Podcast Summary: The New Yorker Radio Hour
Episode: How Betting Took Over Sports
Host: David Remnick
Guest: Danny Funt (journalist and author of Everybody Loses)
Date: January 20, 2026
Overview
This episode explores the explosive growth of legal sports betting in America, the powerful influence of gambling companies, and the unintended consequences for fans, players, and society. Host David Remnick interviews journalist Danny Funt, whose new book, Everybody Loses, investigates how betting has transformed sports and popular culture. Together, they unpack the dizzying sums now wagered, the blossoming of online sportsbooks, threats to sports integrity, and the troubling social fallout—especially among young people.
Key Discussion Points & Insights
The Normalization and Scale of Sports Gambling
- From "Illicit" to "Everywhere": Remnick opens by recalling a time when office betting was hush-hush. Now, ads and commentary about gambling are omnipresent in sports.
“...now it sounds like I'm describing life hundreds of years ago, because these days we are absolutely inundated with ads offering same game parlays and no sweat bets.” (01:21)
- Massive Growth: Funt highlights the staggering figures:
- About $150 billion wagered annually in the U.S. (03:08)
- NY State had a record $2 billion in a single November
“It's hard to wrap your head around those numbers.” (03:11)
- Demographics: Young men aged 21–34 are the main target; about 30% of Americans are estimated to be betting, often online. (03:24–03:38)
- Betting on Anything: Even obscure sports (e.g., Eastern European table tennis during the pandemic) become popular if they’re the only option.
“...all they could bet on was Eastern European table tennis. And they continue to bet millions of dollars every month. I guess they got hooked on ping pong.” (03:44)
The Gambling Industry's Perspective and Practices
- Industry Mindset: Funt explains the industry’s “predatory” nature.
“There was an executive who told me, if you think about it, he said, my job is basically to slowly bleed someone dry.” (06:47)
- Few Win Long-Term: Only about 1% of customers come out ahead, and professional-looking bettors are quickly limited.
“As soon as you show any signs of competence, not even winning, but just placing the sorts of bets that might give you a chance of winning, they'll limit how much you're able to wager down to literal pennies.” (14:23)
- Bookmakers’ Controls: FanDuel and DraftKings control about 75% of the market. Most betting is online (06:15–06:19).
- Supposed Consumer Protections: Legalization was meant to provide safety, but the core business model remains geared toward extracting maximum profit from users.
The Impact on Sports Integrity
- Recent Scandals:
- Portland Trailblazers coach arrested for insider information.
- Cleveland Guardians pitchers indicted for rigging pitches, allegedly in coordination with live bets. (02:26–02:34)
- Erosion of Trust:
- Reference to 1919 Chicago White Sox scandal and the ongoing fear of game-fixing.
- Modern concerns mirror old ones, despite athletes being better compensated today.
- Public Perception: After scandals, the public’s trust drops significantly.
“...a poll came out that showed that 65% of Americans think some athletes are colluding with gamblers to affect the outcomes of games.” (10:53)
- Failures in Monitoring:
- Legalization proponents claimed regulation would safeguard integrity, but effective oversight is impossible due to the scale and the continued existence of underground betting.
“...these companies can't possibly investigate every suspicious bet tied to a pitch in a baseball game.” (11:34)
Betting Beyond Sports and Social Concerns
- Political and Event-Based Gambling:
- Growing popularity of betting on elections, interest rates, and even wars/natural disasters through platforms like Polymarket and Kalshi.
“...betting on natural disasters or wars or things like that is much more serious business than sports.” (15:41)
- Moral and Civic Consequences:
- Critics argue that betting on elections may “cheapen” democracy and distort civic participation.
“...if you're betting on elections, it could cheapen how you engage with politics.” (16:04)
- Addiction Among Youth:
- Reports of young people, even elementary students, being preoccupied with gambling.
- 20% of college students have used tuition funds to gamble. (17:02)
- Gambling addiction is uniquely insidious, often hidden for years.
“...with gambling, it can take years for a problem to take shape.” (17:02) “I was fine until I suddenly won $10,000, and I spent every day chasing not only that money, but that feeling. And that is so dangerous.” (17:40)
Regulatory Response and Outlook
- Growing Regulatory Pressure:
- Following recent scandals, Congress and state legislators have begun pressing for reforms.
- Proposals include banning "prop" bets and live, in-game betting, which is the fastest-growing segment. (18:17)
- Still, Funt is pessimistic about any sweeping federal action in the near term.
“Whether there will be a bill in Congress that reaches the president's desk, I wouldn't bet on it anytime soon.” (18:17)
Notable Quotes & Memorable Moments
-
On Gambling’s Transformation:
“Wagering on the game now seems practically as important as watching it. How did things change so much and so fast?”
— David Remnick (01:21) -
On Industry Motivation:
“There was an executive who told me, if you think about it, he said, my job is basically to slowly bleed someone dry.”
— Danny Funt (06:47) -
On Addiction:
“I was fine until I suddenly won $10,000, and I spent every day chasing not only that money, but that feeling. And that is so dangerous.”
— Danny Funt (17:40) -
On the Futility of Beating the House:
“Only about 1% of customers come out ahead long term, but as soon as you show any signs of competence ... they'll limit how much you're able to wager down to literal pennies.”
— Danny Funt (14:23) -
On the Difficulty of Enforcement:
“...these companies can't possibly investigate every suspicious bet tied to a pitch in a baseball game.”
— Danny Funt (11:34) -
On Regulating the Industry:
“Whether there will be a bill in Congress that reaches the president's desk, I wouldn't bet on it anytime soon.”
— Danny Funt (18:17)
Segment Timestamps
- Personal history and context: 01:21–02:20
- Scale and demographics of gambling: 03:08–03:44
- Industry perspective and “predatory” practices: 04:05–07:09
- Evolution of legalization – from PASPA to Adam Silver: 07:09–09:14
- Sports scandals and integrity risks: 09:14–12:19
- Professional gamblers and limits: 14:01–15:08
- Wagering beyond sports: 15:08–16:46
- Youth addiction and social implications: 17:01–17:55
- Moves toward increased regulation: 17:55–19:12
Tone
The conversation is candid, sometimes wry, with a blend of reminiscence and urgency. Remnick brings a journalist’s skepticism and historical perspective; Funt is direct, occasionally self-deprecating, and thorough in his critique of the industry.
Conclusion
This episode presents a probing look at the transformation of sports culture through gambling—its billion-dollar boom, largely unchecked power, and the cascading consequences for integrity, society, and individual well-being. The discussion gives voice both to the statistical scale and the intimate, human costs, ultimately asking whether lawmakers can or will reverse course, even as the gambling juggernaut keeps rolling.
For additional reporting and Danny Funt’s articles, visit newyorker.com.