Rob Minnick fell into debt for the first time at age 19. Sitting in the back of his classroom during a freshman year math class, the now-27-year-old placed a wager on the New York Yankees during an MLB spring training game that sent him into the red. He assured his parents it wouldn’t happen again.
“Then it would happen five more times over the next five years,” he told Fortune.
Minnick gambled away the unemployment checks he received from his college campus job as he waited out the COVID lockdown from his parents’ house. When the stock market tumbled at the beginning of the pandemic, he yanked money from his stock portfolio and sold his Bitcoin and Ethereum, using the money to stoke the flames of a growing gambling addiction.
“My thought was, I need to get this money out and make it back right now, and then I’ll buy double what I just had, and then I’ll hold it,” he said.
Minnick will admit his myopia now, but his financial habits surrounding his gambling disorder are far from singular. A new wave of studies has found an increasing number of Americans are dumping stocks and draining savings in order to fuel sports betting habits—and finding themselves in financial turmoil as a result.
