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Buffett On Sports Betting

No longer the CEO of Berkshire Hathaway, Buffett may speak more candidly now. In a recent interview with CNBC, Buffett shared some of his true thoughts on sports betting, a sector he avoided as an investor.

“It’s a tax on stupidity,” Buffett said of sports betting.

The billionaire went on to say that “rich people love it, because they don’t have to pay,” as reported by FrontOfficeSports.

Buffett explained in the interview his belief that sports betting is a backdoor tax that helps rich people.

“To the extent that states raise money from people who — the dollar really means something to them — it actually relieves the taxes on me or other rich people. It’s not direct, but it’s the net effect.”

While legalized sports betting may increase tax revenue for states and benefit Buffett, he’s not a fan of the system.

“I don’t like things that make a sucker out of people.”

Buffett said the function of the government should not be “to play its people for suckers.”

Worth an estimated $141 billion by Bloomberg, Buffett is the 14th richest person in the world. With more legalized sports betting and growth in tax revenue for states, Buffett could see his tax bill drop.

Those sports betting companies pay a portion of their revenue to states to maintain their betting licenses.

Buffett the Sports Fan

While he’s not a fan of sports betting, Buffett has been a fan of sports for decades, including a well-known love for baseball.

This includes a love for the Chicago Cubs, which he used to watch on TV. The billionaire is said to have passed on investing in the Cubs several times, preferring instead to invest in public companies with better returns.

Buffett and other investors sold the team in 2012.

MLB legend Ted Williams is said to be one of Buffett’s favorite baseball players.

While he’s a fan of baseball, Buffett has also used the sport for investment analogies.

Buffett has also credited horse racing with providing several business lessons, even at a young age. Betting on horses and losing money also led to Buffett moving on from the horse track and focusing on investing in stocks instead.

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