Bankers Are Concerned About Legalized Sports Betting As Users Begin To Borrow Money

With legalized sports betting now a thing in Missouri, the jury is still out on what kind of a credit risk it might have for borrowers and lenders.

“Our concern is just what that means for lenders and for consumer finances in general,” says Bank of America research analyst Maher Bhatia.

Speaking with CBS news, he says says gamblers are borrowing more to cover bets, “Credit scores weaken a little bit, instances of bankruptcy increase a little bit in geographies where online mobile sports betting is legalized.”

The biggest concern is gamblers being able to now make bets online and on the phone.