Sports Betting Is Becoming College Students’ Favorite Vice

This story is a capstone project by CU Boulder’s News Corps students Jake Reuss and Ben Babson.

It is one of those afternoons that can only be associated with fall. Crisp air, crunchy leaves and the football is in the air. CU Boulder student Chris Doan and his two friends, Schuylor and Henry, are making their way over to their favorite bar, The Dark Horse, to watch the full slate of college football games.

The group finds a table at the foot of a large projector screen, and Doan makes his way over from the bar, hands full with a pitcher of beer and drinking glasses. The games are about to kick off, and as the stressors of the week begin to fade away, a different stressor emerges.

“How we feeling about our bets today?” Schuylor asked the group.

“I like the under, but I need one more leg on this parlay. What should I add?” Doan said.

Like Wall Street traders on the floor of the stock exchange, the group converges and convenes to discuss which combination of bets will net the biggest profit. They spend the next few minutes passing their phones back and forth between each other as they lock in their parlays.

A parlay is a type of sports bet where one can combine multiple different picks, such as winning team and player total touchdowns, onto one bet slip. The potential winnings are multiplied depending on the amount and type of picks. 

The only catch is that every pick must be correct to collect a payout. With this in mind, there is no room for error. Picks are bounced around the table like a ping pong ball as each friend flexes their sports knowledge and looks to prove it in the form of a winning bet slip.

“It’s a bonding experience for us,” Doan said.“I pay attention to a game I otherwise wouldn’t care about.”

This is a weekly experience for not only them, but for many college friend groups. Sports have long dominated conversations between guys, but in recent years, sports discourse has evolved to include a new player: gambling.

The days of calling up your local bookie to get action on the game are long gone; heck, you don’t even have to visit a casino. As long as you own a smartphone and live in one of the 30 states in the U.S. where it is permitted, you can bet on sports whenever you want.

In 2020, Colorado joined the nationwide trend of legalizing online sports gambling. This has led to increased accessibility — specifically through mobile apps — making it easier for younger generations to engage in gambling.

While some argue that the legalization of sports betting has had undeniable benefits, as it brought an existing activity out of the black market, research suggests that bankruptcy and poor financial health are increasing in states that allow online sports betting.

A 2023 report from the Social Science Research Network found that there were an additional 30,000 annual bankruptcies and an additional $8 billion in annual collections in states that have legalized online gambling. Paired with aggressive advertising, more people are being exposed to gambling at a younger age, increasing the risk of addiction.

This reality is not reflected among college students, as those who bet regularly seem to be split between being a self-proclaimed winner and recognizing gambling for exactly what it is: a risk to win or lose money. 

While not every student we spoke to claimed they made long-term profits from sports betting, no one claimed that they lost a large amount of money or felt they possessed problematic gambling habits. 

For them, placing sports bets is like cracking open a beer while watching the game. It’s become just another element of socializing with friends and a way to engage with the game.

In 2023, following community backlash, CU ended a partnership with the then-popular sportsbook, PointsBet, only three years into a five-year deal. The agreement included a referral bonus of $30 paid to the university for every new user who placed a bet with the sportsbook.

The cozy arrangement would eventually prompt the American Gaming Association to prohibit sportsbooks from entering partnerships with public universities. Still, the writing was on the wall for gambling companies targeting college students.

Our interviews with CU students suggest that young men are starting to gamble at earlier ages, some even saying that they started betting on sports online in high school. Students utilize fake IDs to bypass age restrictions, while others admit that their parents allowed them to use their identification when signing up for a gambling platform.

“I was able to throw a photo of my mom’s ID into the app so I could create an account, and then I would use my card info to load money into it,” said a CU freshman on campus about he was able to get around the age restrictions.

“I have a fake ID,” said a separate CU freshman. “And I just scanned it into the app and it took it.”

Some online gambling services disguise themselves as “fantasy sports,” which tend to have looser age restrictions than standard sportsbooks. This allows people under 21 to legally bet on their platforms. Additionally, this genre of gambling services only offers parlay bets that create the illusion of little risk, big reward.

Like all vices, a majority of people who gamble will not develop problematic gambling habits, but due to increased exposure, addiction experts are bracing for a surge in lifelong gamblers.

“Gambling addiction is a lethal addiction,” said digital media addiction expert Tracy Markle. “The prevalence of suicide, depression, and anxiety in problem gamblers is higher than in any other addiction.”

The nature of compulsive gambling — commonly referred to as the hidden addiction — sets itself apart due to strong feelings of shame and embarrassment that are associated with financial despair. These factors often make it hard for someone to seek help when they need it, reinforcing feelings of distress that there is no other way out.

In 2016, Markle founded the Digital Media Treatment and Education Center in Boulder — after noticing troubling patterns among her clients and internet-based applications. Now, Markle says she treats clients for gambling addictions more than ever before, with most of her patients being young men.

“College kids are the most susceptible to digital addictions, and being able to gamble on your mobile device has amplified the need for education and awareness around the risks of gambling,” Markle said. “Online behavior flies under the radar because no one wants to admit that their phone is problematic.”

The promotion of online gambling has outpaced education on responsible gambling. Most clinicians don’t ask patients questions about their gambling activity, allowing problematic habits to slip through the cracks.

Buffs’ Bets

We interviewed CU students at random, attempting to gauge the prevalence of sports betting among college students. The results may surprise you.

In recent years, the Problem Gambling Coalition of Colorado (PGCC) has searched for ways to combat a lack of awareness among college students. Utilizing state-funded grants, the PGCC has provided training for counselors at universities, including CU.

Two years ago, the PGCC contacted CU, suggesting that the university’s Counseling and Psychiatric Services (CAPS)  have staff trained to work with students who are struggling with gambling. As a member of CU Boulder’s counseling crisis team, which seeks to help students deal with a variety of mental health stressors and challenges, Matthew Biehl has been studying up for a new certification he hopes will help the team battle the growing danger.

“Traditionally, it was never in our face like it is today,” Biehl said. “You turn on a football game, and there are two to three sportsbook ads in one advertisement block. Increased exposure can lead to an increased number of people who may develop an unhealthy relationship with gambling.”

Biehl answered the call, enrolling in a voluntary program to obtain a level one International Gambling Certificate that “assures a standard of competence for professionals in the clinical treatment of disordered gambling,” according to the IPGGC website.

Pending a few more clinic hours, he’ll be ready to go as the university’s only counselor with the training. While it’s a promising start, Biehl suggests one expert will not be enough.

The future of online gambling in Colorado is becoming increasingly complex, as a push earlier this year to introduce a bill that would legalize iGaming in the state gained momentum. iGaming is, quite literally, a traditional casino in your pocket. Users can wager real money on casino favorites such as poker, Blackjack and roulette.

The National Association Against iGaming (NAAG) moved quickly to stand up to the anticipated bill by addressing city councils in Colorado. As a result of these discussions, Black Hawk City Council became the first city in the U.S. to join the NAAG, citing concerns that iGaming will negatively impact the growth of brick-and-mortar casinos in the city.

While advocates were quick to respond, it does not guarantee that similar bills won’t be proposed in the future. Biehl and Markle argue that modern problems require modern solutions, and the responsibility of educating the public doesn’t have to fall solely on counselors or the PGCC.

That’s the mission of Adam Lyons, host of the podcast “The Modern Meeting,” which aims to update recovery efforts.As a compulsive gambler currently in recovery, Lyons founded his podcast as a space to support his own recovery and create a community for those with similar experiences.

“I felt like I had to do something about the expansion and explosion of gambling. I have the answers to the test, and I want to share them,” Lyons said. “GA (Gamblers Anonymous) is amazing, but they’re not good at evolving with the times. That’s why I started the podcast.”

The podcast includes guests who range from compulsive gamblers in recovery and responsible gambling advocates to financial advisors and clinicians about how gambling has affected their life or profession. Some share their stories of living through a gambling addiction, while others give troubling warnings about where the gambling industry is heading. 

“This addiction can be really isolating. I wanted to create a space where people can learn about addiction without having to experience it,” Lyons said. “It’s a major part that’s missing in the current gambling landscape.”

Back at The Dark Horse in Boulder, the featured game of college football Saturday is coming to an end. The Oregon Ducks are taking a knee to end the game, defeating the Iowa Hawkeyes 18-16. 

“Well, the under hit for sure,” said Doan.

“Yeah, but the last leg had the Hawkeyes winning,” Henry responded, reminding the group that they lost their parlay.

Semi-defeated, the group collects its belongings and gets ready to head out. No one expresses regret or feels ashamed about placing their losing bet, as if they’ve done this before. 

As they’re about to leave, we asked them if they’re planning on betting the NFL games the following day. They responded without hesitation: “What do you think?”