TAMPA, Florida. – Gamblers sell stocks to bet on sports. A new study from the Social Science Research Network found that for every dollar spent on this recreational activity, net investment in stocks decreased by $2 and bettors invested 14% less in stocks after these apps became legal.

“It used to be that you would bet on a game and bet on who was going to win. Now it’s about who’s going to score the next touchdown? Who’s going to score the next goal? Who’s going to intercept the next ball?” said Forrest Arthur of Resurgence Tampa Bay. “I mean, there’s an unlimited number of bets that they make just on a specific game. And of course, what’s the point? More bets, more money flows into the company from people.”

He said the trend points to a larger problem that is costing some their savings.

RELATED: Study: Increase in sports betting can lead to decline in investment

“So if you can play on your phone anytime, 24 hours a day, seven days a week, it’s like an alcoholic trying to successfully abstain from alcohol while walking around all day with a bottle of alcohol in his back pocket,” Arthur said. “That’s not a recipe for success.”

Since online sports betting was legalized in Florida late last year, gambling addiction hotlines have seen a huge increase in calls.

“Overall, we’ve seen a 110% increase in online gambling contacts in the last fiscal year alone,” said Jennifer Kruse of the Florida Council on Compulsive Gambling. “We’ve never been busier since the start of the NFL season, which begins in two weeks.”

“It’s a fun activity. It’s no different than if you spend a certain amount of money and go to the movies and that’s your leisure activity for the week,” Kruse said. “So as long as it’s not causing problems in your life, it can be something you can enjoy in your free time, as it’s intended.”

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