Prominent American business magnate and investor Warren Buffet has given a lukewarm opinion on the potential of legalizing sports betting in the USA.
Buffet has acknowledged the rise in popularity of fantasy sports operators such as DraftKings and FanDuel, yet he remains skeptical about the sports betting industry in the country becoming lawful.
His concerns are based primarily on wider social implications. Essentially, Buffet believes that legalizing sports betting will lead to people losing money systemically and becoming addicted to gambling.
This revelation comes at a time when the American Gaming Association (AGA) is lobbying the Trump administration to review the Professional and Amateur Sports Protection Act (PASPA). The document prohibits sports betting in most of the US states.
According to the AGA, the restrictions imposed by PASPA that give permission only to Nevada, Oregon, Delaware and Montana to offer legal sports betting have brought about an underground market generating $150 billion a year.