Steven Branscombe-USA TODAY Sports
You don’t become one of the wealthiest people on the planet and earn the nickname “The Oracle of Omaha” without knowing a thing or do about how to spend and invest money. So when Warren Buffett speaks about spending and investing, people tend to listen.
Recently, Buffett was asked for his views on sports betting and the people who participate in it. And his answer might not sit all that well with people who are regular sports bettors.
Looking at you, Brendan Sorsby.
Warren Buffett Calls Sports Betting A ‘Tax On Stupidity’
Now, it’s no secret that the odds are almost always against when sports betting. The phrase “the house always wins” didn’t come from nowhere, after all.
But Buffett took things a step further.
In an interview with CNBC, the billionaire investor called gambling on sports a “tax on stupidity.”
Warren Buffett, in his first sit-down since stepping down as Berkshire CEO, gave the cleanest indictment of legalized gambling in a decade. He called it a tax cut for the wealthy. The math proves him exactly right.
Americans wagered $165 billion at legal sportsbooks in 2025.… pic.twitter.com/edLe9hAO2Z
— Aakash Gupta (@aakashgupta) April 26, 2026
“I don’t think you can stop it. Once you open it up, and once the states found out that they can make about 60 cents on the dollar, or something like that,” Buffett said of the growth of sports gambling. “And of course, rich people love it, because they don’t have to pay … it actually relieves the taxes on me or other rich people … I don’t like things that make a sucker out of people. I particularly don’t like ’em when the government sponsors it. I don’t think the function of the government is to play its people for suckers. It’s a tax on stupidity.
Are there people who make plenty of money on sports betting? Of course. But they’re the exception to prove the rule. And perhaps the rest of the people who participate should heed Buffett’s advice.