are single, and 50% of them have no interest in dating. She also said 30% of young men revealed they haven’t had sex in over a year and don’t care.
Drive Research, a New York-based market research company, reported that nearly half of online sports bettors are aged 23 to 34 and almost 70% are male. Over 90 million US adults are participating in the legal sports betting industry, but Whitney believes this trend may have negative economic consequences in the future.
Whitney suggests that fewer marriages and young men finding satisfaction in sports gambling rather than relationships could affect the economy and homebuyer rates down the road.
She also believes that as more states introduce legalized sports betting, such as Florida, California, and Texas, the problem will only worsen.
The build-up of rental properties by homebuilders indicates that there might be limited homebuyers when the older generations decide to downsize, according to Whitney.