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Fortune
Fortune
Sasha Rogelberg

Americans are draining stock portfolios to shovel more money into sports betting

Two young men sit in the stands at a sports event and smile while looking at a phone (Credit: Getty Images)

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-25-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.

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