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“Nearly half of all respondents (45%) say they’ve borrowed money to place sports bets, with 13% taking out a personal loan to bankroll their betting and 11% securing funds through a high-interest payday loan,” the report continued.

Many sports bettors are unfazed by the high-stakes financial reality of gambling on sports.

U.S. News reported that only 17% conceded sports betting is negatively affecting their financial health. By contrast, twice as many respondents (34%) claimed gambling on professional and college sports has had a positive impact on their finances. About half (49%) reported that sports betting has not impacted their bank accounts either way.

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Skillz has challenged Papaya Gaming’s Chapter 15 petition in Delaware bankruptcy court, arguing the Israeli mobile game developer lacks standing because its operations and primary creditor base are anchored almost exclusively in the United States.

In April, a federal jury sided with Skillz (now operating as Firy Inc.) on its claims that Papaya deceived consumers by utilizing computer bots in its head-to-head mobile games.

Three months later, Judge Denise Cote ordered Papaya to pay Skillz $719 million in damages for poaching players from its skill gaming platform on the belief that Papaya had more players and therefore facilitated considerably faster peer-to-peer pairing times.

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Raja’s appetite for high-stakes gambling predates his emergence as a prominent property lender. The Times reported last month that he was declared bankrupt in March 2005 with debts totaling around £350,000 ($470,000), a portion of which was owed to casino operators.

His bankruptcy was discharged a year later, though he remained subject to bankruptcy restrictions until March 2009. MFS was incorporated in November 2006 by Pratibha Dewan, who later became Raja’s wife.

Raja, who has publicly described himself as the company’s founder, did not formally become a registered director until 2017.