US states that have legalized sports betting have seen a rise in delinquency rates on consumer credit products and a decrease in credit scores, according to a new report from the Federal Reserve Bank of New York.
Among people under 40 — the main demographic for sports betting — the share who were at least 90 days late on a credit card payment rose 7.9% after legalization, an analysis of consumer credit data found.
For people in that age group, auto loan delinquencies increased by 5.6%, according to the paper by Jacob Goss, a former research analyst at the New ...