Wagering might not be quite the financial panacea many were expecting.
In the half-dozen years since the Supreme Court in 2018 effectively allowed legal sports betting in all states, 38 of them and D.C. have to some extent authorized wagering — often with the express purpose of stabilizing state finances by taxing the new business. Sure enough, gambling on games has exploded, mobile sports betting apps have proliferated and Americans are wagering — and mostly losing — increasing amounts of money. They bet nearly $120 billion in 2023, netting the gambling industry close to $11 billion in revenue.

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