ON Betting

 

Wanna Bet?
   Even if you don't gamble, you have certainly seen signs that others are, and probably agree that it is highly likely that there is a great deal of wagering going on even as I write. I can't understand the discussions between the convenience store clerk and the buyers of lottery tickets, nor can I grasp the math and symbols appearing in the betting lines. I am willing to bet, however, that the growth in legalized gambling is not going to end up being a good thing. Given that I don't have the ability to analyze the numbers, I can at least call your attention to some of the more spectacular ones.

  Let's begin with Aubrey Graham, who is better known as "Drake". Apparently he is a well-known Canadian rapper. He also gambles a bit and is probably preparing for the Super Bowl which, last year, he placed a number of bets on, such as:
$700,000 on the Chiefs to win and $50,000 on Mahones scoring the first touchdown and another $30,000 on Travis Kelce being the Super Bowl MVP. There were more bets - during just this one game.
   He also bets on other events. For example:

$275,000 on Jorge Masvidal to Beat Colby Covington at UFC 272 (Lost)
$159,000 on Golden State to Win NBA Western Conference in 2022 (Lost)
$80,000 on Duke to Beat UNC in 2022 Final Four (Lost)
$309,000 on Dallas Mavericks, New York Rangers & Calgary Flames 2022 parlay (Won)
$427,000 on Justin Gaethje to Beat Charles Oliveria at UFC 274 (Lost)
$136,000 on Israel Adesanya to Beat Jared Cannonier at UFC 276 (Won)

   The golfer, Phil Mickelson, appears to have gambled more than $ 1 BILLION. Among the over 7,000 bets placed are these:

"Betting $110,000 to win $100,000 on 1,115 occasions, and betting $220,000 to win $200,000 on 858 occasions. That alone comes out to just over $311 million.
Mickelson in 2011 made 3,154 bets for the year and on one day (June 22) he placed 43 bets on Major League Baseball games that resulted in $143,500 in losses.
He placed 7,065 bets on football, basketball and baseball.
He did have some limits; $400,000 on college and NFL games."   
"Based on our relationship and what I've since learned from others, Phil's gambling losses approached not $40 million as has been previously reported, but much closer to $100 million. In all, he wagered a total of more than $1 billion during the past three decades," Walters wrote. [ Walters contends that Mickelson lost nearly $100 million - Billy Waters, Gambler: Secrets From a Life at Risk.]

   I admit that one cannot extrapolate or explain anything from these two examples, but at least the small sample is diverse; one guy is white, the other Black. Without any additional evidence at all, I am willing to place another bet -- that there are large numbers of gamblers out there with a lot less money to lose, who are losing a lot of it. The small print disclaimers at the bottom of big gambling ads hint at the problems, but will likely not help much. I would suggest that those in MADD, form a MAGA branch (Mothers Against Gambling Addiction), but I gather that acronym is taken. 

Sources:
   "Biggest Super Bowl LVII Bets: Drake Wagers Nearly $1 Million," Brian Pempus, Forbes, Feb. 13, 2023.
   "Phil Mickelson Wagered More Than $1B US, Wanted to Bet on Ryder Cup," Doug Ferguson, AP, Aug. 10, 2023.

Post Script:
   My analysis is less than rigorous, so I will admit I did find some good news:
"1st Year of Ontario Sports Betting Generated Over $1.48B, IGo Report Shows: Report Says the Regulated Market Currently Shows More Than 12,000 Jobs," Dan Ralph, The Canadian Press, June 15, 2023.
  I don't know if the report indicates whether any of the 12,000 employees gambled away their pay cheques. 

The Bonus:
  One wonders if the advertisements for gambling will disappear, as did those for cigarettes. One British newspaper announced on June 19 that it was banning gambling ads:
"All bets are off. The Guardian has banned ads for gambling firms across its platforms, recognising that the rise in betting apps and websites has left millions in financial ruin. By refusing to take their marketing money, we are in a stronger position to scrutinise the industry’s practices."