Economist Jay L. Zagorsky proposes requiring U.S. gamblers to use cash to place bets or fund accounts, arguing that in-person transactions could slow impulsive betting and make large wagers more visible. He says it would not solve all gambling problems.
The legal landscape changed after the Supreme Court's 2018 ruling gave states power to decide whether to legalize sports betting; prediction markets such as Kalshi and Polymarket have also broadened betting to events beyond sports. Casinos and sportsbooks earned $79 billion in 2025, nearly 20% more than in 2023, excluding prediction-market companies. Zagorsky cites addiction, insider trading and market manipulation by anonymous large bettors as major risks; U.S. estimates put problem gamblers at about 20 million, or 6% of the population.
Under Zagorsky's proposal, gamblers could preload their own accounts with limited amounts of cash at a store or gambling kiosk; loading someone else's account or exceeding a weekly maximum would be illegal. After losing their available balance, they would need another cash reload before betting again, while winners could keep betting. He says banks and casinos already report cash transactions of $10,000 or more when large amounts are cashed in or out, and predicts gambling companies would fight the plan to preserve seamless betting.
