Cash Out

- HOW FAR BACK DOES SPORTS GAMBLING GO?

- AS FAR BACK AS U.S.

HISTORY, I MEAN, IT GOES BACK TO ANCIENT GREECE.

AS LONG AS SOMEONE HAD SOMETHING TO GAMBLE ON, PEOPLE WERE GOING TO PUT MONEY DOWN.

[ROULETTE BALL DROPPING] BUT UNLIKE POKER, YOU DON'T NEED ANYONE ELSE TO GAMBLE ON SPORTS.

- SPORTS BETTING WAS REALLY SURPRISING HOW FAST GROWTH HAS BEEN.

- THE COMPETITION WAS REALLY FIERCE RIGHT OUT THE GATE.

- PROP DD TAXED SPORTS BETTING.

IT ESTIMATED $29 MILLION IN REVENUE.

IT QUICKLY SURPASSED THAT.

- SPORTS BETTING IS A BEHAVIOR THAT CAN BECOME VERY ADDICTIVE.

- PEOPLE ARE MORE LIKELY TO BE LIKE, JUST DELETE IT OFF YOUR PHONE OR JUST STOP DOING IT WHEN IT'S REALLY NOT THAT SIMPLE.

- JUST HAVING SOME FUN AND GOT LUCKY.

HAD TO CASH OUT FOR CLOSE TO A THOUSAND BUCKS LAST WEEK.

- IF WE CONTINUE TO SEE THIS BEHAVIOR AS A NEUTRAL PRODUCT, I THINK THAT WE'LL NEVER GET THE TRACTION WE NEED.

- YOU CAN GET THROUGH THE DAY FROM PURE GAMBLING ALONE, YOU DON'T NEED ANYTHING ELSE, IT CONTROLS YOUR WELLBEING, YOUR BRAIN, YOUR WHOLE LIFE.

IT RUINS YOU, IT RUINS YOU.

(MUSIC PLAYING) - CAN YOU TELL ME ABOUT YOUR PERSONAL EXPERIENCE WITH SPORTS GAMBLING?

- I WANT TO SAY PROBABLY JUNIOR YEAR IN COLLEGE.

YOU KNOW, AS A COLLEGE KID, NOT MUCH MONEY.

REALLY FOUND AN OUTLET INTO WHAT SPORTS GAMBLING COULD DO.

YOU THINK THAT YOU CAN MASTER IT IN SOME TYPE OF WAY.

SO WE PULLED TOGETHER SOME MONEY THEY ENDED UP WINNING.

THAT WAS THE POINT THAT IT KIND OF CATAPULTED TO WE SHOULD DO THIS MORE THAN JUST A HOBBY.

- DOWN THROUGH THE AGES MAN'S QUEST FOR EASY WEALTH HAS OFTEN LED TO GAMBLING.

THERE HAVE ALWAYS BEEN THOSE WHO CHOSE TO WORSHIP AT THE ALTAR OF THAT FICKLE GODDESS, CHANCE.

- ON NOVEMBER 5TH, 2019 COLORADO VOTERS NARROWLY APPROVED PROPOSITION DD, OFFICIALLY LEGALIZING SPORTS BETTING.

SIX MONTHS LATER, IN MAY OF 2020, COLORADO BECAME THE 18TH STATE TO START ACCEPTING WAGERS.

FAST FORWARD NEARLY SIX YEARS, AND COLORADO HAS BROUGHT IN MORE THAN $2 BILLION IN GROSS GAMING REVENUE FROM SPORTS BETTING, OFFERS MORE SPORTS BOOKS THAN MOST STATES, AND IS ONE OF THE MOST ACTIVE TABLE TENNIS SPORTS BETTING MARKETS IN THE COUNTRY.

SO HOW DID WE GET HERE?

MY NAME IS KYLE COOKE, AND I'M THE NEWS EDITOR AT ROCKY MOUNTAIN PBS AND A LIFELONG ORIOLES FAN.

DOES THE $1.19 I SCORED ON A SAME GAME PARLAY MAKE ME A SPORTS GAMBLING EXPERT?

MAYBE.

IN THIS ROCKY MOUNTAIN PBS ORIGINAL DOCUMENTARY, I WILL BE LOOKING IN-DEPTH AT THE RISE, THE BOOM, AND THE CONSEQUENCES OF LEGALIZED SPORTS BETTING IN COLORADO.

BUT BEFORE WE STEP BACK FIVE YEARS, LET'S STEP BACK 5,000 YEARS.

THIS IS CASH OUT.

[MUSIC] - EARLY ON IN ANCIENT GREECE, AND EVEN EARLIER IN ANCIENT EGYPT, EVERYTHING FROM EARLY BOARD GAMES WERE A PLACE FOR GAMBLING.

PEOPLE WERE GAMBLING ON COCKFIGHTING AND ANIMAL BAITING AND PUGILISM.

THE ORGANIZATION OF THE OLYMPICS, IT TAKES ON ANOTHER LEVEL BECAUSE EVERYONE'S WATCHING.

IT'S ALWAYS BEEN BUILT INTO HUMAN INTERACTION.

I MEAN, HUMANS ARE COMPETITIVE, AND IT'S ANOTHER WAY TO BE COMPETITIVE.

[WATER SPLASHING] - AS A YOUNG TEENAGER, MY FAMILY, WE USED TO GO TO THE HORSE TRACK ALL THE TIME.

[GATES OPEN] [RACE ANNOUNCER] DAD WOULD BET ON THE HORSES.

HE KIND OF TOLD US WHAT IT WAS, AND HE'D ALWAYS SAY, YOU KNOW, PICK A HORSE, PICK A HORSE.

I WOULD SAY THAT WAS THE START OF IT FOR ME.

[...START.

THEY SLUG IT OUT NOW RACING TO THE FINAL...] - WHEN SPORTS ORGANIZED WHEN YOU HAVE HORSE RACING BEING ORGANIZED AND JOCKEY CLUBS IN ENGLAND AND EVENTUALLY IN THE UNITED STATES, UNSURPRISINGLY, THAT'S WHEN WE SAW THIS UPTICK IN GAMBLING, AND IT ONLY EVOLVED FROM THERE, ESPECIALLY WHEN YOU HAVE RADIO AND TELEVISION AND PEOPLE COULD STILL FOLLOW THE GAME THAT THEY GAMBLED ON.

GAME THAT THEY GAMBLED ON, WITHIN THE STADIUMS, I MEAN, BOOKIES WERE EVERYWHERE.

[MUSIC] - I'VE ALWAYS BEEN MAJORLY INTERESTED IN SPORTS, PLAYED SPORTS MY WHOLE LIFE.

I GREW UP IN MINNESOTA, WENT TO COLLEGE IN IOWA, AND THERE WERE SOME BOOKIES GOING AROUND SCHOOL.

YOU KNOW, STARTING WITH A BOOKIE ALLOWS YOU TO DO, THEY CALL IT CREDIT.

SO IT'S NOT LIKE YOU'RE DEPOSITING MONEY AS A BOOKIE.

YOU GET A WEEKLY CREDIT THAT ROLLS OVER, CALL IT MONDAY TO MONDAY, AND THEN YOU PAY THE DIFFERENCE OR THEY PAY YOU THE DIFFERENCE.

SO IN A WAY, YOU LOOK AT IT AS NOT EVEN ACTUAL CURRENCY, KIND OF AN IMAGINARY NUMBER THAT YOU JUST START TO BUILD UP AND THAT'S KIND OF WHAT THE PROBLEM WAS FOR ME.

YOU NEVER SAW IT IN FRONT OF YOU.

IT WAS ALWAYS JUST A NUMBER THAT YOU COULD USE.

AND IF YOU GO DOWN IN THE WEEK, YOU HAVE TO PLAY CATCH UP ON THE BACK END OF THE WEEK.

- FOR SIX DOLLARS.

- AND REALLY JUST TRYING TO MAXIMIZE HOW MUCH YOU COULD GET WITHOUT LOSING ANY, I THINK WAS THE BIGGEST THING.

- AND WAS THIS TECHNICALLY ILLEGAL AT THE TIME?

- YES EVEN IN COLLEGE, THEY HAD DRAFT KINGS, NOT SPORTS BETTING, BUT DAILY FANTASY.

IT'S BASICALLY FANTASY FOOTBALL, BUT YOU CAN DO IT ON ANY SPORTS, BASKETBALL, HOCKEY, BASEBALL, AND IT'S DAILY FANTASY.

SO THAT WAS LEGAL, BUT YOU COULDN'T LEGALLY PLACE A WAGER ON A TEAM TO WIN.

- SO I GET TO CHOOSE WHOEVER I WANT FROM THIS TEAM.

- FANTASY HAS ALWAYS BEEN AN ENTRY POINT TO SPORTS GAMBLING, BUT IT'S MORE ON A MEASURED SCALE WHERE YOU'RE BETTING ON MULTIPLE PLAYERS AS PART OF A TEAM, BUT THIS WAS BEFORE THE SUPREME COURT DECISION.

- THE FUTURE OF SPORTS GAMBLING IN AMERICA IS ABOUT TO CHANGE IN A BIG WAY.

- I CALLED THIS A VICTORY FOR MILLIONS OF AMERICANS WHO SEEK TO BET ON SPORTS.

- IN MAY OF 2018, THE SUPREME COURT OVERTURNED THE PROFESSIONAL AND AMATEUR SPORTS PROTECTION ACT, OR PASPA.

THIS ALLOWED STATES TO DECIDE WHETHER OR NOT TO LEGALIZE SPORTS BETTING.

BY THE END OF 2018, SEVEN STATES HAD APPROVED SPORTS BETTING.

JUST A YEAR LATER, THAT NUMBER DOUBLED.

- THE COMPETITION WAS REALLY FIERCE RIGHT OUT THE GATE.

ONCE PASPA WAS REPEALED AND SPORTS BETTING BECAME A THING.

YOU KNOW, EVERYONE WAS STARTING BEHIND FANDUEL AND DRAFT KINGS.

THEY HAD BUILT UP A DAILY FANTASY SPORTS DATABASE AND, YOU KNOW, THEY OBVIOUSLY LEVERAGED THOSE DATABASES.

- IT'S ALMOST 80% OF OUR CUSTOMERS TODAY SAY THEY ALREADY BET ILLEGALLY ON THE BLACK MARKET WITH SPORTS.

NOW WE JUST GOT TO CONVINCE THEM THEY'RE GOING TO HAVE A BETTER TIME DOING IT WITH US.

- BEING ABLE TO GO ON YOUR PHONE YOU CAN ACCESS THE FANDUEL AND DRAFT KINGS BET MGMS OF THE WORLD.

[LION ROAR] THE FIRST STATE FOR THAT TO EXIST IN SORT OF THAT MOBILE EASILY ACCESSIBLE MODEL, WAS IN NEW JERSEY.

- I LIVE LOCAL SO I CAN COME HERE ANYTIME I WANT.

- MY NAME IS PAT EICHNER, I STARTED WITH POINTSBET IN NEW JERSEY.

- STAY SHARP.

- AND THEN ENDED UP MOVING TO COLORADO WITH THE COMPANY, JANUARY OF 2021.

- TAKE US BACK TO 2019.

WHAT DO YOU REMEMBER ABOUT SPORTS BETTING AT THAT TIME WHEN IT WAS KIND OF LIKE, BUDDING?

- REALLY, REALLY FIERCE COMPETITION FROM THE JUMP.

LIKE THE POINTS BET OFFICE, WE WERE NEXT TO DRAFT KINGS WERE IN HOBOKEN.

WILLIAM HILL WAS RIGHT THERE NEXT TO US IN JERSEY CITY.

BET MGM WAS RIGHT NEXT TO US IN JERSEY CITY.

ABSOLUTELY FELT LIKE THAT STARTUP CULTURE.

THE AVERAGE AGE WAS PROBABLY 27, 28 YEARS OLD.

I DON'T KNOW FOR CERTAIN, BUT I'D IMAGINE WE WERE 95% MALE.

FELT LIKE YOU WERE GOING TO RECREATIONAL SPORTS WITH YOUR FRIENDS.

I LOVED IT AND WOULDN'T TRADE THE EXPERIENCE FOR THE WORLD.

- WOULD YOU HAVE GUESSED THAT THIS IS WHERE SPORTS BETTING WOULD BE NOW?

- I THINK I WOULD HAVE GUESSED 2019 TO 2025 THAT THIS IS THE TRAJECTORY WE WERE ON.

- MR.

MINORITY LEADER - THANK YOU, MR.

CHAIR MEMBERS.

RIGHT NOW, WE HAVE A BLACK MARKET PROBLEM WITH ONLINE SPORTS BETTING.

AND I THINK WE NEED TO ADDRESS THAT PROBLEM.

- IN 2019, COLORADO LEGISLATORS FROM BOTH SIDES OF THE AISLE STARTED WORKING TOWARDS LEGALIZING SPORTS BETTING.

THIS LED TO THE CREATION OF A BALLOT INITIATIVE KNOWN AS PROPOSITION DD.

A YES VOTE MEANT LEGALIZING SPORTS BETTING IN THE STATE, AND USING THE TAX REVENUE TO FUND THE COLORADO WATER PLAN.

THE PLAN WAS COMMISSIONED IN 2013 BY THEN GOVERNOR HICKENLOOPER.

WHEN IT WAS CLEAR THE STATE WAS HEADED TOWARDS A MAJOR WATER SHORTAGE.

[MUSIC] IT IDENTIFIED NEW WATER PROJECTS, COLLABORATIONS, AND MODERN CONSERVATION EFFORTS TO ADDRESS THE SHORTAGE.

BUT IT ALSO REQUIRED A STEADY STREAM OF FUNDS FOR THE HUNDREDS OF WATER PROJECTS ACROSS COLORADO.

THE MAN BEHIND THAT PLAN WAS JAMES EKLUND.

- PROP DD REALLY NEEDED TO BE TETHERED TO A SOCIAL GOOD THAT PEOPLE COULD GET BEHIND AND FEEL GOOD ABOUT.

- I SHOULD PROBABLY TAKE MY HAT OFF FOR THAT.

- IT WAS KIND OF THIS INTERESTING ALLIANCE OF GAMING OPERATIONS AND WATER AND ENVIRONMENTAL GROUPS, AND PEOPLE THAT WANTED TO SEE WATER PROJECTS BE SUCCESSFUL IN COLORADO AND FUNDED.

- WE CAN PROTECT CONSUMERS AND WE CAN GENERATE REVENUE TO GO TO ONE OF OUR MOST PRECIOUS RESOURCES, WATER.

- SO IT WAS REALLY AN INTERESTING COALITION OF SUPPORTERS FOR THE PROPOSITION.

- MY NAME IS JAMES EKLUND AND I AM A PARTNER AT TAFT, SHERMAN, AND HOWARD, AND I'M THE LEAD OF OUR WATER LAW PRACTICE.

- WE'VE CALLED JAMES EKLUND THE WATER BOY BECAUSE HE KNOWS WHAT THIS PROPOSITION MEANS FOR THE STATE'S WATER PLAN.

- IF WE DON'T FUND THAT PLAN, THEN IT'S HOLLOW.

I'M OBVIOUSLY BIASED IN THIS WHOLE STORY, BUT I THINK BECAUSE WE HAD SUCH A SUCCESSFUL WATER PLAN, WE HAD AN ANSWER TO THE QUESTION, WELL, WHAT ARE YOU GOING TO SPEND ALL THAT MONEY ON?

- I THINK THAT IF WE ACTUALLY BRING IT IN AND REGULATE IT IN A DECENT MANNER, WE WILL ELIMINATE THE BLACK MARKET.

THIS WILL ACTUALLY GENERATE NEW REVENUE.

AND THEN, OF COURSE, THE MAJORITY OF THAT REVENUE WILL ACTUALLY GO TOWARDS FUNDING THE COLORADO WATER PLAN.

- WATER IS INCREDIBLY IMPORTANT IN THIS STATE, AND WATER LAW IS REALLY IMPORTANT TO OUR STATE.

SO WE MIGHT AS WELL HAVE A MECHANISM THAT ALLOWS US TO ENJOY A REVENUE STREAM THAT HELPS WATER PROJECTS.

- AS A SEMI-ARID STATE, COLORADO TAKES WATER VERY SERIOUSLY.

AND ACCORDING TO THE U.S.

DROUGHT MONITOR, OUR STATE HAS FACED DROUGHT CONDITIONS FOR MOST OF THE LAST 25 YEARS.

BUT IN 2018, WHEN COLORADO WAS HIT WITH A MAJOR DROUGHT, CONVERSATIONS ABOUT THE STATE'S SPORTS BETTING LEGISLATION ALSO STARTED SWIRLING, AND FUNDING FOR WATER PROJECTS FLOATED TO THE TOP OF EVERYONE'S MINDS.

SO WHEN PROP DD WAS BROUGHT TO VOTERS IN 2019, THE MEASURE PASSED BY A SLIM MARGIN, OFFICIALLY LEGALIZING SPORTS BETTING IN COLORADO.

- NOW, 93% OF THOSE FUNDS COLLECTED WOULD GO TO COLORADO'S WATER PLAN.

- IF WE DIDN'T HAVE A STATE WATER PLAN, I DON'T THINK YOU WOULD HAVE GOTTEN THE BUY-IN THAT WOULD BE NECESSARY FOR THE TAX TO HAVE PASSED AND FOR THE LEGALIZATION TO HAVE OCCURRED.

- LEGALIZING SPORTS BETTING ISN'T QUITE AS SIMPLE AS GOING FROM NO TO YES.

WHEN THE SUPREME COURT TURNED THE DECISION OVER TO THE STATES, EACH ONE NEEDED TO ESTABLISH ITS OWN RULES AND REGULATIONS.

THIS INCLUDED QUESTIONS ABOUT IN-PERSON VERSUS ONLINE GAMBLING, HOW MANY SPORTS BOOKS SHOULD BE ALLOWED IN THAT STATE, AND THE FEES AND TAXES THOSE OPERATORS WOULD HAVE TO PAY.

- ALL OF THOSE THINGS PLAY INTO HOW THE MARKET REALLY WORKS AND REALLY WHAT THE COMPANY CAN BRING TO THE PLAYER THEMSELVES.

WHEN COLORADO APPROVED PROPOSITION DD IN 2019, THE STATE TAPPED DAN HARTMAN TO LEAD THE LAUNCH.

HARTMAN WAS A LONGTIME STATE EMPLOYEE WHO PREVIOUSLY DIRECTED THE MEDICAL MARIJUANA ENFORCEMENT DIVISION AND THE DIVISION OF RACING EVENTS.

THEN, AS THE DIRECTOR OF THE DIVISION OF GAMING, HIS TEAM OF REGULATORS HELPED SHAPE THE NEWLY LEGAL INDUSTRY.

- THE REGULATOR'S THERE TO REALLY KEEP TABS ON THE LEGAL MARKET.

YOU'RE MAKING SURE THAT THE WAGES ARE SAFE, THE PEOPLE ARE PLAYING ON A PLAYING FIELD THAT'S LEGAL.

- YOU MUST BE INFORMED ON THE MAJOR TYPES OF ILLEGAL GAMBLING.

- THAT'S WHY YOU BROUGHT SPORTS BETTING INTO THE LEGAL MARKET TO GET IT AWAY FROM THE ILLEGAL BLACK MARKET WHERE PEOPLE HAVE NO PROTECTION, THEY HAVE NOBODY LOOKING AFTER THEM.

- YOU THE OFFICER MUST BE AWARE OF THE CONNECTION BETWEEN ILLEGAL GAMBLING AND ORGANIZED CRIME.

- YOU HELPED ESTABLISH THE MEDICAL MARIJUANA ENFORCEMENT DIVISION.

WERE THERE ANY PARALLELS IN THOSE TWO INDUSTRIES?

- THERE'S A LOT OF PARALLELS.

YOU KNOW, YOU REALLY DID IT FOR THE SAME REASON.

YOU DID IT TO CREATE A SAFE LEGAL MARKET.

- COLORADO BLAZES A NEW TRAIL AMENDING THE CONSTITUTION AND SAYING IT'S OKAY TO LIGHT UP.

- WHEN I EXPLAIN TO PEOPLE THE WAY THAT SPORTS BETTING WORKS, THE EASIEST THING TO EQUATE IT TO IS REALLY HOW MARIJUANA IS ROLLED OUT ACROSS THE COUNTRY.

EVERY STATE IS ESSENTIALLY ITS OWN COUNTRY.

THEY GET TO SET THEIR OWN RULES AND REGULATIONS.

- IT'S VERY SIMILAR TO THE MARIJUANA DEBATE WHERE WE SAID, IF THIS IS GOING TO OCCUR, WELL, WE MIGHT AS WELL HAVE A MECHANISM THAT ALLOWS US TO ENJOY A REVENUE STREAM THAT ULTIMATELY HELPS ALL COLORADANS.

IN MARIJUANA'S CASE, EDUCATION FUNDING.

- FOR THE MOST PART, MARIJUANA TAXES ARE SPLIT BETWEEN SCHOOLS AND THE REST OF STATE GOVERNMENT.

- AND IN SPORTS BETTING'S CASE, WATER PROJECTS.

- WHEN YOU BET ON SPORTS IN COLORADO, YOU COULD SAY YOU'RE HELPING FUND STATE WATER PROJECTS.

BUT WHAT DOES THAT ACTUALLY LOOK LIKE?

COLORADO TAXES SPORTS BETTING AT 10%.

SO LET'S SAY YOUR BET HITS AND YOU WIN $100.

YOU WON'T ACTUALLY GET ALL OF THAT MONEY.

YOU WOULD GET ABOUT $95.

OF THE REMAINING $5, THE FEDERAL GOVERNMENT TAXES SOME AND OPERATORS RETAIN SOME AS A COMMISSION.

WHICH IS THEN TAXED AT 10% BY THE STATE.

THIS IS ALL ASSUMING YOU WON YOUR BET.

IF YOU LOSE, THAT $100 YOU WAGERED ALL GOES BACK TO THE OPERATOR WHICH IS THEN TAXED.

TRANSLATING TO ABOUT $10 IN STATE TAX REVENUE.

COLORADO VOTERS GREEN LIT THIS 10% TAX WHEN THEY APPROVED THE LEGALIZATION OF SPORTS BETTING, WHICH IS WHICH IS ALL REGULATED BY THE COLORADO DIVISION OF GAMING.

- IN AUGUST OF 2019, RIGHT AFTER THE LEGISLATION HAD PASSED, THERE WERE ALREADY SIX OR SEVEN STATES THAT WERE LIVE.

SO WE COULD LOOK AT WHAT THE RULES LOOK LIKE IN OTHER STATES.

SO PUTTING OUT THE RULES, GETTING THOSE OUT, WE HAD THOSE OUT BY FEBRUARY.

I THINK THAT NO ONE EVER COULD HAVE IMAGINED MARCH OF 2020.

- IF WE HAVE ANY KIND OF INFORMATION, WE WILL CERTAINLY PASS IT ALONG.

BECAUSE THE GAME TONIGHT HAS BEEN POSTPONED.

YOU ARE ALL SAFE.

- THIS ASTOUNDING AND UNPRECEDENTED STORY CONTINUES TO EVOLVE.

THE NBA IS SUSPENDING THE SEASON.

- WE WERE RIGHT IN THE MIDDLE OF GETTING THINGS GOING, AND ALL OF OUR PEOPLE WENT HOME.

WE HAD SPORTS BETTING AND ALL SPORTS WERE NOT PLAYING.

- THE AVALANCHE SEASON IS DELAYED.

- THE NBA IS NOW THE FIRST... - THE VIRUS DELIVERING A HARD HIT TO THE NFL.

- ALL OPERATIONS INDEFINITELY.

- WE LOOKED AT WHETHER IT WOULD MAKE SENSE TO DELAY THE START.

BUT BECAUSE IT WAS ONLINE, WE WERE ABLE TO SAY, YOU KNOW WHAT, IF YOU'RE READY TO GO, LET'S GO.

- WHEN SPORTS BETTING WAS LEGALIZED IN COLORADO, THAT COINCIDED WITH THE BEGINNING OF THE PANDEMIC.

SO WHAT WAS THAT LIKE FOR YOU?

- IT WAS TOUGH BECAUSE FOR QUITE SOME TIME, THERE WAS NOTHING TO BET ON.

- WITH NEARLY EVERY LEAGUE IN THE COUNTRY, NOW SHUTTING DOWN DUE TO THE CORONA VIRUS.

- LIKE THE SPORTING CALENDAR HAD THE LEAST AMOUNT GOING ON THAT IT HAS EVER HAD.

- WE WERE ABLE TO PICK UP A FEW SPORTS THAT WERE OUT THERE STILL PLAYING.

- THERE WAS HOCKEY BEING PLAYED IN BELARUS, THERE WAS TABLE TENNIS BEING PLAYED IN RUSSIA, UKRAINE, AND AS A MARKETER, YOU HAD TO GET CREATIVE.

YOU HAD TO PROVIDE FOLKS WITH MORE INFORMATION.

- GOLD!

- THAT DID FEEL LIKE A GIFT AND A CURSE.

YOU'RE LIKE, WOW, I CAN'T BELIEVE THAT MY FOCUS AT WORK THIS WEEK IS I'M GOING TO LEARN ABOUT THE BELARUSIAN HOCKEY LEAGUE.

[THERE ARE NO VIRUSES HERE.]

[YOU HAVEN'T NOTICED THEM FLYING AROUND, HAVE YOU?]

- THE APPS NOWADAYS SHOW EVERYTHING IT'S AN INTERNATIONAL PLATFORM, SO THEN IT TURNS INTO THE PING PONGS, THE OVERSEAS TENNIS, BASKETBALL.

BASICALLY, I WAS JUST TRYING TO MOVE MONEY AROUND AS FAST I COULD.

I'D BET ON THE EARLY SLATE.

USE THE WINNINGS TO GO ON THE LATER SLATE.

THEN YOU START BETTING ON TABLE TENNIS TO BRIDGE THAT GAP, BECAUSE YOU JUST CAN'T ACCEPT LOSING FOR THE WEEKEND.

- GENERATED OVER $63 BILLION IN BETS LAST YEAR.

- IN COLORADO, WE IMMEDIATELY SAW A BIG INTEREST IN TABLE TENNIS BETTING, AND THAT WAS THE MOST AVAILABLE SPORT AT THE TIME.

YOU HAD COMPETITIONS KICKING OFF EVERY 5 MINUTES, EVERY 10 MINUTES OR SO.

- NO!

- IT STILL SURPRISES ME TO THIS DAY TO SEE HOW MUCH PEOPLE PLAY ON TABLE TENNIS.

- FOLKS WERE GLUED TO THEIR SCREENS MORE THAN EVER BEFORE AND LOOKING FOR SOURCES OF ENTERTAINMENT WHEREVER THEY COULD FIND IT.

ANY GIVEN QUARTER, ANY GIVEN MONTH, TABLE TENNIS BETTING IS USUALLY THE FOURTH OR FIFTH MOST POPULAR OPTION AMONGST COLORADO BETTERS.

- FROM THE REGULATORY SIDE OF THINGS, HOW IS COLORADO DIFFERENT THAN OTHER STATES THAT HAVE LEGALIZED ONLINE SPORTS BETTING?

- I THINK IN THE BEGINNING, THE ENTRY POINT OR THE BARRIER TO ENTRY WAS A LITTLE BIT LOWER IN COLORADO.

- WHEN IT COMES TO REGULATIONS, COLORADO IS MORE LENIENT THAN OTHER STATES.

NEBRASKA AND THE DAKOTAS ONLY ALLOW IN-PERSON SPORTS BETTING, WHILE TENNESSEE AND VERMONT ONLY ALLOW ONLINE BETTING.

COLORADO ALLOWS BOTH.

ILLINOIS REQUIRES SPORTSBOOKS TO PAY AN INITIAL FEE OF $1 MILLION.

BUT IN COLORADO, THAT FEE IS ONLY $1,200.

NEW YORK TAXES SPORTSBOOK REVENUE AT 51%, WHILE COLORADO'S OPERATORS PAY A 10% TAX ON THEIR GROSS GAMING REVENUE.

THIS IS PARTIALLY WHY COLORADO OFTEN RANKS AMONG THE STATES WITH THE GREATEST NUMBER OF ACTIVE SPORTS BOOKS.

TODAY, THERE ARE 14 COMMERCIAL ONLINE AND RETAIL SPORTS BOOKS IN THE STATE, BUT THAT NUMBER VARIES AS OPERATORS ENTER AND EXIT THE MARKET.

- IT WAS VERY SIMILAR TO NEW JERSEY AND IT WAS VERY SIMILAR TO INDIANA.

IT WAS TRULY KIND OF OPEN, COMPETITIVE MARKETPLACE.

- IF YOU'VE GOT WAY TOO MUCH TAX, WAY TOO MANY REGULATIONS, THINGS THAT STIFLED THE INDUSTRY YOU'RE NOT ABLE TO BRING THE PRODUCTS THAT MAKE IT GOOD FOR THE PLAYER.

- IF YOU IN AN IDEAL WORLD COULD SELECT CERTAIN STATES THAT YOU WANT TO WIN IN, COLORADO WAS REALLY, REALLY HIGH UP ON OUR LIST.

YOU KNOW, THIS IS A MARKET THAT HAS A TON OF PEOPLE HERE.

IT IS A SPORTS HOTBED.

LIKE, YOU HAVE ALL OF THE MAJOR SPORTS TEAMS.

PEOPLE REALLY CARE ABOUT THOSE SPORTS.

- WE'VE REALLY JUST RISEN TO THE SEVENTH SPOT ALREADY AS FAR AS MOST MONEY WAGERED.

- WELL, WE DIDN'T THINK IT WAS GOING TO BE THIS BIG.

THE MONEY SURPRISED ME.

AND TO THINK THAT PASPA WAS JUST OVERTURNED SEVEN YEARS AGO, IT'S AMAZING HOW FAST THAT GROWTH HAS BEEN ACROSS STATES THAT PUT IT IN.

- SINCE THE LAUNCH OF LEGAL SPORTS BETTING IN COLORADO, ANNUAL GROSS GAMING REVENUE CONTINUES TO GROW.

AND TAX REVENUE EARNED FROM SPORTS BETTING FAR EXCEEDED THE EXPECTATIONS LEGISLATORS HAD WHEN DRAFTING PROPOSITION DD IN 2019.

WHEN PROP DD TAXED SPORTS BETTING, IT ESTIMATED $29 MILLION IN REVENUE.

I THINK THE FIRST YEAR IT CAME IN SHY OF THAT.

SECOND YEAR, IT WAS RIGHT AROUND THAT.

AND BY THE THIRD YEAR, IT HAD OVERWHELMED THAT AMOUNT.

AND THAT'S WHAT HAPPENED WITH PROP JJ IN 2024.

THAT'S HOW WE GOT TO ANOTHER REVENUE STREAM THAT IS BROUGHT IN TO PAY FOR WATER PROJECTS.

- MEMBERS, ARE YOU INTERESTED IN WATER?

- YES.

- IF YOU'RE INTERESTED IN WATER, THIS IS A GOOD BILL.

- IN 2024, VOTERS PASSED AN AMENDMENT WHICH REMOVED THE $29 MILLION CAP SET BY PROP DD.

AND LOOKING AT TODAY'S NUMBERS, THAT PROVED TO BE A LUCRATIVE DECISION.

COLORADO RAISED NEARLY $37 MILLION IN TAX REVENUE IN THE 2024 FISCAL YEAR, THE MAJORITY OF WHICH WAS ALLOCATED FOR STATE WATER PROJECTS.

- WATER IS SUCH A BIG DEAL IN THE WESTERN STATES THAT TO HAVE KIND OF THE FORESIGHT TO SAY, LOOK, WE'VE GOT THIS WATER PLAN.

IT NEEDS A LOT OF MONEY TO FUND IT, AND JUST TO FIND A SOURCE OF REVENUE THAT CAN DO IT WITHOUT RAISING TAXES IN A DIFFERENT WAY.

- YOU KNOW, OUR POPULATION HASN'T GROWN AS FAST AS OTHER PARTS OF THE NATION, BUT IT HAS GROWN.

AND THE MORE PEOPLE THAT ARE HERE, THE MORE QUESTIONS GET ASKED ABOUT, DO WE HAVE ENOUGH WATER FOR ALL OF THIS?

[RUSHING WATER] SO, LOOKING INTO THE FUTURE, I CAN SEE US REALLY APPRECIATING THIS REVENUE STREAM BECAUSE WE NEED EVERY BIT THAT WE CAN GET.

COMING FROM THE WESTERN SLOPE AND BEING A COLORADAN, WATER IS SUPER IMPORTANT AND BEING ABLE TO TAKE THE ONLINE SPORTS BETTING DOLLARS AND BE ABLE TO PUT THAT TOWARDS WATER PROJECTS MEANS THAT COLORADO WINS.

- SO IF SPORTS GAMING CONTINUES TO GROW AT THE CLIP THAT IT'S BEEN GROWING.

- SO LONG AS PEOPLE KEEP ON BETTING, COLORADO WATER WILL KEEP ON WINNING.

- I JUST DON'T SEE A LOT OF OTHER REVENUE STREAMS THAT HAVEN'T BEEN TAPPED YET.

AT LEAST AT THE MAGNITUDE THAT SPORTS BETTING HAS BEEN ABLE TO ACCOMPLISH.

- COLORADO SPORTS BETTING REVENUE IS SURGING.

FROM 2.9 BILLION DOLLARS WAGERED IN 2021, TO 4.1 BILLION IN 2022.

- WE DO HAVE A VERY ROBUST MARKET HERE, YOU KNOW THE ONLY LIMIT THAT COLORADO HAD WAS THAT A SPORTS BOOK HAD TO BE TIED TO A LICENSEE IN THE GAMING INDUSTRY.

SO ONE OF THE CASINOS THAT WERE IN THE MOUNTAIN TOWNS THAT WERE ALREADY AUTHORIZED.

SO WHEN WE STARTED, THERE WERE 33 CASINOS THAT WERE UP THERE.

SO YOU HAD A POSSIBILITY OF 33.

BUT IT WAS I THINK A GOOD THING FOR THE MARKET IN THE BEGINNING.

- FOR POINTSBET SPECIFICALLY, WHEN WE CAME TO COLORADO, WE WERE AFFILIATED WITH A CASINO IN CRIPPLE CREEK.

YOU KNOW, IF IT'S A MARKET WHERE THERE ARE 30 PLUS BOOKS PROBABLY HAVE TO BE A LOT MORE AGGRESSIVE ON YOUR NEW CUSTOMER PROMOTIONAL OFFERS.

AND NOT JUST POINTSBET SPECIFICALLY, THAT WAS TRUE FOR EVERY SINGLE COMPANY.

- THERE'S MORE WAYS TO WIN ON FANDUEL.

GET A $20 BONUS WITH YOUR FIRST DEPOSIT.

- DRAFT KINGS, THESE OFFERS GOT ME HYPED.

- INTRODUCING PARLAY BOOST FROM BETMGM.

- EVERYBODY GOT TO PICK AND CHOOSE THE APP THEY LIKED.

THEY COULD LOOK AT DIFFERENT ODDS FROM THE DIFFERENT BOOKS.

SO I THINK IT GAVE A LEVEL OF COMPETITION THAT THE PLAYER WAS THE WINNER.

- IN ORDER TO STAY COMPETITIVE IN COLORADO, SPORTSBOOKS USE DIFFERENT PROMOTIONAL OFFERS TO ATTRACT BETTORS TO THEIR APPS.

- WITH DRAFT KINGS, NEW CUSTOMERS BET FIVE BUCKS TO GET 200 INSTANTLY AND BONUS BETS.

- BONUS BETS, ALSO CALLED NO SWEAT BETS, ARE PROMOTIONS IN WHICH AN OPERATOR REFUNDS A BETTOR'S WAGER IF THEY LOSE, ESSENTIALLY LETTING THE PLAYER BET WITH NO RISK.

IF YOU WIN, YOU GET THE MONEY, AND IF YOU LOSE, YOU GET YOUR MONEY BACK.

THOUGH MOST OFTEN, IT'S IN THE FORM OF CREDITS OR TOKENS THAT CAN BE USED TOWARD FUTURE SPORTS BETS IN THE APP.

- BONUS BETS!

- YOU CAN THINK OF THESE LIKE FIRST VISIT DISCOUNTS AT A NEW STORE, OR LOYALTY REWARD POINTS THAT COME WITH A NEW CREDIT CARD.

THE SPORTS BOOKS FIGURE THAT ONCE THEY'VE GOT YOU BETTING IN THEIR APP, YOU'LL COME BACK FOR MORE.

- CUSTOMERS BET $5 AND GET $200 IN BONUS BETS.

WIN OR LOSE.

- AS AN INCREASING NUMBER OF SPORTSBOOK ACTIVATED IN THE EARLY DAYS OF LEGAL SPORTS BETTING, PROMOS LIKE BONUS BETS OFFERED AN EFFECTIVE MEANS OF CONVINCING BETTORS TO USE ONE APP OVER THE DOZENS OF OTHERS.

- IN TOTAL I MADE ABOUT 25,000 OVER TWO SEASONS.

I HADN'T DONE ANY SPORTS BETTING AT ALL, UNTIL I LEARNED THAT IT WAS LEGAL IN COLORADO.

SO AT THE PRIME TIME OF ALL OF THESE SPORTS BOOKS COMING TO COLORADO AND REALLY TRYING TO HOOK US.

- JOIN TODAY AND GET YOUR FIRST BET RISK FREE UP TO $500.

- HEAD TO THE DRAFT KINGS SPORTS BOOK APP TO CLAIM YOUR FREE BET NOW.

- AND SOME SAVVY PLAYERS LIKE MARIBETH OSCAMOU CAPITALIZED ON THIS PROMO POLOOZA USING ONE OF THE WORLD'S MOST FEARED AND POWERFUL TOOLS, MATH.

- I'M MARIBETH OSCAMOU.

I'M AN ASSOCIATE TEACHING PROFESSOR IN THE DEPARTMENT OF COMPUTER SCIENCE HERE AT CU BOULDER.

WHEN I FIRST STARTED THIS, THE PROMOS THEY WERE OFFERING WERE AMAZING, BECAUSE THEY REALLY WERE JUST TRYING TO GET MARKET SHARE.

I JOINED ALL OF THE ONES THAT WERE AVAILABLE IN COLORADO AT THE TIME THERE WERE PROBABLY AROUND 20.

THERE'S A VARIETY OF DIFFERENT WAYS YOU CAN DO WHAT ARE CALLED MATHEMATICALLY ADVANTAGEOUS BETS.

ONE OF THE FIRST ONES IS JUST CALLED MATCHED BETTING, WHERE YOU JUST BET ON ALL POSSIBLE OUTCOMES OF A GIVEN GAME.

SO YOU PICK DIFFERENT SPORTS BOOKS AND MAYBE BET THAT TEAM A WINS ON THIS ONE AND TEAM B WINS ON THIS ONE FOR THE SAME GAME.

JUST DOING THAT STRAIGHT UP IS NOT GOING TO BE ADVANTAGEOUS TO YOU.

YOU'RE GOING TO LOSE MONEY BECAUSE YOU'RE BASICALLY GOING TO BE PAYING THEM A LITTLE FEE TO BET EVERY TIME YOU'RE DOING IT.

BUT WHAT I LEARNED WAS WHEN THEY'RE TRYING TO GET YOU TO JOIN A SPORTS BOOK, THEY'LL USUALLY OFFER YOU A PROMOTION.

AND IF YOU USE THAT PROMOTION TO THEN SET BETS THAT ARE MATCHED, YOU CAN GUARANTEE A PROFIT USING THAT PROMOTION BET.

THE BIGGEST TAKEAWAY I KEPT TELLING MY STUDENTS WHEN WE TALKED ABOUT PROBABILITY AND GAMES OF CHANCE IS, LIKE, THESE ARE DESIGNED TO TAKE YOUR MONEY.

AND IT FEELS FUN BECAUSE THERE'S THIS VARIANCE IN IT.

BUT IF YOU LOOK MATHEMATICALLY HOW THEY DESIGN THIS OVER TIME, IT IS FOR YOU TO AVERAGE OUT SO THAT YOU'RE LOSING.

- BY LATE 2020, EARLY 2021, ESPECIALLY THAT FIRST NFL SEASON, IT HIT LIKE A FLOOD.

AND IT WAS A VERY INTERESTING EXPERIENCE IN SPITE OF US BEING SOCIALLY ISOLATED TO SEE HOW HARD IT HIT AND HOW QUICKLY IT SPREAD IN COLORADO.

- OH, IT'S ABOUT TO BE A PARTY IN HERE.

- IS SPORTS BETTING SO PERVASIVE BECAUSE IT'S BEING MARKETED SO HEAVILY OR IS IT BEING MARKETED SO HEAVILY BECAUSE IT'S VERY POPULAR?

- I THINK IT WAS ALWAYS GOING TO BE THIS POPULAR.

I DO THINK THE ADVERTISING CONTRIBUTED TO ACCELERATING THE KNOWLEDGE AND ESPECIALLY, BECAUSE IT'S NOT JUST ADVERTISING, IT'S DEPOSIT $5 AND YOU GET $100 IN FREE BETS.

- TURN $5 INTO $150 IN BONUS BETS.

- IT'S KIND OF LIKE HANDING A KID A CIGARETTE AND SAYING, JUST TRY IT ONCE AND JUST GIVING PEOPLE A TASTE.

AND THAT'S EXACTLY WHAT THOSE PROMOTIONAL BETS WERE DOING IS GIVING PEOPLE A TASTE.

AND SO ULTIMATELY, I DO SEE IN THE ADVERTISING AND PROMOTING THEY DID KIND OF ADD FUEL TO THAT FIRE THAT WAS ALWAYS GOING TO BURN, BUT DIDN'T NEED TO NECESSARILY BURN THAT INTENSELY EARLY ON.

[TRAFFIC NOISE] - IF YOU'RE DRIVING DOWN THE HIGHWAY, SCROLLING ON SOCIAL MEDIA, OR WATCHING SPORTS, YOU'VE LIKELY SEEN ADS FOR SPORTS BETTING.

DURING A RECENT THREE-HOUR NUGGETS GAME THAT AIRED ON A LOCAL NETWORK, WE COUNTED ABOUT 10 SPORTS BETTING ADS, BUT THERE ARE EVEN MORE REFERENCES IN THE ARENA ITSELF.

- I SEE BILLBOARDS.

I SEE INSTAGRAM ADS.

IT'S EVERYWHERE.

I FRANKLY FIND IT REALLY ANNOYING, BECAUSE IT FEELS INESCAPABLE AT TIMES.

- OBVIOUSLY, THERE'S A LOT OF CRITICISM OF MODERN-DAY SPORTS GAMBLING AND IT'S PERVASIVENESS.

BUT I GUESS WHAT WOULD YOUR RESPONSE BE TO SOMEONE WHO'S LIKE, WELL, PEOPLE HAVE BEEN GAMBLING ON SPORTS FOR A MILLENNIA, SO WHY IS IT A PROBLEM NOW?

- BECAUSE WE HAVE CELL PHONES.

- HAVING ALL THOSE BETTING AND GAMBLING APPS ON OUR PHONE MAKES IT MORE ACCESSIBLE.

- ULTIMATELY, THE SMARTPHONE HAS COMPLETELY CHANGED THE WAY WE GAMBLE.

THERE IS NOT THAT KIND OF TIME TO EVEN THINK ABOUT IT.

- WE KNOW THAT PHONES AND SCROLLING HAVE AN ADDICTIVE QUALITY TO THEM, SO IT'S KIND OF LIKE A DOUBLE WHAMMY.

- I'M EMILY HEMENDINGER.

I'M A LICENSED CLINICAL SOCIAL WORKER, AND I'M AN ASSISTANT PROFESSOR HERE AT THE UNIVERSITY OF COLORADO ANSCHUTZ MEDICAL CAMPUS.

WHEN SOMEONE'S EITHER USING A SUBSTANCE OR ENGAGING IN ONE OF THOSE IMPULSIVE BEHAVIORS LIKE GAMBLING, IT LIGHTS UP PATHWAYS IN OUR BRAIN THAT FEEL GOOD.

IT'S THAT REWARD PATHWAY, AND WE GET A SURGE OF DOPAMINE.

DOPAMINE'S OUR FEEL-GOOD CHEMICAL, LIKE WE FEEL WHEN WE EAT CHOCOLATE OR HEAR OUR FAVORITE SONG.

THE WHOLE CHEMISTRY AS WELL AS THE PATHWAYS BEING LIT UP ARE RELATIVELY SIMILAR ACROSS SUBSTANCE USE GAMBLING, AND EVEN EATING DISORDERS.

- AS YOU CAN SEE THE REWARD CENTER IN BOTH BRAINS ARE STIMULATED IN VERY SIMILAR WAYS.

- WHY DO YOU THINK IT'S NOT TALKED ABOUT AS MUCH?

- I THINK WITH THE SPORTS BETTING THIS IS SOMETHING THAT PEOPLE MAYBE HAVEN'T SEEN AS PROBLEMATIC.

- I'M NOT ADDICTED, IT'S JUST, IT'S JUST FUN.

- YEAH.

- IT'S HAPPENING MORE THAN WE REALIZE BECAUSE IT'S HAPPENING TO SMALLER DEGREES.

- TWO DOLLARS ON THE [INDISCERNIBLE].

- AND PEOPLE ARE THINKING OFTEN WITH A LOT OF DIFFERENT DISORDERS THAT THEY'RE EITHER BLACK OR WHITE, ALL OR NOTHING, AND IT CAN BE PROBLEMATIC EVEN IN THOSE SMALLER FORMS.

- THE TRUE DEFINITION OF GAMBLING AS I SEE IT, IS RISKING SOMETHING OF VALUE IN HOPES OF GAINING SOMETHING IN RETURN WHEN THE OUTCOME IS UNCERTAIN.

- THERE YOU GO.

- I THINK RIGHT OFF THE RIP IT WAS AS SUCCESSFUL AS SPORTS GAMBLING COULD BE FOR ME IS THAT I STARTED TO SEE THE RETURN ON MONEY AND HOW QUICK YOU COULD GET IT.

YOU KNOW, AS A COLLEGE KID GETTING A COUPLE THOUSAND DOLLARS FROM ONE BET WITH NO SOURCE OF INCOME.

AND FROM THERE MY INTEREST JUST PEAKED AT AN ALL-TIME LEVEL, NEVER REALLY WENT BACK FROM THERE.

- WHAT CAN MONEY BE USED FOR?

- RIGHT NOW, I THINK A LOT OF PEOPLE ARE DOING IT.

- WHAT IS MONEY ANYWAY?

- IT IS A BEHAVIOR THAT CAN BECOME VERY ADDICTIVE.

- MONEY SHOULD BE SOMETHING OF VALUE AS A QUICK AND EASY MEDIUM OF EXCHANGE.

- A LOT OF TIMES WHEN PEOPLE START TO HAVE A PROBLEM WITH GAMBLING, THEY ALSO DO A LOT OF CHASING.

AND CHASING IS WHEN YOU LOSE MONEY AND YOU WANT TO WIN IT BACK, SO YOU START GAMBLING MORE TO WIN THE MONEY BACK.

- IT STARTED WITH, YOU KNOW, BIG COLLEGE FOOTBALL GAMES, NFL GAMES.

- WE'VE GOT NFL BETS, COLLEGE FOOTBALL BETS.

TONS!

- AND THEN IT GOES INTO WELL THAT WAS FUN, AND IF YOU WIN THAT BET YOU WANT MORE AND MORE AND MORE.

SO ANYTHING THAT YOU CAN GET YOUR MINDS ON WHERE THERE'S SPORTS ODDS, IT PROGRESSES TO VERY QUICKLY.

MOST OF THE TIME FROM YOU CHASING YOUR LOSSES.

IF YOU HAVE A BAD SATURDAY YOU WANT TO MAKE IT UP QUICKLY, YOU DON'T WANT TO WAIT TILL NEXT SATURDAY.

SO THEN YOU'LL GO TO THE NFL ON SUNDAY, AND THEN YOU'LL GO TO MONDAY NIGHT FOOTBALL.

AND THEN THE APPS NOWADAYS SHOW EVERYTHING.

IT'S AN INTERNATIONAL PLATFORM.

SO BASICALLY IT TURNS INTO ACCESSIBILITY.

- THE PERVASIVENESS OF ONLINE AND GAMBLING APPS ON OUR PHONES, I MEAN, MUCH LIKE WE CHASE THE ENDORPHINS AND SCROLLING ON SOCIAL MEDIA, THOSE ENDORPHINS, YOU JUST CHANGE THE APP AND YOU CAN CHASE THEM BY GAMBLING MONEY.

- WE DON'T HAVE THAT PAUSE THAT WE MIGHT HAVE WHERE SOMEONE HAS THE URGE OR IMPULSE TO PLACE A BET.

THEY'D HAVE TO DRIVE TO LIKE OFF-TRACK BETTING OR A BOOKIE.

AND MAYBE DURING THAT TIME, THEY TAKE THAT TIME TO BE LIKE, HMM, MAYBE THIS ISN'T A GOOD IDEA AND TURN AROUND AND GO HOME.

NOW ALL YOU HAVE TO DO IS TAKE OUT YOUR PHONE AND IT'S THERE.

- GETTING FROM DOWNLOADING THE APP TO ACTUALLY PLACING A BET TAKES LESS THAN FIVE MINUTES.

YOU HAVE PEOPLE CALLING IT FAST FOOD GAMBLING, WHERE SIMILAR TO ORDERING A BIG MAC ON AN APP IN A FEW CLICKS, IT'S JUST AS EASY.

- VIDEO GAMES AREN'T TOO DISSIMILAR.

THE 12-YEAR -OLD WHOSE PARENTS HAVE SYNCED THEIR CREDIT CARD TO THE 12-YEAR-OLD'S XBOX.

THAT WAS EXACTLY ME WHEN I WAS 12, AND THAT WAS THE FIRST TIME I EVER LEARNED ANYTHING ABOUT FINANCIAL LITERACY AND WHAT MICRO-TRANSACTIONS ARE AND WHY THEY'RE A SLIPPERY SLOPE IF YOU'RE NOT BEING SUPER MINDFUL.

- CAN YOU DEFINE WHAT THE MICRO-TRANSACTIONS ARE IN A SPORTS BETTING CONTEXT?

- QUICK FULFILLMENT MARKETS, YOUR IMMEDIATE FULFILLMENT MARKETS.

- BUT HOW ABOUT BETTING ON THE SPEED OF EVERY PITCH THROWN?

- LET'S SAY YOU AND I WENT TO THE ROCKIES GAME.

YOU CAN BET ON CERTAIN OUTCOMES, LIKE, IS THIS NEXT PITCH GOING TO BE A BALL OR A STRIKE?

- OR A HIT BATTER, WILD WORLD WE LIVE IN.

- AT POINTSBET, WE CALLED THEM LIGHTNING BETS.

- JUST THE TECHNOLOGICAL ASPECTS HAS MOVED IT TO ANOTHER ERA OR ANOTHER LEVEL THAT WE'VE NEVER SEEN BEFORE.

- IT'S HARDER FOR US TO BUILD IN THAT PAUSE WHEN WE'RE WANTING THAT QUICK RELIEF, THAT QUICK SURGE OF DOPAMINE.

I WOULD SAY MAJORITY OF PEOPLE WERE PRETTY INTO THIS AT THE TIME.

I DEVELOPED AN OBSESSION WITH IT THOUGH.

- WHAT DID THAT OBSESSION LOOK LIKE?

- BASICALLY, YOU KNOW, ALL DAY LOOKING AT GAMES, WHAT WAS GOING TO GO ON AT NIGHT, TRYING TO STUDY AS MUCH AS I COULD ABOUT PLAYERS, TEAMS, INJURIES.

IT STARTED TURNING TO HOURS OF RESEARCH JUST FOR THE NIGHT, YOU KNOW, IT TURNED INTO ONCE A WEEK AND THEN IT WENT TO TWICE A WEEK AND THEN IT WENT PRETTY MUCH ALL DAY EVERY DAY.

- TODAY WE'RE TALKING ABOUT A FOUR-LETTER WORD, DEBT.

- I WAS INTRODUCED TO A HIGH CREDIT CARD LIMIT WHEN I FIRST CAME OUT HERE.

I DIDN'T HAVE A CREDIT CARD IN COLLEGE, SO MY CREDIT SCORE WAS REALLY HIGH AT THE BEGINNING AND I WAS JUST GETTING ACCESS TO ALL THESE CREDIT CARDS.

PROBABLY A YEAR AND A HALF AFTER THAT, I MISSED ALL MY PAYMENTS AND WAS STARTING TO RACK UP SOME DEBT.

I RECOGNIZED IT WAS A PROBLEM.

- RIGHT NOW, THERE ARE ABOUT 6,000 OF THESE SMART CARDS IN USE IN NORTH AMERICA.

- TO APPLY FOR A CARD, CALL... - YOU'VE SUCCESSFULLY CREATED YOUR BETMGM ACCOUNT.

- YOU CAN ACTUALLY UPLOAD YOUR CREDIT CARD STRAIGHT TO THE FANDUELS, DRAFT KINGS.

EVERY SPORTS APP ALLOWS CREDIT CARDS NOWADAYS, SO, YOU KNOW, YOU DEPOSIT STRAIGHT IN FROM THE CARD.

- THAT COULD BECOME PRETTY COSTLY, PRETTY QUICKLY.

- HOW MANY CREDIT CARDS HAD YOU OPENED UP?

- PROBABLY 10.

PROBABLY 10.

- THE CONSUMER FINANCIAL PROTECTION BUREAU SAYS IT'S SEEN A NATIONWIDE INCREASE IN CASH ADVANCE FEES SINCE ONLINE SPORTS BETTING BECAME WIDELY LEGAL.

- YOU TALK ABOUT YOUR WINS SO MUCH, NOBODY REALLY KNOWS HOW MUCH YOU'RE LOSING, SO YOU HIDE THAT FROM EVERYBODY.

YOU KNOW, YOU HAVE TO BASICALLY LIVE A LIE TELLING EVERYBODY THAT IT'S OKAY, WHEN IN REALITY COULD NOT BE MORE OPPOSITE.

- COLLEGE KIDS, ESPECIALLY YOUNG MEN, ARE MORE VULNERABLE THAN MOST.

WHEN IT COMES TO THAT YOUNG MALE DEMOGRAPHIC, THAT IS A SCARY PART OF SPORTS BETTING IN THAT YOU'RE DEALING WITH YOUNG MINDS THAT DON'T HAVE THOSE FINANCIAL LITERACY SKILLS.

- HIT THE BET, WIN YOUR MONEY BUY BITCOIN.

BANG.

- IF YOU THINK ABOUT A 21-YEAR-OLD COLLEGE STUDENT THAT'S IN A FRATERNITY AND IS WATCHING GAME SEVEN OF THE NBA FINALS ALONGSIDE 20 FRATERNITY BROTHERS OR WHATEVER.

YOU'RE TAKING ADVANTAGE OF SOCIAL ADVANTAGES OF THE BIG TARGET DEMOGRAPHIC.

- THANK YOU FOR JOINING US FOR TODAY'S EVENT AT THE UNIVERSITY OF COLORADO BOULDER.

- THEY GIVE YOU A BUNCH OF BONUS MONEY WHEN YOU SIGN UP.

YOU GET LIKE 300 FREE PLAYS, SO THAT KIND OF GETS YOU ON THE HOOK.

AND THEN IT TAKES YOU FROM THERE.

YOU JUST SPEND EVERY DAY PRETTY MUCH.

- YOU WORK WITH A UNIVERSITY WITH COLLEGE STUDENTS.

CAN YOU TELL ME A LITTLE BIT ABOUT WHAT YOU'VE SEEN AMONG YOUR STUDENTS?

- ALMOST EVERY CLASS THAT I OVERHEAR A CONVERSATION ABOUT A BET THAT WOULD WAS EITHER UPCOMING OR THEY MADE THE NIGHT BEFORE, AND WHEN YOU HAVE FOOTBALL PLAYERS IN CLASS, AND THEN THE PERSON NEXT TO THEM IS TALKING ABOUT BETTING ON THE GAME THEY'RE IN.

- ATHLETES, THEY MAY SAY, HEY, WE DON'T CARE ABOUT PARLAYS, BUT THEY CARE ABOUT IT BECAUSE IT AFFECTS THEM.

AND IT, THEY, YOU KNOW, MENTALLY IT AFFECTS THEM.

- I'M OF THE MIND THAT A LOT OF STATES HAVE NOT DONE ENOUGH TO PROTECT THE ACTUAL ATHLETES AND PROTECT THE GAMBLERS THEMSELVES.

- DON'T CHOKE LIKE YOU DID YESTERDAY GABY!

- WE'RE NOT ONLY SEEING ONLINE HARASSMENT, WE'RE SEEING PEOPLE SHOWING UP TO GAMES TO HECKLE ATHLETES.

YOU NEVER REALLY THOUGHT IT WOULD GET TO THE 18 YEAR OLDS AND THE 20 YEAR OLDS OF THE WORLD.

UNFORTUNATELY YOU KNOW IT HAS.

- YOU HAVE STUDENTS TALKING ABOUT GAMBLING ON THE ATHLETE OR THE PERFORMANCE OF THAT ATHLETE OR WHETHER HE'S GOING TO WIN THE HEISMAN.

- TRAVIS HUNTER IS THE 2024 HEISMAN TROPHY WINNER.

- I MEAN TRAVIS YOU SEE THESE CONVERSATIONS AROUND HIM.

- TRAVIS HUNTER HAS THE SHORTEST ODDS AT +200, 2-1.

- IT ALMOST REDUCES HIM TO LIKE A NON-PLAYABLE CHARACTER IN A GAME WHERE IT'S JUST LIKE, OH, YOU'RE JUST THIS CONDUIT TO GAMBLE ON.

- LOSE ONE GAME, TWO GAMES, THE NEXT THING YOU KNOW, YOUR DM IS CRAZY.

- ESPECIALLY ON A COLLEGE CAMPUS, WHEN THEY'RE ALSO A JUNIOR, AND THEY'RE ALSO TAKING SIMILAR CLASSES AND THEY'RE GOING THROUGH THE SAME STUFF, MIGHT BE A LITTLE BIT OF A REMINDER OF THAT HUMAN ASPECT OF THIS SPORTS GAMBLING.

- DO YOU HAVE ANY MONEY TONIGHT?

- OH, WE GOT MONEY ON THIS THING RIGHT HERE.

WE'RE GOING TO BUFFS MONEY LINE, OBVIOUSLY GOING TO CHEER FOR THE SCHOOL.

THIS WEEKEND, WE GOT THE NFL.

CHIEFS MONEY LINE PARLAYED WITH THE COWBOYS.

THAT'S FREE MONEY.

[FRIENDS CHEERING] LET'S GO.

- WITH THE LEGALIZATION, IT'S NO LONGER TABOO TO TALK ABOUT IT.

IT'S ALSO PART OF KIND OF THE SOCIAL MOVEMENT.

- YESTERDAY, I JUST PAID OFF MY CORVETTE FROM SPORTS BETTING.

- THE SPORTS MEDIA ENVIRONMENT IN THE UNITED STATES HAS LED TO THAT SOCIAL CAPITAL THAT COMES WITH SPORTS GAMBLING.

- IN THE PATIENTS THAT I HAVE TREATED, WHO HAVE ENGAGED IN SPORTS GAMBLING AND PROBLEMATIC GAMBLING, THEY'VE ALL BEEN YOUNG, MALE IDENTIFYING, AND PROBABLY BETWEEN LIKE 20 TO 40 YEARS OLD.

- SPECIFICALLY, THOSE RECEIVING COLLEGE EDUCATIONS.

- EVERY CLASS, WE TALK ABOUT THE HIGH RATES OF ADDICTION, ESPECIALLY AMONG YOUNG MEN, WHICH ARE BOTH THE MOST TARGETED GROUP AND THE MOST LIKELY TO FALL INTO ADDICTION.

- WE GET DATA BACK FROM 1-800-GAMBLERS SO WE KNOW WHO IS REACHING OUT AND MALES BETWEEN AGES OF AROUND 24 TO 34 IS REALLY THE AGE GROUP THAT WE'RE SEEING AT THE HIGHEST RISK.

- FINDS NEARLY HALF OF MEN BETWEEN 18 TO 49 HAVE AN ONLINE SPORTS BETTING ACCOUNT.

- WHILE DATA ON SPORTS BETTING AND MOBILE SPORTS BETTING SPECIFICALLY IS STILL LIMITED, RESEARCHERS HAVE FOUND THAT SPORTS BETTING ADDICTION IS PARTICULARLY PREVALENT AMONG YOUNG MEN.

A 2024 FAIRLEIGH DICKINSON SURVEY FOUND THAT ABOUT 4 OF MEN UNDER 30 YEARS OLD BET ONLINE.

ABOUT 10% OF MAN BETWEEN 18-30 RETURNED SCORES THAT INDICATED PROBLEM GAMBLING.

AS OPPOSED TO JUST 3% OF THE OVERALL POPULATION.

THE SURVEY INCORPORATED NINE QUESTIONS TO IDENTIFY PROBLEM GAMBLERS, LIKE, HAVE YOU BET MORE THAN YOU CAN AFFORD, AND HAVE PEOPLE CRITICIZED YOUR BETTING?

EXPERTS POINT TO A NUMBER OF FACTORS THAT MIGHT BE TO BLAME FOR HIGH RATES AMONG YOUNG MEN, INCLUDING EASE OF ACCESS TO SPORTS BETTING PLATFORMS, TARGETED ADVERTISING, AND SOCIAL PRESSURE FROM FRIENDS.

- I THINK IT'S SOMETHING THAT PEOPLE THINK IS JUST DONE SOCIALLY, PROBABLY SIMILAR TO HOW 50, 60 YEARS AGO, PEOPLE THOUGHT THAT ALCOHOL WAS JUST SOMETHING PEOPLE DID SOCIALLY.

YOU CAN'T HAVE A PROBLEM WITH IT, BUT WE'RE LEARNING, RIGHT?

SAME THING WITH, LIKE, SOCIAL MEDIA.

WE'RE LEARNING HOW IT CAN BE ADDICTIVE.

- I REALLY WAS PROFITING FROM THIS.

THIS REALLY WAS MY JOB, ABLE TO PAY RENT, ALL THAT KIND OF GOOD STUFF.

BUT IT REALLY TAKES A LOT.

YOU KNOW, YOU DON'T GET ANY SLEEP.

YOU KNOW, I HAD ABOUT FOUR OR FIVE TVS GOING ALL DAY.

- GAMBLING IS SUCH A SOCIALLY ACCEPTED HOBBY.

AND SO TO GET IT TO BE TO A PROBLEM, IT TAKES YOU GOING THROUGH A LOT OF THINGS TO UNDERSTAND.

- I WAS BETTING ON LITERALLY ANYTHING I COULD BET ON.

AND IT KIND OF BECOMES AN ADDICTING HABIT.

- AND WITH IT BEING SO NEW, I JUST DON'T THINK PEOPLE UNDERSTAND THAT THEY'RE THERE YET.

- IN THE END, IT BECOMES KIND OF HABITUAL, IT BECOMES ADDICTIVE.

- WHEN IT COMES TO SPORTS GAMBLING, UNLIKE OTHER ADDICTIONS, THERE'S NO NECESSARILY OUTWARD SIGNS.

IF SOMEONE IS OVER-DRINKING ON A CONSISTENT BASIS OR USING OTHER SUBSTANCES, YOU CAN SEE IT WHERE YOU DON'T KNOW WHERE THAT MONEY IS COMING FROM.

- IT'S A HIDDEN DISEASE, SO YOU DON'T WANT ANYBODY SEE WHAT YOU'RE DOING, AND YOU HIDE IT FROM EVERYBODY SO MUCH THAT NOBODY KNOWS WHAT YOU'RE DOING WHEN YOU'RE DOING IT.

YOU DON'T WANT ANYBODY TO KNOW WHAT'S REALLY GOING ON UNDER THE SCENES.

SO YOU LIVE TWO SEPARATE LIVES.

YOU START TO BORROW.

YOU START TO MAKE UP LIES ABOUT WHY YOU NEED MONEY TO COVER YOUR OWN TRACKS.

AND ULTIMATELY, IT COMPLETELY DESTROYS RELATIONSHIPS.

- GAMBLING ADDICTION IS NOT A FAILURE OF WILL.

- IT CONTROLS YOUR WELL-BEING, YOUR BRAIN.

YOU LOSE CARE FOR YOUR HYGIENE.

YOU LOSE YOUR APPETITE.

SLEEPING IS A BIG ONE.

YOU CAN GET THROUGH THE DAY FROM PURE GAMBLING ALONE.

YOU DON'T NEED ANYTHING ELSE.

IT RUINS YOU.

IT RUINS YOU.

- I THINK THERE'S LESS UNDERSTANDING OF GAMBLING ADDICTION AND PEOPLE WHO STRUGGLE WITH PROBLEM GAMBLING BECAUSE IT ISN'T AS NECESSARILY RESEARCHED, ESPECIALLY WHEN IT COMES TO THE ONLINE GAMBLING AND SPORTS BETTING.

- I DO THINK THE PUBLIC SEES GAMBLING FOR THE MOST PART AS A NEUTRAL PRODUCT.

I THINK IT'S NOT A NEUTRAL PRODUCT.

I THINK IT'S A PRODUCT THAT RELEASES A LOT OF DOPAMINE AND ANYTHING IN OUR WORLD THAT RELEASES A LOT OF DOPAMINE CAN BE ADDICTIVE.

- YOU CAN DO IT FOR FUN AND ENJOY IT IN A WAY THAT IS RESPONSIBLE, BUT IF YOU'RE DOING SO IN A WAY THAT YOU ARE LOSING MONEY THAT YOU DON'T HAVE TO LOSE, THEN IT'S NOT WORTH DOING AT ALL.

- YEAH, PUT IT ON THE 12-LEG PARLAY.

12-LEG PARLAY'S GONNA HIT, I PROMISE ONE TIME, ONE TIME IT'LL HIT, I PROMISE YOU.

- THERE ARE PEOPLE RIGHT NOW WHO ARE YOUNG AND GAMBLING AND MAYBE NOT HAVE A PROBLEM, BUT IT'S EMERGING AND IT CAN BECOME A PROBLEM.

- OH, YEAH.

- COMPARED TO OTHER ADDICTIONS, THIS ONE, YOU KNOW, CAN HAPPEN IN SECRET OR IT'S KIND OF HIDDEN.

HOW DO YOU THINK THAT PLAYS INTO THE, LIKE, STIGMA ASSOCIATED WITH SPORTS GAMBLING?

- I THINK THERE'S A LOT OF STIGMA, AND I THINK PART OF THE STIGMA IS STIGMA FROM OUR MALE SOCIETY.

- IN THE MANLY MINUTE TODAY, KEN HAS FIVE TIPS BEHIND SPORTS BETTING.

- OKAY, YOU GUYS KNOW I LIKE TO PLACE A WAGER.

- WE DO, WE DO.

- ACROSS THE BOARD, LIKE ALL ADDICTIONS ARE HIGHLY, HIGHLY STIGMATIZED I THINK PEOPLE STILL, UNFORTUNATELY, THINK IT'S JUST A MATTER OF CHOICE.

- I'VE HEARD THIS FROM PEOPLE WHO I WORK WITH, THAT THEIR FRIENDS AND EVEN THEIR BROTHERS WILL MAKE FUN OF THEM.

I'VE HEARD PEOPLE EVEN SAY THAT THEY'VE GOTTEN MESSAGES TO JUST SUCK IT UP, TO STOP BEING A SISSY, OR JUST STOP BETTING, JUST STOP GAMBLING.

- THIS HAS TO BE THE GREATEST MISUNDERSTANDING ABOUT GAMBLING ADDICTION.

- AND PEOPLE WHO HAVE A FULL-ON GAMBLING ADDICTION WHERE THEIR BRAIN HAS BEEN HIJACKED, IT'S NOT THAT EASY.

- WHEN COLORADO LEGALIZED SPORTS BETTING IN 2019, IT WASN'T JUST WATER PROJECTS THAT LEGISLATORS WERE CONCERNED ABOUT FUNDING, THEY ALSO MADE SURE TO SET SOME MONEY ASIDE FOR PROBLEM GAMBLING.

- ANOTHER NOTE IS THAT WE WERE ACTUALLY GIVING SOME OF THE MONEY FOR GAMBLING ADDICTION SERVICES, AND I THINK THAT'S IMPORTANT BECAUSE IF THIS DOES BECOME A PROBLEM, WE DEFINITELY NEED TO HELP THOSE PEOPLE SEEK TREATMENT, SO THIS DOESN'T BECOME ANOTHER ADDICTION CRISIS.

- YOU KNOW, I THINK THERE WERE LEGITIMATE CONCERNS ABOUT IT EXACERBATING A PROBLEM INSTEAD OF, YOU KNOW, HELPING A SOCIAL ILL.

AND THE PEOPLE THAT WERE NERVOUS ABOUT IT, I DON'T THINK THIS HAS GONE AWAY.

- GAMBLING ADDICTION IS ON THE RISE IN OUR STATE.

- IT'S EVERYWHERE, THEY DO A REALLY GOOD JOB AT REELING YOU IN.

- WE'RE WANTING TO GUARD AGAINST AS MUCH AS POSSIBLE THE DYNAMIC THAT THE LEAST ABLE TO AFFORD TO GAME, WERE THE ONES DOING MOST OF THE BETTING.

- WE'RE SEEING IN STATES THAT HAVE LEGALIZED SPORTS GAMBLING, THERE'S BEEN A NEARLY 30% UPTICK IN BANKRUPTCY.

ON AVERAGE, CREDIT SCORES ARE LOWER IN THOSE STATES.

- WHEN YOU ISOLATED STATES THAT LEGALIZED SPORTS BETTING ONLINE, THE DECREASE WAS THREE TIMES LARGER.

- BEING SO NEW INTO THE SPORTS WAGERING, AND MOBILE BETTING, I THINK THE BIG THING WAS THAT WE DIDN'T EVEN HAVE ALL THE ANSWERS, AND NOR DID THE COMPANIES.

- SO THERE WAS RIGHTFULLY A CONCERN THAT WE WOULD BE CREATING A MECHANISM THAT MIGHT PUT EVEN MORE PEOPLE OUT ON OUR STREETS.

THAT IS IN LARGE PART WHY A PORTION OF ALL THE REVENUE THAT GOES INTO THE STATE TREASURY IS DEDICATED TO GAMING ADDICTION.

THAT WAS PROBABLY ENOUGH FOR SOME PEOPLE TO SAY, OKAY, I CAN SUPPORT THIS.

- MORE THAN $100,000 EACH YEAR WILL BE FUNNELED TO HELP WITH GAMBLING ADDICTION.

- YOU KNOW IT'S A CONTINUOUS POLICY DEBATE ABOUT ARE WE SPENDING ENOUGH ON THE TREATMENT OF THE SOCIAL ILL THAT COMES ALONG WITH THIS, AND I THINK REASONABLE PEOPLE CAN HAVE DIFFERING OPINIONS ON THAT.

- AS OF AUGUST 2023, 23 STATES INCLUDING COLORADO PROVIDES SOME MONEY TOWARD RESPONSIBLE GAMBLING AND OR PROBLEM GAMBLING SUPPORT INITIATIVES.

PROPOSITION DD REQUIRES COLORADO TO ALLOCATE AT LEAST $130,000 EACH YEAR TO GAMBLING DISORDER COUNSELING SERVICES AND A GAMBLING CRISIS HOTLINE.

BOTH OF THESE SERVICES ARE OFFERED BY THE PROBLEM GAMBLING COALITION OF COLORADO.

- WE'RE IN THE PROBLEM GAMBLING CENTER.

IT'S ONE OF THE ONLY CENTERS IN THE ENTIRE COUNTRY DEDICATED JUST TO PROBLEM GAMBLING.

- SO AS SPORTS BETTING SPECIFICALLY HAS GROWN IN POPULARITY, HOW HAS THAT IMPACTED WHAT YOU ALL ARE DOING HERE?

- WE'VE CERTAINLY SEEN AN INCREASE AND PEOPLE CALLING TO THE CENTER REACHING OUT FOR HELP.

- IN THE LAST SEVEN MONTHS OF 2020 WHEN SPORTS BETTING BECAME LEGAL THAT NUMBER JUMPED TO 4,834 CALLS.

- I THINK LAST YEAR IT DOUBLED FROM THE YEAR BEFORE, AND WE'RE CONTINUING TO SEE AN INCREASE.

- ACCORDING TO THE NATIONAL COUNCIL ON PROBLEM GAMBLING, 102,000 COLORADO ADULTS HAVE A GAMBLING PROBLEM.

- SO WE GET ABOUT 300 ENGAGEMENTS PER MONTH, AND SO THOSE ARE PHONE CALLS, THOSE ARE EMAILS, THERE'S PEOPLE COMING TO THE CENTER FOR SUPPORT SERVICES.

THERE ARE PEOPLE CALLING TO THE CENTER EVERY SINGLE DAY LOOKING FOR HELP.

SOMETIMES IT'S THE ACTUAL PERSON CALLING, SOMETIMES IT'S THEIR FAMILY MEMBER, BUT IT'S DISRUPTING A LOT OF FAMILIES HERE IN COLORADO.

- I REMEMBER AROUND LIKE FIVE YEARS AGO, IT STARTED COMING UP MORE FREQUENTLY IN THE SESSIONS THAT I'M DOING.

- HOW WOULD YOU DISTINGUISH FROM A CLINICAL STANDPOINT WHEN IT BECOMES PROBLEM GAMBLING?

- I'M LOOKING AT IF THERE'S DISTRESS AROUND IT.

IF PEOPLE ARE LYING AND NOT BEING HONEST ABOUT IT, HOW MUCH TIME THEY'RE SPENDING ON IT.

ARE THEY SLEEPING?

ARE THEY STAYING UP ALL NIGHT?

ARE THEY MISSING CLASS OR WORK BECAUSE THEY'RE HAVING TO PLACE BETS?

ARE THEY DOING IT DURING MEETINGS?

LIKE, CAN THEY PUT IT DOWN?

CAN THEY TAKE A STEP BACK?

- AT WHAT POINT DID YOU REALIZE THAT YOU NEEDED HELP?

- THERE WERE SEVERAL MOMENTS THAT I THOUGHT WERE ROCK BOTTOM FOR ME.

RENT, I WAS LYING TO MY WIFE SAYING I WAS PAYING THE RENT WITH MY MONEY.

I'D TELL MY DAD I WAS SHORT ON MONEY.

HE WOULD GIVE ME THE MONEY, LIED TO HIM ABOUT WHAT I WAS DOING WITH IT.

SO IT WAS, YOU KNOW, I HID THAT FROM THEM FOR YEARS.

- IT'S REALLY LIKE, HOW MUCH IS IT IMPACTING YOUR LIFE?

HOW MUCH DISTRESS IS IT CAUSING?

AND HOW MUCH IS IT IMPACTING THOSE RELATIONSHIPS IN YOUR LIFE, TOO?

- I ACTUALLY GOT FIRED FROM MY JOB, GOT COMPLETELY CUT OFF FROM ALMOST EVERY SINGLE FRIEND GROUP THAT I WAS IN.

I HAD NOWHERE TO GO.

I HAD NO MONEY.

I HAD NO JOB.

AND THEN WHEN ALL THAT'S CUT OFF, THE ONLY THING THAT YOU HAVE TO DO IS BE HONEST AT THAT POINT.

SO THERE REALLY IS NO SHORT-TERM FIX TO GET CAUGHT UP ON HOW DEEP OF A HOLE YOU'VE PUT YOURSELF IN, UNFORTUNATELY, BESIDES JUST BEING HONEST.

- ONE OF THE THINGS THAT I'D LIKE TO SEE THIS ORGANIZATION BE ABLE TO DO A LOT MORE OF IS JUST PREVENTION.

I'M FRANKLY TIRED OF PICKING UP THE PHONE CALL WHEN SOMEONE'S LIFE IS IN SHAMBLES.

WE MEET A NEED, AND WE WANT TO BE ABLE TO DO THAT FOR PEOPLE AND BE THERE FOR PEOPLE.

BUT SINCE THERE IS LIMITED FUNDING, WE JUST HAVE TO WORK WITH WHAT WE HAVE, UNFORTUNATELY.

- YOU KNOW, WHEN THE SPORTS BETTING LAW WAS PASSED, AND THEY PUT SOME MONEY ASIDE FOR HELPING PROBLEM GAMING.

AND WE FOUND OUT FAIRLY QUICK THAT EVEN THE MONEY THAT THEY PUT ASIDE, PROBABLY WASN'T GOING TO BE ENOUGH.

AND TWO YEARS INTO IT, WE WORKED WITH THE SPEAKER AT THE TIME, AND WE REALLY CAME UP WITH A GOOD BILL THAT PUT SOME MONEY ASIDE QUITE A BIT OF MONEY, STARTING AT ABOUT 2.5 MILLION, UP FROM ABOUT 130,000, AND DIRECTED THAT TOWARDS GRANTS THAT COULD GO INTO THE PROBLEM GAMING OR INTO RESEARCH INTO PROBLEM GAMING.

- SINCE COLORADO LAUNCHED THE RESPONSIBLE GAMING GRANT PROGRAM IN 2023, THE STATE HAS AWARDED A FEW MILLION DOLLARS IN GRANTS TO ORGANIZATIONS LIKE THE PROBLEM GAMBLING COALITION OF COLORADO AND THE KINDBRIDGE RESEARCH INSTITUTE.

THE PGCC RECEIVED ABOUT $1.1 MILLION IN 2023, AROUND $750,000 IN 2024, AND ABOUT $1.2 MILLION IN 2025.

HOWEVER, IT'S WORTH MENTIONING THAT COLORADO IS ONLY REQUIRED TO GRANT $130,000 TOWARD PROBLEM GAMBLING RESOURCES EACH YEAR, AS OUTLINED IN PROPOSITION DD.

THAT'S ABOUT 0.35 % OF THE $36.8 MILLION THE STATE EARNED FROM SPORTS BETTING TAX REVENUE IN THE LAST FISCAL YEAR.

THE RESPONSIBLE GAMING GRANT PROGRAM SUPPLEMENTS THIS.

THOUGH AS TOTAL SPORTS BETTING TAX REVENUE HAS INCREASED SIGNIFICANTLY IN THE PAST THREE YEARS, THE AMOUNT ASSIGNED FOR PROBLEM GAMBLING SERVICES HASN'T GROWN AT THE SAME RATE.

ADDITIONALLY, IT'S UNCLEAR HOW MUCH, IF ANY, OF THE MONEY FROM SPORTS BETTING TAX REVENUE GOES TO THE RESPONSIBLE GAMING GRANT PROGRAM, WHICH IS FUNDED THROUGH A NUMBER OF DIFFERENT SOURCES.

- I THINK WE'VE JUST SCRATCHED THE SURFACE.

ON REALLY UNDERSTANDING THIS ADDICTION.

- IT IS NORMALIZED, SO IT'S LIKE NO BIG DEAL.

EVERYBODY'S DOING IT.

AND MY FEAR IS THAT SINCE WE DON'T TRULY UNDERSTAND THE PROBLEM, WE DON'T HAVE A LOT OF PREVENTION PROGRAMS.

WE HAVE LIMITED TREATMENT RESOURCES THAT IT'S GOING TO CREATE A HUMONGOUS ISSUE FOR OUR SOCIETY.

BECAUSE IT'S LEGAL AND EVERYBODY'S LOOKING AT IT, YOU HEAR ABOUT THOSE THINGS MORE, BUT THE GOOD THING IS, IF THEY DO HAVE A PROBLEM, AND IN THE LEGAL MARKET, THERE ARE MANY OPTIONS TO GET THEM HELP.

- THAT'S AN IMPORTANT DISTINCTION BETWEEN THE LEGAL INDUSTRY, VERSUS THE OFFSHORE IS CONSUMER PROTECTION REALLY DOES EXIST AND THOSE OPERATORS ARE NEVER LOOKING AT YOU LIKE AN EASY TARGET, THEY ARE LEGALLY, MORALLY, ETHICALLY REQUIRED TO REACH OUT TO YOU WHICH OFFSHORE OPERATIONS ARE NOT.

- AFTER HELPING POINTSBET LAUNCH ITS DENVER HEADQUARTERS, PAT EICHNER TRANSITIONED TO A DIFFERENT SIDE OF THE SPORTS BETTING INDUSTRY.

TODAY, HE IS THE HEAD OF COMMUNICATIONS AND PARTNERSHIPS AT THE KINDBRIDGE RESEARCH INSTITUTE.

A NATIONAL NONPROFIT FOCUSED ON RESEARCHING AND BUILDING TREATMENTS FOR THOSE WITH PROBLEM GAMING AND GAMBLING DISORDERS.

- LOOKING BACK AT YOUR TIME DOING PR FOR SPORTS BETTING, DO YOU HAVE ANY KIND OF RESERVATIONS ABOUT THE WORK YOU DID?

- I DON'T HAVE ANY RESERVATIONS ABOUT THE WORK I DID AT POINTSBET.

AND I DEFINITELY DO THINK FROM A MORAL STANDPOINT, I AM REALLY, REALLY THRILLED TO BE DOING THE WORK I'M DOING TODAY WITH KINDBRIDGE, WHERE OUR MOST WELL-KNOWN SPECIALTY IS HELPING FOLKS THROUGH GAMBLING DISORDER.

- COMPLEXITIES THAT COME WITH A GAMBLING LIFESTYLE.

- THERE'S MORE AND MORE OPPORTUNITY FOR PEOPLE THAT HAVE ISSUES.

WE HAVE THE OPPORTUNITY WITH THE PROGRAMS THAT WE HAVE, THE THINGS THAT WE PUT IN PLACE, THE THINGS THE SPORTS BOOKS HAVE PUT IN PLACE THEMSELVES, FOR PEOPLE TO REALLY EDUCATE THEMSELVES TO MAKE SURE THAT THEY'RE USING THE TOOLS TO MONITOR THEIR BETTING, SETTING LIMITS.

- GAMING CONTROL COMMISSION APPROVED ALMOST $3 MILLION IN RESPONSIBLE GAMING GRANTS.

- THE FOCUS AROUND RESPONSIBLE GAMING BEST PRACTICES, THAT IS SOMETHING THAT WE HAVE SEEN GROW AND GROW FOR THE BETTER SINCE 2019.

- SO YOU CAN MAKE THE ARGUMENT THAT LEGALIZING THIS COULD BE A GOOD THING, BUT IT WILL ALSO INCREASE THE AMOUNT OF PEOPLE WHO ARE PARTICIPATING AND ENGAGING IN THIS BEHAVIOR ONCE IT BECOMES LEGALIZED.

IT'S A SILENT ADDICTION, AND SO A LOT OF TIMES THE PEOPLE WHO ARE STRUGGLING ARE STRUGGLING IN SECRET.

GAMBLING ADDICTION IS ACTUALLY THE ADDICTION WITH THE HIGHEST RATE OF SUICIDE OF ALL ADDICTION.

THERE ARE PEOPLE WHO ARE DYING FROM GAMBLING ADDICTION, BUT IT'S MORE HIDDEN.

- THERE'S NOT A LOT OF FUNDING IN OUR STATE FOR PROBLEM GAMBLING.

WE SEE THE NEED INCREASING, AND SO IF THE FUNDING EVER BEGAN TO DECREASE, WE'D BE IN A DIFFICULT SPOT.

- SO THE QUESTION REMAINS.

WAS LEGALIZING SPORTS GAMBLING A WINNING BET?

SUPPORTERS POINT TO MILLIONS OF DOLLARS SPORTS BETTING HAS RAISED, IN ADDITIONAL TAX REVENUE, INCREASED VIEWERSHIP AMONG LARGER AND SMALLER SPORTS.

CRITICS POINT TO THE RISING RATES OF GAMBLING ADDICTION AND THE INTERFERENCE IN SPORTS THEMSELVES.

LIKE THE RECENT MULTI-MILLION DOLLAR FEDERAL SPORTS BETTING BUST THAT MAY HAVE INCLUDED HALL OF FAME BASKETBALL PLAYER AND DENVER NATIVE CHAUNCEY BILLUPS.

- THERE'S A LOT OF GAMBLING ACCUSATIONS GOING ON RIGHT NOW WITH PROFESSIONAL SPORTS PLAYERS GETTING CAUGHT AND I READ THROUGH THE COMMENTS AND IT'S A JOKE TO SOME PEOPLE.

NOBODY CAN UNDERSTAND HOW YOU CAN BE ADDICTED TO LOSING MONEY.

- WE DO SEE PROBLEM GAMBLING AS AN EMERGING PUBLIC HEALTH CRISIS, MEANING IT'S ONLY GONNA GET WORSE.

AND SO BECAUSE OF THAT, WE FEEL LIKE THE FUNDING NEEDS TO CONTINUE TO INCREASE AS WELL.

- WHAT'S YOUR STANCE ON LEGALIZING GAMBLING?

- I THINK IT SHOULD BE LEGAL.

ALCOHOL IS LEGAL, CIGARETTES IS LEGAL.

BUT I DO THINK THAT THERE NEEDS TO BE SOME MORE SAFETY PRECAUTIONS AND REALLY BEING TRANSPARENT ABOUT WHAT IT CAN TURN INTO.

- I REALLY HOPE THAT THE GROWTH CONTINUES TO BE ON THE PREVENTION SIDE.

WE DON'T ENJOY ANSWERING THESE PHONE CALLS, FROM PARENTS WHO ARE CRYING, FROM SPOUSES WHO ARE CRYING, PEOPLE WHO ARE SUICIDAL AND FEEL LIKE THEIR LIVES ARE DESTROYED.

YOU DON'T NEED TO HAVE THE WORDS.

YOU DON'T NEED TO BE IN CRISIS.

YOU JUST NEED TO BE OPEN TO TALKING WITH SOMEONE WHO UNDERSTANDS.

SO WE ARE PUTTING A LOT MORE TIME AND EFFORT INTO CREATING SOCIAL MEDIA REELS AND POSTS.

WE REALLY FEEL LIKE WE NEED TO MEET PEOPLE WHERE THEY'RE AT BECAUSE THIS WINDOW OF OPPORTUNITY WHERE SOMEONE REALIZES THAT THEY NEED HELP AND ACTUALLY REACHES OUT FOR HELP IS REALLY SMALL.

- IT DOESN'T HAVE TO BE YOU'RE LOSING EVERYTHING FOR IT TO BE A PROBLEM.

I THINK IT'S MORE ABOUT JUST NORMALIZING A CONVERSATION ABOUT HOW THIS INTERACTS WITH MENTAL HEALTH.

- YOU KNOW, THE MENTAL HEALTH SIDE OF BETTING AND HANDICAPPING, I THINK, IS SOMETHING THAT DOESN'T GET ENOUGH RUN.

- I'M REALISTIC WITH MY STUDENTS.

I'M NOT GOING TO SAY, LIKE, YOU CAN'T GAMBLE OR, I MEAN, IT'S THEIR LEGAL RIGHT.

BUT THEN WITH THAT COMES THE SPORTS BETTING.

IS IT A BIG DEAL?

- IT IS A BIG DEAL.

IT'S ACTUALLY A HUGE DEAL.

- ALWAYS TELL THEM BE SAFE.

KNOW YOUR LIMIT.

KNOW YOUR MEANS.

- YOU KNOW THEY LOVE GAMBLING.

YOU KNOW THEY LOVE BETTING ON THINGS.

IF THEY'RE THAT KID, HAVE THESE CONVERSATIONS BECAUSE THIS IS REALLY REAL.

- I WOULD LIKE TO SEND A TEAM OUT AND DO MORE MEDIA MESSAGING.

DO MORE GRASSROOTS MESSAGING, MORE TABLING EVENTS, TALK MORE TO YOUNG PEOPLE.

- WITH SPORTS BETTING BECOMING MORE VISIBLE IN EVERYDAY LIFE.

WE WANT TO MAKE SURE OUR STUDENTS, COACHES, AND FAMILIES HAVE THE RESOURCES TO STAY INFORMED AND SUPPORTED.

- HOW LONG HAVE YOU BEEN CLEAN FROM GAMBLING?

- ABOUT A YEAR AND FIVE MONTHS.

- DO YOU STILL WATCH SPORTS?

- I DO STILL WATCH SPORTS.

FROM A TRIGGER STANDPOINT, IT'S TOUGH TO WATCH A GAME AND NOT BE TRIGGERED THROUGHOUT THE DAY.

- I WATCH AN INCREDIBLE AMOUNT OF SPORTS, BUT AS SOMEONE WHO DOESN'T GAMBLE, I FIND IT ANNOYING BECAUSE I WANT TO TALK ABOUT THE PLAYERS.

I WANT TO TALK ABOUT ANALYTICS OR THEIR SKILLS OR THEIR HISTORY.

AND NOW THERE IS AN OBSESSION OVER WHAT'S THE BEST BET.

- THE NEGATIVE SIDE OF IT AS WELL, LIKE SITTING IN GAMES, YOU HEAR A LOT OF PEOPLE TALK ABOUT THEIR BETS MORE THAN THE GAME GOING ON.

THEY'RE LIKE, OH, I NEED SIX MORE REBOUNDS.

OH, I NEED JOKIC TO GET THAT REBOUND INSTEAD OF LIKE ENJOYING THE GAME AND ACTUALLY WATCHING THE GAME.

- I MEAN, I KNOW PEOPLE THAT SPEND HUNDREDS OF THOUSANDS AT A TIME.

I DO LIKE A 25 CENT BET, AND I DO LIKE A PARLAY, BUT YOU HAVE TO HIT ALL THESE.

IF ONE LOSES, THEN YOU'RE DONE.

SO THAT'S THE DRAWBACK.

- SO, YOU KNOW, IT DEFINITELY TAKES YOUR LOVE FOR THE GAME AWAY.

- DON'T GET STARTED.

IT'S A LOSING GAME IN THE END, BUT IT IS REALLY FUN.

- DOWN THROUGH THE AGES, MAN'S QUEST FOR EASY WEALTH HAS OFTEN LED TO GAMBLING.

- I HAD TO CASH OUT FOR CLOSE TO A THOUSAND BUCKS LAST WEEK.

- THERE HAVE ALWAYS BEEN THOSE WHO CHOSE TO WORSHIP AT THE ALTAR OF THAT FICKLE GODDESS, CHANCE.

- THE LESSON IS STAY SMART, BUT PLACE A COUPLE FUN BETS ONCE IN A WHILE.

- YOU HAVE TO BE IN IT JUST FOR THE LOVE OF THE GAME.

NO OTHER SKIN ATTACHED.

- IT'S OKAY TO HAVE SOME FUN, BUT DON'T BET OUTSIDE OF YOUR MEANS.

JUST BE SMART ABOUT IT AND BE CAREFUL.

- IF YOU OR SOMEONE YOU KNOW IS EXPERIENCING PROBLEM GAMBLING, YOU CAN CALL 1-800-GAMBLER OR VISIT THE PROBLEM GAMBLING COALITION OF COLORADO WEBSITE TO LEARN MORE.