The Gist: High Stakes, Low Standards: America's Gambling Gamble

Hosted by Mike Pesca | Released August 5, 2025 | Produced by Peach Fish Productions

Introduction

In the episode titled "High Stakes, Low Standards: America's Gambling Gamble," Mike Pesca delves into the contentious world of sports gambling in the United States. Drawing from his personal experiences and expert insights, Pesca explores whether the burgeoning sports betting industry benefits society or poses significant risks.

Personal Reflections on Gambling

Mike Pesca begins by sharing his modest engagement with sports gambling. He explains, "I like to gamble very small amounts on sports that I know a lot about and the result of this gambling is sometimes winning. But is it good for society just because I like a little bit of it?" (00:32) This personal anecdote sets the stage for a broader discussion on the societal implications of legalized sports betting.

Introducing Jonathan D. Cohen

Pesca introduces his guest, Jonathan D. Cohen, author of "Losing Big: America's Reckless Bet on Sports Gambling." Cohen brings a critical perspective to the conversation, highlighting the rapid and unregulated expansion of the sports gambling industry since the 2018 Supreme Court decision that lifted the federal ban.

Critique of Current Implementation

Cohen articulates his primary concern: "The way [sports gambling] was rolled out was as quickly as possible, get as many games as possible onto as many phones as possible with as few guardrails as possible." (12:08) He emphasizes that the rush to legalize sports betting prioritized revenue generation over public safety, leading to inadequate protections for consumers.

Comparison to Alcohol and Opioid Addictions

Drawing parallels between sports gambling and other addictions, Cohen notes, "Gambling addiction... works actually very similarly to alcohol dependency... Both are chemical dependencies." (15:23) He criticizes the lack of comprehensive regulatory frameworks, such as dram shop laws for alcohol, which hold providers accountable for over-serving intoxicated individuals.

The Role of Advertising in Normalization

A significant portion of the discussion centers on the pervasive advertising strategies employed by sports gambling companies. Pesca observes, "The normalization of sports betting... was basically done by advertising." (23:15) Cohen agrees, highlighting how high-profile endorsements and in-game promotions have seamlessly integrated betting into the sports viewing experience, making it challenging to distinguish between entertainment and wagering.

International Perspectives and Natural Experiments

Cohen contrasts the U.S. approach with international examples, noting that countries like the UK and Australia are re-evaluating their gambling regulations in response to rising addiction rates. He mentions, "UK... is just banned all gambling advertising, full stop." (34:57) Additionally, he references natural experiments in U.S. states where online gambling has led to measurable increases in bankruptcies and financial distress, underscoring the real-world impacts of insufficient regulation.

Regulatory Recommendations

Cohen proposes a two-pronged approach to rectify the current issues:

1. Federal Oversight: Establishing minimum federal standards to ensure uniform safety protocols across states.

2. State-Level Reforms: Redefining the role of state gambling commissions from revenue maximizers to protectors of public welfare. He states, "Allow people to gamble legally while protecting their well being." (17:42)

Long-Term Implications for Sports and Society

The conversation extends to the potential long-term consequences of unchecked sports gambling. Cohen fears that excessive integration of betting could erode genuine sports fandom. He warns, "You're not creating a generation of sports fans, you're creating a generation of people who like gambling on sports." (35:54) This shift could diminish the intrinsic value of sports as a form of pure entertainment.

Balancing Enjoyment with Public Health

Addressing the counterpoint that gambling provides entertainment and personal enjoyment, Pesca challenges how to weigh these benefits against the societal harms. He asks, "How do we actually incorporate the net enjoyment, the net positivity... against the very real, heartfelt stories...?" (41:06) Cohen acknowledges the validity of this perspective but insists that responsible regulation can allow for personal enjoyment without compromising public health.

Conclusion

The episode concludes with a poignant dialogue emphasizing the need for a balanced approach to sports gambling—one that recognizes individual freedoms while safeguarding society from its potential pitfalls. Pesca and Cohen agree that without significant regulatory reforms, America's gambling landscape remains precarious, prioritizing short-term gains over long-term well-being.

Notable Quotes

• Mike Pesca: "I like to gamble very small amounts on sports that I know a lot about..." (00:32)

• Jonathan D. Cohen: "The way [sports gambling] was rolled out was as quickly as possible... with as few guardrails as possible." (12:08)

• Jonathan D. Cohen: "Gambling addiction... works actually very similarly to alcohol dependency." (15:23)

• Jonathan D. Cohen: "Allow people to gamble legally while protecting their well being." (17:42)

• Jonathan D. Cohen: "You're not creating a generation of sports fans, you're creating a generation of people who like gambling on sports." (35:54)

• Mike Pesca: "How do we actually incorporate the net enjoyment... against the very real, heartfelt stories..." (41:06)

Final Thoughts

"High Stakes, Low Standards: America's Gambling Gamble" offers a comprehensive examination of the sports gambling industry's trajectory in the U.S. Through insightful dialogue and critical analysis, Pesca and Cohen illuminate the urgent need for thoughtful regulation to balance economic benefits with the protection of societal well-being.