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Sports betting in the U.S. is in, sex is out.
Also home buying is out.
“I always look at consumer data,” Meredith Whitney — known as “The Oracle of Wall Street” for predicting the Financial Crisis of 2008 — said on CNBC’s “Squawk on the Street.”
“Retail spending has been down all year, restaurant spending, travel, services, leisure… the fastest growing leisure spend is fantasy sports and online sports betting.
“The negative impact is that it’s all young men. I paralleled that with Pew Research that says that 63 percent of young men are single. And that’s the highest it has ever been. And 50 percent of those young men have no interest in dating, not even casually. And 30 percent of young men said they have not had sex in over a year and don’t seem to care.”
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This week's G911 Sports Hub results below
Sports gambling brings about instant gratification whereas sex is something guys often need to work for.
“Young men who have grown up with gaming are used to doing everything on their phone and now they can do all sorts of betting on their phone,” Whitney said. “They can do real-time parlays on their phone.”
Perhaps don't just blame sports betting. This year's Time "Person of the Year" Taylor Swift may be to blame as well.
“You have young men who don’t want to date and young women who are spending their time with Instagram moments at Taylor Swift concerts.”
- Jagajeet Chiba, Gambling911.com
