You're probably wondering whether to invest all your spare cash in sports gambling sites, which coin money without providing any particular product or service. The bookie biz, traditionally, has a lower overhead than fentanyl sales, for example, which it otherwise resembles, because gambling doesn't require any precursor chemicals. However, gambling's overhead is increasing, as the demands of prediction and betting markets are one of the factors driving the "build-out" of data centers to the tune of trillions of dollars.
And I think the gambling market may be saturated. I hope so, because if it's not, we’ll face even more advertising for gambling sites. Advertising for gambling sites—let's say Nick Jonas and Kevin Hart for DraftKings; Lebron James, Spike Lee, and Sue Bird for Polymarket; Ron Gronkowski and Kay Adams for FanDuel; John Hamm and Derek Jeter for BetMGM; Sydney Sweeney for Novig—has surely reached saturation point, potentially crowding out ads in which political candidates are attacked by their own mothers or in which incomprehensibly-named new pharmaceuticals are promoted in chubby dance routines.
It would surprise me if anyone who could be persuaded by advertising to gamble isn't already gambling, and the next ad, even if it features Beyoncé, Timothée Chalamet, and Joe Biden having sex, might not make back its costs. Right now I wouldn't invest in gambling sites, or even advertising agencies. All of the celebrities listed above are probably in gambling rehab right now, or soon will be. They might, even as we speak, be sinking into lives of crime in their desperation, or just losing everything, as one does. In a couple of years, we'll be driving past trying not to look as Nick Jonas panhandles on the exit, his cardboard sign still promoting DraftKings (he's under contract, after all).
Unsurprisingly, given the relentless promotion by everyone (almost all of it pointedly aimed at men), gambling addiction is increasing dramatically. Since sports gambling, and advertising for it, was legalized in 2018 by Supreme Court decision, and accompanying the exponential expansion of cloud-computing-driven prediction markets over the last decade, gambling addiction has increased something like 60%. This reflects millions of lives and families shattered. It’s connected with thousands of suicides, as gambling addicts have an even higher rate of suicide than addicts of other sorts. It's an extremely sharp rise, comparable to arrival of crack around 1986. People aren’t talking about it much, but this has got to be a public health crisis.
And it's likely to take some years to spool out, as addictions in general take some time to develop and worsen and emerge from secrecy and fully accomplish their work of moral and fiscal bankruptcy. After you first start the addictive behavior, it might be five years or more before you lose everything and end up in residential treatment declaring that your life has become unmanageable. That's why I think gambling rehab, unlike gambling itself, is likely to continue to be a growth industry into the indefinite future. So today's tip is to invest in companies such as Algamus Recovery Services and Promises Behavioral Health that specialize in gambling rehab. Most insurance plans, including Medicare, cover treatment for gambling addiction.
Plus, in the long run you'll be helping Kevin Hart and Lebron James in the next phase of their celebrity lives. I bet you'll get to meet Jon Hamm and Derek Jeter in rehab too, or if that's too directly slanderous I'll just remark vaguely that you're liable to meet some transcendently famous people, some real heroes, in your recovery, perhaps the same ones who helped bring you there. You can thank them for their service as you 12th-step them. But whether you or Spike Lee or Giannis Antetokounmpo ever uses the services, gambling rehab is a solid investment in an industry undergoing explosive growth. You want to move your money there and away from the data center buildout.
On the other hand, I think there ought to be a backlash. One lovely and shocking moment has been provided by the great young NBA star Victor Wembanyama. Asked whether he would do ads for gambling sites, he responded, "I will never do that. Honestly, I think it’s very sad to see some players promote it, in my opinion. Everybody does whatever they want, but without me… I want to promote things that have a good impact, have a good influence on the world, with who I can share messages and values.”
Maybe Wembanyama should appear on behalf of gambling recovery facilities, which help people instead of harming them, unlike Kevin Hart. We're going to clean up, Victor, in every sense of the phrase. I don't remember hearing the sort of basic moral grounding applied by Wembanyama from a lot of big stars, though I vaguely recall that Clint Eastwood refused to advertise cigarettes, which killed his father. But I think that people like Spike Lee and Jon Hamm might want to think about the effect of what they are promoting, and how badly they need the money. Admittedly, Lebron needs to pay for his helicopter commute.
But if Wemby's approach leads celebrities and stars to think a little longer and harder about what they are promoting, it’d represent an important accomplishment.
—Follow Crispin Sartwell on X: @CrispinSartwell