Starting November 1st, the NCAA will allow college athletes to place bets on professional sports (Chronicle of Higher Education, October 22nd online).
“With all that Name, Image, and Likeness money these kids are getting nowadays,” says NCAA President Charlie Baker, “they need more stuff to spend it on. I mean, how many fancy sports cars with alpaca-fur interiors can a college freshman buy? Isn’t it better that these young people develop a chronic gambling problem from their newfound riches, rather than a disabling cocaine addiction? By taking this step, the NCAA is doing its part to fight homelessness. I just hope we get credit for it.”
Lifting the ban on pro sports betting is just the beginning, says Baker. In January, NCAA athletes will be permitted — indeed, encouraged — to bet on the college team they play for, as long as they bet on that team to WIN.
“What better way to motivate players to give their best on the field or on the court? Hell, why didn’t we think of doing this years ago?”
In a related development, the Business School at the University of Michigan now offers undergraduate students three academic credits for every $1,000 they wager on FanDuel.
“Betting on sports is a great way to learn about microeconomics,” notes Sharon Matusik, Dean of the Ross School of Business. “And it relieves professors of a thankless task: reading AI-generated term papers. What’s not to love?”