Multiple regulated online sportsbooks in the U.S. have offered odds on LeBron James' son Bronny to go first overall in the 2024 NBA Draft.
Is it ethical to offer this bet? Harry Levant, Director of Gambling Policy with the Public Health Advocacy Institute at Northeastern University, doesn't think so.
"While some may consider this betting option inconsequential, the exact opposite is true," Levant said. "This represents yet another attempt by the gambling industry to keep people engaged in constant and non-stop action without regard for the consequences. This is a wager without the possibility of a payoff. It raises questions about the lack of ethics within the industry and whether state regulators have ceded far too much authority and control."
Levant was featured on a recent 60 Minutes special on growing gambling addiction in the U.S. According to the National Council on Problem Gambling, 29% of online sports bettors experience moderate to severe problems.
Sports betting has become legal in more than 30 states since a 2018 U.S. Supreme Court ruling ruled a 1992 federal law unconstitutional. Not every state allows betting on the NBA Draft.
A Bet 'Without Possibility of a Payoff'It's uncommon to find a wager at a state-sanctioned sportsbook with no chance of winning. You'll find plenty of wagers with terrible prices (like the Oakland Athletics to win the 2024 World Series), but the outcome isn't impossible. But here, it is virtually impossible that Bronny James goes No. 1 overall.
Bronny James has received much attention because of his father, with LeBron expressing a desire to hold off on retirement to play at least a season with his son, who is coming into the draft after one year at USC. While there's plenty of speculation as to which team will draft Bronny, ultimately, he's projected to go in the second round of the draft—if he's even selected at all. Maybe he goes late in the first round in a team's desperate attempt to land LeBron in free agency, but he's nowhere near the top of any team's draft board.
In his one year at USC, he dealt with a preseason heart injury that jeopardized his playing career, but he returned and averaged 4.8 points and 2.8 rebounds per game in 25 games.
Yet, online sportsbooks have offered +20000 odds on Bronny to go first. The Atlanta Hawks have the first pick in the draft and are projected to take Zaccharie Risacher out of France.
The +20000 odds mean that an NBA fan would stand to win $20,000 on a $100 bet on Bronny. A $1 wager would win $200.
There have been a lot of small wagers, with Bronny commanding a quarter of all No. 1 pick bets at one popular betting site. Bronny is about 6% of the total money bet on the first overall pick.
The sportsbook told Forbes Betting that most bets are between $5 and $20, with the sportsbook declining to say what the largest bet was on Bronny to go first overall.
Has anyone bet the equivalent of their rent money on this? We don't know.
Another sportsbook said Bronny has 21% of its bets and 8% of its No. 1 pick handle.
Perhaps we can't say that a bet on Bronny going first overall is drawing dead (to use a poker term where there is no card in the deck to save you). However, you'd have better odds of winning the Powerball (1 in 292.2 million) or Mega Millions (1 in 302.5 million).
Playing the lottery is a poor use of your money, but you'd win exponentially more playing the lottery for a handful of dollars than betting on Bronny to be the top pick.
In 2023, a prominent hedge fund manager said he was turning bullish on the U.S. sports betting market because many Americans don't make good bets. It's hard to argue against his logic.
"The thing that we underestimated — that I think is going to be a benefit for all these companies for a while anyway — is what bad bettors the U.S. gamblers are," Jim Chanos told the Financial Times.
He was referring to parlay bets, which have enormous hold for the industry. Unfortunately, the Bronny James draft bet is also a good example.
Our TakeThe bottom line is that you shouldn't bet on Bronny James to go first in the draft. If you are interested in betting on the draft, consider wagering on which team will select him.
As the problem sports betting statistics show, you should be cautious when betting on sports in any capacity. It's possible for anyone to develop a gambling problem.
Gambling addiction is a serious problem that requires treatment.
Photo by David Becker/Getty Images
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