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ON AUGUST 3RD, the DraftKings stock price closed at $16.82, down significantly from its 52-week high of $64.58. People are gambling on sports, but the companies aren��t benefiting �� at least, not on Wall Street. So what gives?
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That��s why Harry Levant is working so hard to regulate the gaming industry at the federal level. A recovering gambling addict who��s now an addiction counselor at Mirmont Treatment Center in Media, Levant decries the ��responsible gaming�� model that he says only addresses individuals who��ve already gotten in trouble from betting, rather than looking at the broader harm gambling can cause those associated with people who become addicted.
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The problems for younger gamblers are growing. An astounding 75 percent of college students bet on sports last year, according to the NCPG. Only 22 percent of U.S. colleges have formal policies on gambling, although Villanova and St. Joe��s prohibit students from betting on their schools�� teams �� an extremely difficult policy to enforce. According to Collegegambling.org, when compared to students who don��t gamble, young bettors are more likely to engage in drug use, binge drinking, and other risky behaviors.