"He watched the massively popular streamer Adin Ross place outrageous and exciting bets on the sites, along with the rapper Drake. When he turned 18 this year, he converted $12,000 in childhood savings into cryptocurrency, bet it all, doubled his money, and then lost it all. He then tried to recoup his losses by gambling a $4,000 loan he took out without his parents' knowledge, and lost that, too."
"Sports betting revenue in the US alone has skyrocketed from $6.6 billion in 2018 to more than $148.7 billion last year, according to the American Gaming Association - a twenty-two fold increase. Betting companies largely target young men, and have partnered with colleges and universities in lucrative sponsorship deals to push their services on students. And that's just the "above-board" gambling."
"Crypto casinos are illegal in the US, but anyone savvy enough to use a VPN to mask their IP can access them, and funnel money into it using decentralized blockchain assets. They also have weak identity and age verification measures. To get the youngsters hooked, sites like Stake, Roobet, Shuffle and BC.Game are relying on streamers, where on sites like Kick, they broadcast themselves gambling eye-watering amounts of crypto on the casinos for hours on end."
Teenagers and young adults are increasingly using crypto casinos, converting savings into cryptocurrency to place high-stakes bets. Illegal crypto casinos can be accessed via VPNs and decentralized assets, bypassing US regulations. Streamers and celebrities broadcast lengthy gambling sessions and large crypto wagers, creating a promotional pipeline that entices young viewers. Many platforms employ weak identity and age-verification measures, enabling underage participation. Sports betting and gambling revenues have surged dramatically, with companies targeting young men through sponsorships with colleges. Young gamblers often experience rapid financial losses, sometimes turning to secret loans to chase losses and deepen debt.
Read at Futurism
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