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Blake, Wm. The Descent of Odin. 1797.

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Young men in the U.S. appear to be blowing money like never before, taking big risks on gambling, the stock market, and crypto. Analysts emphasize this may be because fewer young men are married, granting them more freedom with their income. It also could come from a fear of missing out or a nihilism about the economy and the value of money.

Legal sports betting hit a record $119.84 billion in 2023, with bettors predominantly being young men, especially college students. In some states, calls to problem-gambling hotlines have tripled in five years, with people 25 to 34 being the likeliest to reach out.

Meanwhile, investors like Warren Buffet have noted the stock market has transformed into a casino of sorts, with risky investments becoming much more common. “For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young. The casino now resides in many homes and daily tempts the occupants.”