‘You’re geared to lose’: Spike on why sports gambling is destroying young men

Sports gambling is one of the fastest-growing industries in the U.S., with roughly $150 billion wagered in 2024 and millions of betting options available around the clock.

Jake Skorheim and Spike O’Neill, co-hosts of “The Jake and Spike Show” on KIRO Newsradio, cited Dave Ramsey, author of The Total Money Makeover, who claimed that online sports gambling is the fastest-growing addiction destroying young men in their 20s, labeling online betting websites a “portal to hell.”

Spike retold a personal experience where he had felt the dangers of sports gambling, and how he came to swear off sports gambling for good as a 21-year-old on “razor-thin financial margins.”

“I used to have a problem with sports gambling. I worked at a little neighborhood tavern, and the bar operator was a bookie. I used to bet on football games because it was so easy, and at my fingertips,” Spike said.

“Did you feel like you just got lucky, or if you maybe watched enough games, you could beat the system, and you could win?” Jake asked.

“Of course I did. All my buddies were doing it too. It was fun, no one was losing their house, except I was on razor-thin financial margins as I was 21 years old,” Spike said. “One Christmas, I was in a hole and tried to make a big bet on a sure thing to get even. There was a late-game touchdown call that would’ve won my bet. I got on my knees in front of the TV and said, ‘God, if you give me this bet, I’ll never make another bet as long as I live. As the words left my lips, the referee’s arms went in the air, and I haven’t made a bet since.”

Sports gambling websites easily accessible for the younger generation

Jake highlighted the substantial increase in sports gambling across the U.S. over the years, noting that the amount of money spent on online sports gambling has nearly tripled, and it is only getting easier to gain access.

“[Spike] you’ve experienced this firsthand. It would’ve been hard for you if you didn’t know that bookie,” Jake said. “You had easy access, and now there is FanDuel and Draft Kings, and everyone’s got a bookie in their pocket. I think back in like 2022, the size of the online gambling pool at that point was only in the $65 billion range. Two years later, it’s $150 billion. That’s like a threefold growth in just a couple of years. Imagine what it’s going to be in five years.”

“You see billions spent on advertising. That’s because these guys don’t lose, not because they’re paying out a ton of money,” Spike said. “The house always wins. You’re geared to lose.”

Watch the full discussion in the video above.

Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3 FM. Subscribe to the podcast here.