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Americans Spend More Money Betting On Sports Than Investing In Stocks
Americans seem to care more about the Chicago Bulls than FiDi’s Charging Bull as a new study has revealed that they spend more money betting on sports than investing in stocks.
According to a recently published paper, since sports betting has become more accessible–with most states legalizing betting on your phone over the past few years–every dollar spent on a sports bet accounts for a $2 drop in a household’s net investments.
In 2018, the United States Supreme Court overturned a federal ban on sports betting. As states began legalizing both in-person and online sports betting, the market swiftly grew. In 2023 alone the American sports betting industry hit a record breaking $10.92 billion in revenue according to the American Gaming Association’s annual report.
On the flip side, as betting goes up investing goes down. Data found that in the two to three years following the legalization of sports betting, net investments dropped 14%.
And according to the data there’s a certain demographic that’s more prone to shifting their money from stocks to betting: those in monetary distress. Financially constrained households have been found to be the ones most often diverting their funds to sports bets. Relative to this, sports betting then increases the number of times that households overdraw their accounts in the future.
The study writes:
Given that sports betting has a negative expected value, this finding underscores the potential for sports betting legalization to exacerbate financial vulnerability and hardship.
Moreover, consumption in complementary entertainment-related activities also increases for those that participate in sports betting, such as lottery play. Unfortunately, it also leads to higher credit card balances and less available credit.
In the end, while sports betting offers new options for states to generate revenue, it also introduces significant financial risks to those who participate.
Because of this, researchers note that it’s “imperative for policymakers to consider the broader financial implications of sports betting legalization.” They suggest targeted interventions, stricter regulation of gambling advertisements, and support for safer investment opportunities.
The full paper can be found here.
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Here’s where to find the U.S. Open’s famous Honey Deuce in NYC
The U.S. Open has landed in New York, with official matches kicking off this past Monday. There are plenty of reasons to attend the Grand Slam tournament this year, from watching the finest in tennis duke it out to the sheer fact it’s all going down only a train ride away from the city. Another reason? Getting a taste of the Honey Deuce.
RECOMMENDED: The U.S. Open in New York 2024 guide
Introduced in 2006, the Grey Goose-forward sipper is crafted with lemonade and a splash of raspberry liqueur for a darling pink hue. The spherical honeydew garnish is modeled after tennis balls, making it a fun way to trick your kids (or let’s face it, adults) into eating the fruit. Plus, the cup itself is a keeper—literally. Etched with all the U.S. Open men’s and women’s champions since 1968, the cup is keepsake with people from far and wide just to take one home. And once you purchase a cocktail, the glass is yours to keep. Last year alone, the tournament’s famed cocktail brought in almost $10 million dollars, which is not surprising, seeing as how the cocktail came in at a whopping $22 last year, which has now been hiked up to $23.
But if making it to Queens just isn’t in the cards this year but you still want to sip something refreshing, Grey Goose has created a tracker to find the nearest honey deuce near you.
All you have to do is head to the website and type in your zip code and voilá—all the Honey Deuce’s you can handle will be revealed. So go forth, wear your favorite “Challengers”-inspired fit and sip to your heart’s desire.
Circoloco Announces Massive New York Halloween Lineup For 2024
One of NYC’s hottest Halloween parties is set to make an epic return this year as iconic Ibiza brand, Circoloco, have announced their 2024 lineup.
The annual Halloween tradition is in partnership with long-standing US partner Teksupport, an underground events collective which brings cutting edge production and unparalleled musical curation to the Big Apple.
This year’s Brooklyn takeover will include 3 nights of house and techno across 2 weekends (Oct 25 + 26 & Nov 1), the biggest edition of the party series in New York to date.
NYC’s marathon Circoloco Halloween celebrations include performances from dance music’s hottest names including &ME vs Rampa, Chris Stussy, Dixon, Golfos (Pawsa vs Dennis Cruz), Jamie Jones, The Martinez Brothers, and more.
Check out the full Circoloco NYC 2024 lineup below:
&ME vs Rampa
Âme
Bedouin
BLOND:ISH
Chloé Caillet
Chris Stussy
Dixon
Golfos (Pawsa vs Dennis Cruz)
Jamie Jones
Joseph Capriati
Luciano
Mink
Prospa
Rony Seikaly
Seth Troxler
Skream
The Martinez Brothers
Ciroloco remains of one of underground electronic music’s most iconic Ibiza brands, growing from a Monday after-hours party into a global music, arts, fashion, and entertainment brand. With their recognizable red aesthetic and forward-thinking lineups, they bring some of the most notable and curated dance music to the city each October.
Registration for this year’s Circoloco presale is currently open, with tickets expected to go on sale September 3 alongside individual day-by-day lineup announcements. You can sign up for presale here.
See also: The Best Halloween Events Coming to NYC
The post Circoloco Announces Massive New York Halloween Lineup For 2024 appeared first on Secret NYC.
The Hardest-Working States In The US Have Been Revealed, And NY’s Status Will Shock You
A new study has uncovered the hardest-working states in the US, and we have a feeling New Yorkers won’t be terribly pleased with the results.
While Empire State has earned the title of one of the most fun states in the nation, it’s apparently also one of the laziest. Wallethub explored 10 key indicators — including average workweek hours, employment rate, and idle youth hours — to uncover where every location falls in The Land of Opportunity.
Are you ready for the results? Brace yourself.
What are the hardest-working states in the US?
According to the study, New York is nestled at the bottom of the list…in second-to-last place. That’s right folks, New York is the 49th most hard-working state, even though New Yorkers struggle the most to unwind after a workday.
This is certainly concerning, considering another study labeled NYC as the worst place to start a career. But Frank Sinatara told us if we could make it here, we could make it anywhere. Now we’re just confused!
- North Dakota
- Alaska
- Nebraska
- Wyoming
- South Dakota
- Maryland
- Texas
- Colorado
- New Hampshire
- Kansas
- Virginia
- Oklahoma
- Georgia
- Hawaii
- Tennessee
- Mississippi
- Iowa
- Alabama
- Louisiana
- Missouri
- Minnesota
- Maine
- North Carolina
- Indiana
- Montana
- South Carolina
- Idaho
- Utah
- Arkansas
- Florida
- Vermont
- Arizona
- Wisconsin
- Pennsylvania
- Washington
- Delaware
- Kentucky
- Massachusetts
- California
- Illinois
- Oregon
- Ohio
- New Jersey
- Rhode Island
- Nevada
- Connecticut
- New Mexico
- Michigan
- New York
- West Virginia
Needless to say, we New Yorkers haven’t necessarily earned bragging rights, and neither has the northeast, truth be told. All 10 indicators were split up in to two categories: direct work factors (like employment rate and unused vacation times) that equated to 80 points, and indirect work factors (such as average commute time) that equated to 20 points.
Regardless of how the results were calculated, we’re still comforting our egos during this unprecedented time. While yes, we expect NYC to be considered the most congested city in the world and one of the most expensive cities in the world, we assumed the state as a whole would perform better where careers are concerned. Here’s hoping the next study works in our favor.
Visit Wallethub to explore the study in full.
See also: In some good news, four of the best neighborhoods to live in are right outside New York City.
The post The Hardest-Working States In The US Have Been Revealed, And NY’s Status Will Shock You appeared first on Secret NYC.
Smashed NYC is bringing its burgers to Brooklyn this week
If you haven’t noticed, smash burgers are having a moment in NYC. Crispy, charred and impossibly thin burger patties are certainly trending, with a series of smash burger concepts cropping up all over the city. If we had to pinpoint where it began in New York, all signs point to Smashed NYC. A viral hit in 2021, the made-to-order smash burger joint is coming to Time Out Market on August 31.
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Behind it all is owner Mark Mendaros. While currently the reigning champion of all things smashed and griddled, Mendaros didn’t start out in the burger business. After moving to New York in 2017, he opened his first New York restaurant in 2020: Oola’s Kitchen, an American bistro with a French twist in the Lower East Side. But when the pandemic hit, he struggled to stay afloat. On top of dealing with day-to-day pandemic restrictions, his chef and business partner moved back to Sweden at the end of 2020.
Thinking on his feet, he closed the restaurant in December of 2020 and converted it from a sit-down restaurant to a takeout window. When he reopened in January 2021, he banked it all on his best seller from Oola’s: the smash burger. The walk-up and takeout menu only consisted of three menu items: The Classic Smashed with griddled and raw onions, a twist on the Big Mac, The Big Schmacc, and the vegan classic made with a griddled Impossible burger. Each burger came with a classic Smashed Sauce. It became a hit, with people coming in from all of the five boroughs for a taste.
“It kind of just took off. No one else had a smash burger place. People [were] going to pop-ups here and there, but no one had a brick-and-mortar they could rely on,” he tells Time Out New York.
To keep up with the business, Mendaros rang up his good friend and chef Fredy Centina. Together they perfected the art of the smash burger, churning out patties that were crispy on the outside and juicy on the inside. What started as three burgers expanded to 20 different smashed varieties, plus chicken sandwiches, hot dogs and smashed potatoes. In June of 2021, The New Yorker covered the burger saying it was “the best to eat in New York right now.” And while the smash burger joint now has plenty of competition, to Mendaros, Smashed NYC sets itself apart due to its scratch-made ethos.
“If you go out there and you try the other smash burgers, most of them either use Thousand Island dressing or just use ketchup. We’re in a totally different direction,” he says. “We make our own sauces—we make our own smash sauce, barbecue sauce and truffle sauce for a truffle burger. Everything is just made in the house. It’s a chef-made gourmet burger.”
Arriving at Time Out Market on August 31 (just in time for Labor Day!), the burger concept will bring 14 of its favorite burgers, from The Big Schmacc with double the patty and double the cheese on a sesame bun to the decadent Bacon Jalapeño Burger with bacon three ways: housemade bacon jalapeño jam, house bacon cream cheese and bacon dust. Four vegan burger options are available, including the classic that helped to start it all and the plant-forward Vegan Oklahoma Burger with thinly sliced griddled onions. Fries sprinkled with truffle Parmesan cheese or smothered in chili cheese can also be ordered, plus a lineup of shakes whipped with chocolate, strawberry and Reese’s.
Cellphones Won’t Be Banned In NYC Schools…Yet
As students are picking up school supplies and packing their backpacks to return to school this September, some are wondering whether or not they’ll be returning to school with their cellphones in hand. The answer is NYC schools won’t be implementing any cellphone bans…yet.
New York City schools Chancellor David Banks hinted at a cellphone ban back in June, and though it was originally thought that the plan would be in place by the start of the school year next week, Mayor Eric Adams stated at his most recent news conference that it’s actually been delayed. Adams mentioned that officials need more time to perfect the plan, such as where the cellphones would go and what they would do if students didn’t cooperate. “If you don’t do it right, you won’t get it right,” he stated.
Though details of the plan are still being worked through, the delay doesn’t mean the plan won’t eventually be implemented at all. Officials state that the number one distraction is phones, and their desire is to not have any distractions in schools.
Adams stated:
Right now, there are some schools that already have bans. But once you use the conversation or the terminology that it is a full ban coming from the chancellor, there’s a lot of things that will kick into play, including UFTs, who pays for the pouches, what mechanisms are being used. So we’ve been doing a lot of reviews. What are the best practices? How could it be done? There will be some action in the upcoming school year. But the extent of a full ban, we’re not there yet.
Adams also noted that they want to take parents’ opinions into consideration and make sure they’re on board with the plan. “When you talk about the hurdles, a lot of parents are concerned about not being able to be in contact with their children…We want to get there with everyone together,” he stated.
This wouldn’t be the first time cellphones were banned in NYC schools either–they were banned under former Mayor Michael Bloomberg, though former Mayor Bill de Blasio then lifted the ban. Bloomberg has since announced his support of the current ban, stating, “Two decades ago, our administration banned mobile phones in all public schools…The ban was one of many policy changes that allowed us to transform the school system in ways that dramatically raised student achievement levels.”
Students are set to return to classrooms on Thursday, September 5th, and will be allowed to have their cellphones in hand–or, well, put away in their bags–but who knows how long that’ll last. In the meantime, each school has its own cellphone policy that students are expected to follow.
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