With the general consensus in the United States moving towards the legalization and regulation of sports betting, it comes as a surprise that the American business magnate and philanthropist, and the second wealthiest person in the United States, Warren Buffet, opposes the legalization of sports betting.
One of the reasons that his opinions are raising eyebrows is that Buffet has an incredible passion for March Madness – the NCAA men’s basketball tournament. So much so, that Buffet, in his role as CEO of the company Berkshire Hathaway, is running a contest this year, offering a prize of $1 million per year for LIFE, for the employee who predicts the Sweet Sixteen.
Asked what he felt about the general momentum leading to legalized sports betting, Buffet said that he would be probably against that personally. “We’ve got casinos in Iowa, right across the river from Omaha, and the argument [in favor of changing the law], which is persuasive, is that Nebraskans go over there and deposit all their money in Iowa. But I still oppose legalizing gambling in Nebraska,” he said.
When asked why he opposes sports betting, Buffet said that he didn’t believe that there was anything to gain by having a country “where lots of people are going to be losers.”
“If they’re making a bet with the guy next to them, that’s one thing, but if they’re doing it against a sportsbook, they’re going to lose money all the time,” he added.