Podcast Summary: The Gist – Jonathan Cohen: "Add Friction" to the Super Bowl of Gambling

Host: Mike Pesca (Peach Fish Productions)
Guest: Jonathan Cohen, author of Losing Big: America's Reckless Bet on Sports Gambling
Date: February 5, 2026

Episode Overview

In this episode, Mike Pesca takes a hard look at America's rapidly expanding sports gambling culture, especially as it converges with the spectacle of the Super Bowl. Pesca is joined by Jonathan Cohen, a returning guest and prominent gambling policy reform advocate, to dissect the risks, realities, and potential regulatory pathways for sports betting and nascent prediction markets. Cohen urges listeners to "add friction"—in other words, make it harder, not easier, to fall into addictive gambling habits as new technologies and societal acceptance normalize betting.

Key Discussion Points & Insights

Gambling and the Super Bowl: “The Super Bowl of Gambling”

[23:03-24:28]

• The Super Bowl is not just a major football event but the single biggest moment for gambling in the U.S.
• Cohen notes it’s “the day and this is the moment, and this is when a lot of people who don’t otherwise pay attention to gambling start paying attention to it. It’s like the billion dollar, billion dollar Powerball jackpot.” ([23:46], Cohen)
• For many, Super Bowl betting is their only sports wager of the year, making it both a mass participation and high-risk event.

Is the Super Bowl a Gateway to Gambling Addiction?

[24:28-26:22]

• Cohen provides statistics: 60% of NFL bettors make up only 1% of sportsbook revenue – evidence that most bet responsibly in small increments.
• The serious concern is the small fraction—3% of bettors—who generate 82% of gambling revenue and are at highest risk of harm.
  • “You get people sort of falling down a slippery slope from that 60% into this 82% of revenue coming from just 3% of players.” ([24:39], Cohen)
• Despite the growing ubiquity of gambling, only ~1-2% of U.S. adults have a diagnosable gambling disorder.
• Pesca questions if this number will trend higher due to 24/7 access via apps.

The Shift from Vegas to Apps: The Addictive Design of Modern Sports Betting

[26:22-27:15]

• Cohen warns this is "not your grandfather’s Las Vegas"—apps have made betting instantly accessible, perpetual, and high-stakes.
  • “This is a supercharged app on your phone where you can bet a mortgage payment on Czech table tennis...” ([26:32], Cohen)
• The addictive potential has increased due to the speed, variety, and availability of wagers—far outpacing traditional norms.

Prediction Markets: What’s the Difference? Are They Safer?

[27:15-29:23]

• Pesca highlights new prediction markets (Polymarket and Kalshi) that dress gambling up as “futures trading.” Cohen is blunt:
  • “They are gambling sites.” ([27:42], Cohen)
• Key worries:
  • Minimal regulation, especially with respect to age (18+ vs. 21+ for traditional sportsbooks)
  • The line between investing (“wisdom of the crowds”) and gambling is totally blurred
  • These markets allow young adults (18–20) access to sports betting otherwise banned for their age group

User Perspectives: Entertainment Versus Harm

[29:23-34:39]

• Pesca notes that he prefers the user experience and flexibility of prediction markets over traditional sportsbooks, especially as they allow “cash out” features analogous to day trading.
• Cohen acknowledges the entertainment value but insists society must weigh this against real harms, especially given that such platforms can mislead naïve users about their odds against sophisticated institutional traders.
  • “No one has ever accused me of being a proponent of DraftKings or FanDuel, but... you actually can expect to lose your money faster on Kalshi if you are an average or sub-average user...” ([31:45], Cohen)
• Cohen draws a nuanced comparison with other risky but widely accepted vices (alcohol, fast food, etc.): banning gambling would be neither practical nor proportionate, but unchecked, it poses distinct public health risks.

Proposals for Reform: Add Friction to Protect Users

[34:39-36:37]

• Cohen and the American Institute for Boys and Men advocate for reforms that “add friction” to the gambling process, making it harder to spiral into problematic gambling.
  • “Our byword ... is friction. Right. Is to slow it down and to basically make it ... almost impossible for someone to sort of fall down the hill...” ([35:37], Cohen)
• Suggested reforms include:
  • Mandatory waiting periods for deposits before betting (12–24 hours)
  • Banning rapid, micro-bets on niche events (e.g., “the next point in a Czech table tennis tournament”)
  • Modifying app interfaces and transaction systems to slow down impulsive betting
• Cohen emphasizes that such reforms would disproportionately help young men, who “are notorious for embracing risk.” ([36:50], Cohen)

Notable Quotes & Memorable Moments

• Cohen on the Super Bowl as cultural inflection point:
  “This is the day and this is the moment, and this is when a lot of people who don’t otherwise pay attention to gambling start paying attention to it.” ([23:46])
• Cohen on the rise of prediction markets:
  “They are gambling sites. Let’s cut through the PR efforts.” ([27:42])
• Pesca as a betting user:
  “It allowed me to put a bet on ‘Will Susan Collins run for reelection?’ and if she doesn’t, I put $10 down and I win $100. I’d be, I guess, sad for the people of Maine.” ([33:13])
• Cohen's core philosophy:
  “Our byword for all of the reforms that we propose is friction.” ([35:37])
• On societal risk tolerance:
  “I don’t want to just reflexively sort of be a scold and say, ‘oh, here’s a thing where some people will run into trouble, therefore we should get rid of it...’ Because in that case, you’re getting rid of alcohol, marijuana, fast food, the Internet, pornography.” ([34:07])

Important Timestamps

• [23:03] – Super Bowl as America’s biggest betting day
• [24:39] – Gambling as gateway: user percentages and risk
• [26:32] – The shift from Vegas to nonstop mobile betting
• [27:42] – Prediction markets: are they “just” gambling?
• [29:23] – User experience: prediction markets vs. traditional sportsbooks
• [34:07] – Cohen reflects on risk, liberty, and entertainment value
• [35:37] – “Add friction”: Cohen’s core reform concept
• [36:50] – The disproportionate risk for boys and young men

Tone & Language

Mike Pesca’s style is conversational and probing, with a self-deprecating humor and a clear affection for the nuances of American culture—even as he asks tough questions and resists easy answers. Jonathan Cohen is data-driven, policy-oriented, and maintains a measured but urgent tone regarding the risks of unchecked expansion in gambling access.

For Listeners

This episode is essential listening for anyone concerned about the normalization of gambling in sports, the potential for addiction in the digital era, and what smart, actionable regulation could look like. Jonathan Cohen’s “add friction” thesis is a nuanced, pragmatic response, respectful of liberty but blunt about new realities.