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Research from Stanford University published in April concluded that sports bettors remain “overoptimistic,” generally expecting to break even despite losing an average of 7.5 cents on every dollar wagered.

“Overoptimism is largest among bettors who partake in a complex type of bet known as a parlay,” the Stanford researchers wrote. “Compared to other forms of betting, parlays are more likely to be driven by bias.”

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A total of 22 participants were purposely recruited to provide detailed insights.

Participants broadly accepted the principle that gambling information should be transparent and accessible, but many reported difficulty interpreting or using it effectively in practice. 

Technical data such as odds and rules were often obscured by delivery timing that came too late to influence decisions. 

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The leagues, including the National Basketball Association and the National Football League, submitted the memo as Texas Senator Ted Cruz works assiduously to pass a landmark federal framework for college athletics. While the NCAA is not a signatory to Tuesday’s letter, the advisory also urges states to pass mandatory bans for individuals who threaten “amateur athletes” along with coaches, officials and team personnel.

“Threatening the safety of an athlete or their family members over a sports bet crosses a bright ethical and criminal line, and it is entirely unacceptable,” the leagues wrote in the statement.

The equinox, a relatively new phenomenon, occurs when the NFL, NBA, NHL and MLB all hold games on the same day. A fifth league, the MLS, also signed Tuesday’s letter. Although the equinox will transpire this year on 26 October, the MLS will not be in action.