We Legalized Sports Gambling. Now We're Paying for It — ft. Jonathan D. Cohen

May 14, 2026

AI Summary

5 min read

In 2018, the Supreme Court struck down the federal ban on sports betting, allowing states to legalize it. Since then, 30 states have done so, with bets reaching $148 billion in 2024—a 30-fold increase. Nearly all (94%) occur online via apps, and about half of men aged 18-49 now have betting accounts. Jonathan D. Cohen, who leads gambling policy at the American Institute for Boys and Men and founded Losing Big, discusses with host Scott Galloway how this shift, driven by promises of tax revenue and league partnerships, has created widespread access but few safeguards.

Incentives Behind Legalization

States legalized sports betting primarily for tax revenue, a pattern dating to the 1730s when lawmakers sought "tax-free" government funds. Gambling companies and sports leagues lobbied heavily, claiming it would boost TV ratings and viewership as bettors watch more games. Pre-legalization betting existed in black markets (bookies, offshore sites), so proponents argued legalization would "reshore" revenue without expanding gambling overall. In reality, revenue is minimal—only Montana gets over 1% of its taxes from it—and apps have supercharged participation.

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What you'll learn

1 (02:12) **Episode Intro** - Host Scott Galloway introduces guest Jonathan D. Cohen and shares personal gambling experiences
2 (05:08) **Guest Background** - Cohen located in New Haven; discussion jumps to 2018 Supreme Court ruling on sports betting
3 (05:45) **Legalization Incentives** - States lured by tax revenue promises from gambling companies and sports leagues
4 (07:03) **Freedom vs Protection Tension** - Libertarian access vs predatory apps exploiting young users
5 (08:44) **Needed Regulations: Friction** - Slow betting pace via deposit/withdrawal limits, time caps, spend caps
6 (09:34) **Aggregate Evidence of Harm** - Studies show 30% bankruptcy rise, loan delinquencies, reduced savings post-legalization
7 (10:43) **Suicide and Self-Exclusion Surge** - Gambling has highest addiction suicide rate; PA self-exclusions 18-35 jumped from 50/year to 1,500/year post-2019

+ Full timestamped outline available in the app

Show Notes

Jonathan D. Cohen, gambling policy expert at the American Institute for Boys and Men and author of Losing Big: America's Reckless Bet on Sports Gambling, joins Scott to discuss how the 2018 Supreme Court decision unleashed a $150 billion industry — and what it's costing young men.

They discuss why frictionless mobile betting is uniquely dangerous, how states were sold on legalization for tax revenue that rarely materializes, and why gambling has the highest suicide rate of any addiction.

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