“You’re talking about an industry that is in land-rush mode, where there are more competitors than there will be winners,” said Chris Grove, CEO of American Affiliate, a company that recruits new customers for sportsbooks. (Disclosure: The sports network SB Nation, which is owned by Vox’s parent company, Vox Media, has a partnership with DraftKings.) Leagues, media companies, and teams are recognizing the moneymaking opportunity, too. What is clear is that there’s an enormous amount of money being thrown at it, with sportsbooks - meaning companies that let you place bets on sports, like DraftKings - spending billions of dollars to suck people in. But is it good for society? Probably not so much. The answer to the former question is tougher to assess. The answer to the latter question was absolutely not - my early luck wore out about a week later, when I started to lose money. More selfishly, I thought, “Am I a secret genius at it?” “Is sports betting actually good?” I wondered. I’d turned $11 into $130 essentially at random - I had to ask a friend what a triple-double was - with a handful of taps on my phone. And yet, on a Thursday night in mid-January, I found myself quite excited that my parlay bet that the Milwaukee Bucks would win and Giannis Antetokounmpo would achieve a triple-double had paid off.
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