The allure of a $500 million casino in New Haven is undeniable — $53 million in annual tax revenue and thousands of promised jobs have caught the attention of state lawmakers. But all that glitters is not gold. As with every economic development project, it is fair to ask: At what cost does this revenue come?
If sports betting is a rough guide, then we know that the least financially stable are often trying to hit it big. A recent Northwestern University Kellogg School study found that as sports betting expanded nationwide, households — particularly those already struggling — cut spending on retirement accounts and other long-term investments.
