View Source

It’s Easy (and Legal) to Bet on Sports. Do Young Adults Know the Risks?

Most adults who bet on sports do so without major negative consequences. But about 1 percent of American adults have a gambling disorder, in which the core symptom is continuing to gamble despite harmful consequences, said Dr. Fong, who is a director of the Gambling Studies Program at U.C.L.A.

A vast majority of those with a serious gambling problem never seek or gain access to treatment, he said.

Studies have shown that sports bettors are typically male, under 35, single, educated and employed or preparing for a career. According to a new survey commissioned by the National Council on Problem Gambling, sports bettors showed significantly higher levels of problematic gambling than other gamblers. The risk of addiction is higher for young adults — specifically sports bettors — than for those of any other age, the survey found.

According to CollegeGambling.org, a subgroup of the International Center for Responsible Gaming, 6 percent of college students in the United States have a serious gambling problem that can lead to psychological difficulties, unmanageable debt and failing grades.

Young adults are at particular risk for developing a gambling problem, especially if there is a family history of gambling or if they are introduced to it at a young age, Dr. Fong said. The increased accessibility of online gambling may accelerate the development of problems, he said — a phenomenon known as telescoping.

As sports betting has grown — household names like FanDuel and DraftKings now offer legal avenues — the need for recovery programs and dedicated treatment facilities has quickly outpaced their availability, recovery experts said. Rick Benson, the founder of the Algamus Gambling Recovery Center in Arizona, said the number of young adults who have sought treatment for gambling problems has more than doubled in the past two years.

Sex, drugs and alcohol are commonly covered in school and in the coming-of-age conversations that parents have with their children, but discussions about the consequences of gambling are rare, former gamblers and experts said. This can lead young people to underestimate the addictive nature of sports betting and other forms of gambling. Warnings, often in small fonts, that caution visitors to online sports books and gambling websites about the risks of addiction are easily overlooked.

View Source

Fact, or Corporate Fiction?

Announcing phony news on April Fools’ Day is one of corporate America’s favorite occasions for shameless publicity stunts. But when stonks, Dogecoin and $69 million JPG files are real things that warrant serious business coverage, the risk of jokes being taken seriously could hardly be higher. Some say that’s a good reason to skip them, not to mention the gravity that a pandemic has cast over things.

With that in mind, can you spot the prank among these recent announcements? (Scroll to the bottom for the answer.)

A: To celebrate National Burrito Day today, Chipotle is giving away $100,000 worth of Bitcoin.

B: Volkwagen’s U.S. operation is changing its name to “Voltswagen” to emphasize the company’s push into electric vehicles.

C: Robinhood is nixing a confetti animation when app users make a stock trade to reduce “distraction.”

complaints about burnout.

Business groups challenge President Biden’s proposed corporate tax increases. The Business Roundtable and U.S. Chamber of Commerce were among those that praised Mr. Biden’s plan to spend trillions on infrastructure. But they rejected his idea to pay for it by raising taxes, saying that doing so would endanger the economic recovery.

delay future shipments of its vaccine after a mix-up at a manufacturing plant. A top E.U. official said the bloc would allow “zero” shipments of AstraZeneca’s vaccine to Britain until the drugmaker fulfilled its commitments to Brussels. And France announced a third nationwide lockdown as its cases mount and inoculation efforts lag.

A tough day for initial public offerings. As Deliveroo had “the worst I.P.O. in London’s history,” other offerings also struggled. In the U.S., the SoftBank-backed real estate brokerage Compass priced at the bottom of a reduced range, while the low-cost airline Frontier sold at the low end of expectations. And in Canada, the space tech company MDA priced below its range.

Microsoft wins a huge contract to make augmented-reality headsets for the U.S. Army. The tech giant will receive up to $22 billion for equipping soldiers with sensors based on its HoloLens technology. It’s another big defense contract for Microsoft, which beat out Amazon to provide a $10 billion cloud computing system for the Pentagon.

A day after 72 Black executives signed a letter calling on companies to fight restrictive voting bills more forcefully, executives have begun speaking out more directly about laws that limit ballot access. But their statements came too late to affect a sweeping law passed last week in Georgia that added new requirements for absentee voting, limits on drop boxes and other restrictions that have an outsize impact on Black voters.

Delta and Coca-Cola reversed course. Ed Bastian, Delta’s C.E.O., told employees, “I need to make it crystal clear that the final bill is unacceptable and does not match Delta’s values.” James Quincey, Coca-Cola’s C.E.O., said he wanted to be “crystal clear” that “the Coca-Cola Company does not support this legislation, as it makes it harder for people to vote, not easier.”

  • The statements by the Atlanta-based companies angered local politicians, including Gov. Brian Kemp. In the past, corporate stands on controversial issues have led to political retribution: In 2018, Lt. Gov. Casey Cagle stripped a tax break proposal from a bill that would benefit Delta after the airline ended a promotional discount for N.R.A. members. The State House passed a similar measure yesterday, but the Senate didn’t take it up before the chambers adjourned for the year.

  • Retaliation also goes the other way: In an interview with ESPN, President Biden said he would “strongly support” moving Major League Baseball’s All-Star Game from Atlanta, scheduled for July.

“It is regrettable that the sense of urgency came after the legislation was passed and signed into law,” said Darren Walker, the Ford Foundation president, who is a board member at Pepsi, Ralph Lauren and Square.

said the company stood “ready to continue to help in ensuring every Georgia voter has the ability to vote.” A spokesperson for Home Depot reiterated the company’s stance that it believes “all elections should be accessible, fair and secure.” A spokesperson for Inspire Brands, the owner of Dunkin’ Donuts and Arby’s, said that it “values inclusivity” and believes that “every American should have equal access to their right to vote.”


— Justice Samuel Alito, assessing the “stark picture” painted by college athletes in an antitrust case against the N.C.A.A. that the Supreme Court heard yesterday.


RedBird Capital Partners confirmed its deal to buy a stake in Red Sox parent Fenway Sports Group, a transaction that values the company at $7.35 billion. DealBook spoke with RedBird’s founder, Gerry Cardinale, and Fenway’s chair, Tom Werner, about what happens next.

Buy and build. RedBird plans to acquire more teams: Mr. Cardinale noted that his company doesn’t own teams in the N.B.A., N.H.L. or M.L.S. For its part, Fenway plans to tap new opportunities in ticketing, sponsorship and media. (As part of the RedBird deal, the N.B.A. star LeBron James bought a stake in Fenway.) In media, Fenway controls NESN, and RedBird owns a stake in the YES network. “You should expect that we’re going to continue to look for ways to innovate in that area,” said Mr. Cardinale, who helped create the YES network.

The deal was a better fit for the private market instead of a SPAC, the executives said, after talks to take Fenway public via a blank-check firm fell through. “In the middle of Covid, with the mandate to re-underwrite the next wave of growth for Fenway Sports Group, we probably would be better off doing that privately and then give ourselves the option down the road,” Mr. Cardinale said of going public. He also called the current SPAC market “very frothy.”


announced a deal last week to go public by merging with a blank-check firm that valued it at roughly $8 billion.) A new documentary, “WeWork: Or the Making and Breaking of a $47 Billion Unicorn,” tries to find lessons among the ups and downs. It streams on Hulu, starting tomorrow.

Jed Rothstein, the director, told DealBook that he believes what’s most compelling about WeWork isn’t what went wrong, but how it initially succeeded by turning strangers into a kind of tribe. “We still need that,” he said.

“The core idea of WeWork met a real need for community,” Mr. Rothstein said. “The voids people were trying to fill have only become more real.” After a year of social distancing, he likes the notion of curated communal spaces, which is what WeWork offered. Talking to early WeWorkers who bought the vision and later felt betrayed, he was surprised to find how much the company gave its devotees, notably a feeling that they were part of something bigger. That is worth acknowledging in a world where people will increasingly work remotely and for many different companies in their careers, Mr. Rothstein said.

WeWork’s co-founders, Adam Neumann and Miguel McKelvey, both had communal childhood experiences. Mr. Rothstein said he thought they sincerely wanted to replicate the good in group life and inspired people who hadn’t seen that before. But Mr. Neumann also focused on what he didn’t like — sharing equally — and emphasized an “eat what you kill” mentality. Ultimately, his hunger turned the community dream into a nightmare for many.

Deals

Politics and policy

Tech

Best of the rest

Feeling burned-out? As more workers consider a return to the office, our colleague Sarah Lyall is writing about late-pandemic anxiety and exhaustion. Tell her about how you’re coping.

April Fools’ Day quiz answer: B. If you were fooled by Volkswagen’s prank, you’re in good company. Volkswagen reportedly told journalists that a draft of the announcement was not a stunt. It later called the stunt just “a bit of fun.”

View Source

Suicide and Self-Harm: Bereaved Families Count the Costs of Lockdowns

LONDON — Sunny, driven and with a new engineering master’s degree in hand, Joshua Morgan was hopeful he could find a job despite the pandemic, move out of his mother’s house and begin his life.

But as lockdowns in Britain dragged on and no job emerged, the young man grew cynical and self-conscious, his sister Yasmin said. Mr. Morgan felt he could not get a public-facing job, like working at a grocery store, because his mother, Joanna, had open-heart surgery last year, and Mr. Morgan was “exceptionally careful” about her health.

He and his mother contracted the coronavirus in January, forcing them to quarantine in their small London apartment for over two weeks. Concerned by things he was saying, friends raised the alarm and referred him to mental health services.

But days before the end of his quarantine last month, Mr. Morgan, 25, took his own life. “He just sounded so deflated,” his sister said of their last conversation, adding that he said he felt imprisoned and longed to go outside.

Japan saw a spike in suicide among women last year, and in Europe mental health experts have reported a rise in the number of young people expressing suicidal thoughts. In the United States, many emergency rooms have faced surges in admissions of young children and teenagers with mental health issues.

Mental health experts say prolonged symptoms of depression and anxiety may prompt risky behaviors that lead to self-harm, accidents, or even death, especially among young people.

weigh the risks of depression if they impose new virus restrictions. And public health officials in some areas that have seen a surge of adolescent suicides have pushed for schools to reopen, although researchers say it is too early to conclusively link restrictions to suicide rates.

June CDC survey found that younger adults, along with ethnic minorities and essential workers, experienced increased substance use and suicidal ideation.

“Imagine a young person in a small room, who takes their course online and has limited social life due to restrictions,” said Fabrice Jollant, a professor of psychiatry at the University of Paris. “They may be tempted to consume more drugs or drink more alcohol, and may have less physical activity, all of which can contribute to symptoms of depression, anxiety and poor sleep.”

For Pepijn Remmers, such temptations had tragic consequences.

Pepijn, 14, greeted lockdown restrictions last spring with positive energy. An adventurous and sociable teenager, he picked up piano playing and would slip under the fence of the local soccer pitch on the outskirts of Amsterdam in the afternoons to play with his best friend, Thijs.

But as the pandemic dragged on, Pepijn struggled to focus and online classes became too “booooring,” he told his parents. New restrictions in the fall stopped the soccer.

He began to take drugs in October, according to his father, Gaston Remmers, and his exercising routine waned in December. As his sleep patterns began to change, his parents took him to a therapist.

Papyrus, saw its calls increase by 25 percent, in line with an increase of about 20 percent each year.

It is unclear, the organization says, whether this is a sign of more people experiencing more suicidal thoughts or symptoms of mental health issues, or if people now feel more comfortable reaching out for help.

Lily Arkwright confided in her friend and housemate Matty Bengtsson. A 19-year-old history student at Cardiff University, Lily was self-confident, outgoing and charismatic in public, her friends and family said, but as she went back to school in September, she began to struggle with the effects of lockdown.

She also became more withdrawn, Mr. Bengtsson said.

One evening in October, as Mr. Bengtsson and Ms. Arkwright were getting ready to see some friends, she grew upset and called her mother to say that she was coming home, Mr. Bengtsson said.

Ms. Arkwright took her own life there, a day after the birthday of her brother, one of her closest confidants.

“Lockdown put Lily in physical and emotional situations she would never have in normal times,” said Lily’s mother, Annie.

Ms. Arkwright said she hoped that growing concerns about young people’s mental health during the pandemic would prompt more of them to share their struggles and seek help.

“It’s OK for a young child to fall over and let their parents know that their knee hurts,” Ms. Arkwright said. “This same attitude needs to be extended to mental health.”

But though stigma around discussing mental health has lessened, society, too, needs to normalize talking about suicide, said Ged Flynn, chief executive of Papyrus, adding that the more comfortable people were with the subject, “the less we need help lines like us.”

People should be praised for adapting and finding resilience during these difficult times, Mr. Flynn said. “Even the need to reach out to a help-line shows resilience,” he said, adding that considering the circumstances, many people were doing “really well.”

For Mr. Morgan’s friends, the loss of a man they called confident and kind has given them a resolve. “Josh always said: One day he’s going to make it,” said his friend Sandy Caulee, 25. “At least we will — for him.”

View Source

The Gambling Company That Had the Best Pandemic Ever

The world that her father credits Ms. Coates with creating is reflected in a television ad for bet365 that ran before the Stoke-Watford game. It featured the actor turned pitchman Ray Winstone, who sat in the back of a luxury sedan, dressed in a dark suit, idling in traffic and exuding ease and control.

“At bet365 we’re always innovating and creating,” he said in a Cockney accent, staring at the camera. Cellphone in hand, apparently ready to place some wagers, he ticked through a list of those innovations, including something called “in-play betting.”

In-play betting allows customers to wager throughout a sporting event, on minutiae that has little bearing on the outcome. How many corner kicks will there be in the first half of a soccer game? How many players will be ejected? What will happen first during a 10-minute increment — a throw-in, a free kick, a goal kick, something else? When those minutes expire, the site takes wagers on the next 10.

“It’s very much like being in a casino,” said Jake Thomas, a former gambling industry executive who chaperoned a reporter, over the phone, through the website during the Stoke-Watford game. “Why wait 90 minutes to find out if your team is going to win? Why not get a little buzz betting on the next corner kick?”

As Mr. Thomas spoke, and the minutes ticked by, the odds of dozens of wagers were constantly repriced. A bet that Stoke would score in the first 30 minutes paid 9 to 1 at just over 25 minutes into the game. A moment later, as that outcome appeared fractionally less likely, the same bet paid 19 to 2.

The company has said it takes action on 100,000 events throughout the year, on sports and races around the world — greyhounds in New Zealand, women’s table tennis in Ukraine, golf in Dubai. There’s even a section on politics. (George Clooney is currently 100 to 1 to win the American presidency in 2024.)

If no live events appeal, virtual events beckon. These are video-generated simulations of tennis matches; games of football, soccer, basketball and cricket; and on and on. One afternoon, bicycle races in a virtual velodrome were running every three minutes, each lasting about a minute.

View Source

What Sky Bet, The Gambling App, Knows About You

LONDON — When Gregg finally stopped gambling in late 2018, he was in a dire financial position. He had lost nearly $15,000 during a nine-month betting binge, on top of two outstanding loans totaling more than $70,000 and a mortgage of more than $150,000 on his small home in Britain.

Now he is on a hunt to know whether his favorite gambling app, Sky Bet, knew about his problems and still tried to hook him.

Records show that Sky Bet had what amounted to a dossier of information about Gregg. The company, or one of the data providers it had hired to collect information about users, had access to banking records, mortgage details, location coordinates, and an intimate portrait of his habits wagering on slots and soccer matches.

After he stopped gambling, Sky Bet’s data-profiling software labeled him a customer to “win back.” He received emails like one promoting a chance to win more than $40,000 by playing slots, after marketing software flagged that he was likely to open them. A predictive model even estimated how much he would be worth if he started gambling again: about $1,500.

More than a dozen states, including New Jersey, Nevada and Virginia, now allow app-based gambling.

London lawyer behind the effort to obtain Gregg’s data. “When we start to look inside the vault, as we are here, then we see how vulnerabilities are laid out to the platforms.”

report published last year said 60 percent of the gambling industry’s profits came from the 5 percent of customers who were “problem gamblers,” or at risk of becoming so.

“We’re trying to get transparency,” Mr. Naik said. “It shouldn’t take this much work from lawyers to figure out what’s going on.”

Sky Bet was the most popular gambling app in Britain last year, downloaded roughly 140,000 times per month, according to the market research firm Apptopia. Once controlled by Rupert Murdoch’s British media company, Sky, it is now owned by Flutter Entertainment, which owns a number of casino apps and generated about $7.4 billion in revenue last year.

In Sky Bet’s privacy policy, which runs over 10,000 words, the company says it collects personal information including browsing history, spending, demographic data and behavioral information, such as the sports a person likes to bet on. The data, which can be shared across at least 12 gambling services owned by Flutter, is used for marketing and personalization, while financial information is collected for money-laundering and fraud protection, the policy says.

chat service for sports fans. “If you use that data in a way that you know, or should know, is harmful to your users, then that’s a serious problem.”

Mr. Naik, who previously helped uncover data misuse by the political consulting firm Cambridge Analytica, was contacted last year by Gregg, who was seeking help getting copies of data from Sky Bet and companies it used to profile users.

The data that he and Mr. Naik obtained included a 34-page breakdown of his financial history from a company called CallCredit, which conducts fraud and identify checks for Sky Bet. It contained information about his bank accounts, debts and mortgage, with details down to monthly payments. In bold was a loan default in March 2019.

Another company used by Sky Bet, Iovation, provided a spreadsheet with nearly 19,000 fields of data, including identification numbers for devices that Gregg used to make deposits to his gambling account and network information about where they were made from.

totaled $7.3 billion, nearly double the next-largest market, Japan, according to Global Betting and Gaming Consultants, an industry research group. This week, four of the top five free sports apps on Apple’s App Store in Britain are gambling related. The companies own and sponsor soccer teams and dominate advertising during televised sporting events.

The country is at the center of the global debate about regulating the new generation of betting apps. The government has opened a review of gambling laws that will include the consideration of new rules for data use and affordability checks, according to the agency conducting the review.

Lawmakers should pass new regulations that allow companies to use data to spot problem gamblers but limit how it can be used for marketing and other sales objectives, said James Noyes, a senior fellow at the Social Market Foundation, a London think tank.

“They detect your pattern of play, your likes, dislikes, spending tendencies and exposure to risk,” Mr. Noyes said. “It’s taking information about you and turning it right back on you.”

View Source

What a Gambling App Knows About You

LONDON — When Gregg finally stopped gambling in late 2018, he was in a dire financial position. He had lost nearly $15,000 during a nine-month betting binge, on top of two outstanding loans totaling more than $70,000 and a mortgage of more than $150,000 on his small home in Britain.

Now he is on a hunt to know whether his favorite gambling app, Sky Bet, knew about his problems and still tried to hook him.

Records show that Sky Bet had what amounted to a dossier of information about Gregg. The company, or one of the data providers it had hired to collect information about users, had access to banking records, mortgage details, location coordinates, and an intimate portrait of his habits wagering on slots and soccer matches.

After he stopped gambling, Sky Bet’s data-profiling software labeled him a customer to “win back.” He received emails like one promoting a chance to win more than $40,000 by playing slots, after marketing software flagged that he was likely to open them. A predictive model even estimated how much he would be worth if he started gambling again: about $1,500.

More than a dozen states, including New Jersey, Nevada and Virginia, now allow app-based gambling.

They said the companies behind the apps required more oversight and are calling for tougher laws to identify problem gamblers and prevent data from being used in underhanded and predatory ways.

London lawyer behind the effort to obtain Gregg’s data. “When we start to look inside the vault, as we are here, then we see how vulnerabilities are laid out to the platforms.”

report published last year said 60 percent of the gambling industry’s profits came from the 5 percent of customers who were “problem gamblers,” or at risk of becoming so.

“We’re trying to get transparency,” Mr. Naik said. “It shouldn’t take this much work from lawyers to figure out what’s going on.”

Sky Bet was the most popular gambling app in Britain last year, downloaded roughly 140,000 times per month, according to the market research firm Apptopia. Once controlled by Rupert Murdoch’s British media company, Sky, it is now owned by Flutter Entertainment, which owns a number of casino apps and generated about $7.4 billion in revenue last year.

Flutter, like Sky Bet, declined to comment for this article. In Sky Bet’s privacy policy, which runs over 10,000 words, the company says it collects personal information including browsing history, spending, demographic data and behavioral information, such as the sports a person likes to bet on. The data, which can be shared across at least 12 gambling services owned by Flutter, is used for marketing and personalization, while financial information is collected for money-laundering and fraud protection, the policy says.

At least eight times in the privacy policy, the company suggests that people who don’t want all that data collected “not use our services and to close your account.”

chat service for sports fans. “If you use that data in a way that you know, or should know, is harmful to your users, then that’s a serious problem.”

Mr. Naik, who previously helped uncover data misuse by the political consulting firm Cambridge Analytica, was contacted last year by Gregg, who was seeking help getting copies of data from Sky Bet and companies it used to profile users.

The data that he and Mr. Naik obtained included a 34-page breakdown of his financial history from a company called CallCredit, which conducts fraud and identify checks for Sky Bet. It contained information about his bank accounts, debts and mortgage, with details down to monthly payments. In bold was a loan default in March 2019.

Another company used by Sky Bet, Iovation, provided a spreadsheet with nearly 19,000 fields of data, including identification numbers for devices that Gregg used to make deposits to his gambling account and network information about where they were made from.

A document from Signal, a company used by Sky Bet that provides tools for tracking users online and offline, listed personal characteristics, like Gregg’s history of playing slots and making soccer his favorite sport to bet on.

totaled $7.3 billion, nearly double the next-largest market, Japan, according to Global Betting and Gaming Consultants, an industry research group. This week, four of the top five free sports apps on Apple’s App Store in Britain are gambling related. The companies own and sponsor soccer teams and dominate advertising during televised sporting events.

The country is at the center of the global debate about regulating the new generation of betting apps. The government has opened a review of gambling laws that will include the consideration of new rules for data use and affordability checks, according to the agency conducting the review.

Lawmakers should pass new regulations that allow companies to use data to spot problem gamblers but limit how it can be used for marketing and other sales objectives, said James Noyes, a senior fellow at the Social Market Foundation, a London think tank.

“They detect your pattern of play, your likes, dislikes, spending tendencies and exposure to risk,” Mr. Noyes said. “It’s taking information about you and turning it right back on you.”

View Source