Sports Leagues Bet on Gambling. Now They’re Facing Its Risks.
Summary
The largest U.S. sports books announced this week that they were forming the Responsible Online Gaming Association, an organization that will allow them to share information about customers who have been excluded because of problematic gambling. Professional sports teams and casinos both “have a very strong track record in terms of lobbying state legislatures,” said Marc Edelman, a professor of law at Baruch College who studies gambling history. Attendance at Cincinnati Reds games dipped only slightly after Rose, who managed the team, was ousted for betting, said Keith O’Brien, author of “Charlie Hustle: The Rise and Fall of Pete Rose.” A year later, it jumped about 25 percent. Ethan Mollick, a professor at the Wharton School of the University of Pennsylvania, has built a big following for his research into how to apply artificial intelligence at work and his popular newsletter, One Useful Thing. On our radar: The ancient maritime principle of ‘general average’ Insured losses from the collapse of the Francis Scott Key Bridge, which a cargo ship struck on Tuesday, could reach $4 billion, and sorting out who will foot that bill may take a decade of litigation.