Study says betting impacts hurts retirement [Video]

A new study from the University of Kansas reveals that every dollar spent on online sports betting translates into two dollars not invested in retirement savings.The research, conducted by finance professors at the University of Kansas, examined spending patterns of 230,000 households across all 50 states, comparing data from three years before and after the legalization of online sports betting. The study found that the impact of online sports betting is particularly severe for financially constrained individuals.”The effects that we find are exacerbated in what we would call financially constrained individuals,” said Justin Balthrop, an assistant professor of finance at the University of Kansas.For the 50% of people who struggle to save, the legalization of online sports betting has led to increased bank overdrafts, higher credit card balances and more interest payments.The study also highlights that the average household spends between $800 and $1,000 a year on online gambling.This expenditure …