Gambling culture is increasingly permeating American sports, politics, media, and trade, bringing what was once a shadowy activity into the mainstream – a change that leaves some deeply uneasy and others exhilarated.

The significance of this phenomenon lies in the fact that gambling, once considered a fringe vice, is rapidly becoming a mainstream habit, raising a series of urgent questions about gambling addiction, market fairness, and who has the authority to regulate this almost all-encompassing gambling business.

“Want to place a bet?” With the explosive growth of online sports betting and prediction markets, this age-old question has become more relevant than ever.

Americans can now bet on almost anything, whether it's Super Bowl LX on February 8th, the midterm elections in November, the Oscars in March, the weather this winter, the words commentators will use, or even the second coming of Jesus Christ. Overall, the American Gaming Association predicts that the Super Bowl game between the Seattle Seahawks and the New England Patriots will attract $1.7 billion in legal bets.

Major news organizations such as CNBC, CNN, Yahoo Finance, and Dow Jones have partnered to display prediction market data to their viewers and readers. Many companies have long hedged various risks, such as weather, through financial derivatives, and now they are also looking at event contracts, hoping to hedge risks in the same way – and at the same time, anyone with a mobile phone can participate in these betting activities, and all these bets are promoted as gambling. Danny Fenter, author of the new book "Everyone Loses: The Tumultuous Rise of Sports Gambling in America," said in a media interview, "It seems like you can bet on anything now, and people are flocking to even the most obscure events. This gambling frenzy is absolutely insane. It seems to be reaching new heights."

He added that the entire gambling activity has become "normalized." "Before, people did this secretly."

Notably, Fenter pointed out that even news organizations are now seeking public partnerships "to get our audience hooked on our news because they want an edge in their betting."

Meanwhile, prediction markets are claiming they are providing a valuable service. Tony Gemayel, head of prediction markets at Coinbase, told the media, "If you're following the news closely and maybe have your own insights or opinions on certain things, now you can express your position."

The current situation shows that online sports betting has boomed since 2018, fundamentally changing American gambling culture. The latest catalyst for this change is the emergence of prediction markets like Polymarket and Kalshi. These prediction markets cover all 50 states, giving Americans the opportunity to bet on almost any event and win large, medium, or small prizes.

However, the threats posed by this trend cannot be ignored: regulators say the proliferation of gambling in the US poses a serious threat to public health and sports integrity. A study published in the Journal of the American Medical Association Internal Medicine in February 2025 by researchers at the University of California, San Diego's Qualcomm Institute and School of Medicine showed that the rise of online sports betting has led to a 23% increase in online searches related to gambling addiction.

Jamie Costello, program director at the National Council on Problem Gambling, told the media, "It's easier to hide it now. I could be gambling on my phone right now, and you wouldn't even know it."  Furthermore, several recent scandals have exposed the vulnerability of professional and college sports to gambling manipulation, involving college basketball, the NBA, and MLB. The current core point of contention is that sports betting companies claim they are best positioned to ensure that gambling culture does not harm individual rights or the integrity of competition. BetMGM CEO Adam Greenblatt told the media, “We have to actively monitor betting patterns, and if we see anything unusual, we have to report it immediately. This ‘see something, say something’ philosophy is very common in regulated industries.”

However, prediction markets criticize sports betting companies for limiting the amount successful bettors can win while profiting when customers lose. Polymarket CEO Shayne Coplan, in a November interview with the media, bluntly called traditional sports betting companies a “scam.” Supporters of prediction markets argue that they promote peer-to-peer trading and are fairer.

Legal and Regulatory Issues

Greenblatt believes that prediction markets should not be allowed to offer services related to sports event contracts outside of the traditional state gambling commission licensing and regulatory system.

He stated, “They don’t pay state taxes, there’s no consumer protection, and there are no penalties for minors gambling.”

Critics also point out that some individuals (possibly including some insiders) could use specific news information to profit from national security events (such as the recent arrest of Nicolás Maduro) through gambling.

The current focus is on whether the US judicial system can prevent prediction markets from further expanding gambling culture.

Greenblatt said, “This interaction between regulated sports betting and sports prediction markets will inevitably come to a head.” A former employee of the Commodity Futures Trading Commission (which recently indicated its intention to exercise its authority to regulate event contracts as a federal agency) told the media that this debate over gambling regulation may ultimately go to the Supreme Court.

Several large sports betting companies, including DraftKings, FanDuel, and Fanatics, are not waiting for a judicial decision. They have already begun building their own prediction markets, primarily offering services in states that have not yet regulated sports betting.

In short, the era when the US banned online gambling now feels increasingly like ancient history.