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However, more isnt always better, and theres a new trend that is replacing the stock market.
Its not a good one for your money, according to money expert George Kamel.
In a recentvideo, Kamel explained thisnew trend and highlighted how bad it can be for young investors.
Sports betting used to be difficult.
In his video, Kamel listed several concerning statistics about how sports betting has hurt investors.
He cited astudythat found net investments decreased by 14% in states that have legalized sports betting.
Furthermore, people waged more than $120 billion in sports bets last year.
Thats a large increase from the $6.6 billion that people waged five years prior, as reported byMoney.
Why Is Sports Betting Gaining Traction?
Gambling is very addictive for people who get started.
And thats further compounded by its accessibility.
Instead of having to drive to a casino, sports bettors can download an app on their smartphone.
Plus, smartphones are also built to be addictive.
Sports betting combines two highly addictive things together, making it more difficult to resist or escape.
Even worse, there is a FOMO element.
How Much Money Do People Lose From Sports Betting?
These factors can keep gamblers going even when their losses pile up.
But lost bets arent the only losses bettors are facing.
Kamel pointed to a correlation between more sports betting and higher credit card debt.
Sports betting also goes hand in hand with higher overdraft fees and adisproportionately negative impacton financially vulnerable homes.
Thats the power of compounded growth.
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