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Purchase your copy today or place a bulk order at faithfy.com/slash shop. Keep your life free from the love of money and be content with what you have, for he has said, I will never leave you nor forsake you. Hebrews 13, 5. I am Rob West. Sports betting is more popular and more accepted than ever, even among Christians.
But is it just harmless fun or something more? Dr. David W. Jones joins us today in our series on financial ethics to examine what scripture says about gambling and how believers should think about it. And then it's on to your calls at 800-525-7000.
That's 800-525-7,000. This is Faith and Finance, biblical wisdom for your financial decisions.
Well, we're honored to have Dr. David W. Jones back with us again today. He's the senior professor of Christian ethics at Southeastern Baptist Theological Seminary and the author of Every Good Thing, which explores wealth, stewardship, and poverty from a biblical worldview. And I highly recommend it.
David, great to have you back with us. Hey, Rob, it's good to be here. David, as a part of our ongoing financial ethics series, we looked at the ethics of giving to the homeless and playing the lottery. Today we're turning to sports betting, now legal in over 30 states with more than $100 billion wagered annually. That's according to the American Gaming Association.
David, for many, it seems like harmless entertainment. But before we get into the practical concerns, what does scripture reveal about the heart behind gambling and sports betting? You know, Robbie, even as we talked about last week in our discussion of the lottery, we see some of the same foundations, some of the same biblical themes. Proverbs 13, 11 comes to my mind where Solomon writes that wealth gained hastily will dwindle, but whoever gains little by little will increase it.
So it's again, it's just that idea that if we flourish, if we have a large jackpot that we get through sports betting and it's gained hastily, it's probably not going to last because it's a violation of that divinely designed plan that we actually work in order to flourish. Another verse that comes to mind, 1 Timothy 6, 9, Paul says, but those who desire to be rich will fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. And so Paul there just talking about the importance of having a heart that's not focused overly on money, but rather views money as a tool simply to live in this material world. Yeah, I think that's really helpful and so important to establish a biblical foundation for our discussion today. David, as we begin to talk practically about this, let's clarify some terms.
What's the difference in your view between gambling and simply spending money on entertainment like a vacation? Or perhaps where it becomes less clear when someone gambles a set amount of money for, quote, fun in Las Vegas? Yeah, Rob, I think we could define gambling along these lines. It's akin to wagering money with hopes of a future increase on an event with an uncertain outcome that's primarily determined by chance.
So you have things like sports betting or even buying a lottery ticket, maybe playing a casino game, something along those lines. Whereas if we were to say, well, what about just an occasional foray into gambling? Maybe you wager in the March Madness bracket. In the office pool just for entertainment. I think that a difference there might be that we're comparing maybe sort of one-time passing entertainment with a chronic idolatry of money that might be characterized by a daily or a weekly betting habit.
Yeah.
So would it be fair to say, in your view, David, this really is a conviction matter? It's not one where we could come down definitively based on God's word and one end or the other with regard to the entertainment side of it. Yeah, I think so. I think we'd be hard-pressed to find a verse in scripture that says, you know, all sports betting is inherently immoral. But with that said, just given a wisdom stance, we want to realize that that which may be permissible, playing the lottery or a simple entertainment sort of betting occasion, that those things can very easily turn into a sinful habit.
And so, again, just because it's permissible doesn't mean it's wise and that we should all engage in it. Yeah.
Well, we'll get into the industry behind it. And, you know, when we're participating in it, we're essentially funding it. And we have to think about that side of it. We also need to think about kind of what this. Looks like in our lives, and how we might apply this based on what David's sharing with us today.
We're talking sports, betting, and gambling with David W. Jones as a part of our series on financial ethics. More to come just around the corner. Stick around. What matters most to you when selecting a financial advisor?
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So glad to have you with us today on Faith and Finance. We're in the midst of a series on financial ethics. Today's topic, sports betting. Joining us to unpack this topic today, Dr. David W.
Jones. He's a senior professor of Christian ethics at Southeastern Baptist Theological Seminary. David, before the break, you were talking about the biblical foundation for this idea that we're to be steady plotters, not seeking to get rich quick. But another side of this conversation related to sports betting and even gambling more generally is around revealing what we worship. What does the rising popularity of sports betting, even among believers, say about what we treasure in your view?
Yeah, Rob, I think it's so interesting just to kind of look at the unfolding phenomena of sports betting in our country. I think it reveals an idolatry of really both money and sports. And perhaps along with that, we could say it's also showing a profound discontentment with Christ among Christians who might engage in a weekly or even daily sports betting habit. And it kind of just shows that the heart really is a factory of idols. And maybe we could even sort of say it like this.
You know, the easy access that sports betting affords to people, which is really a recent phenomenon, of course, with the internet and websites and things. I don't think it actually created the idolatry of money or sports that we see out there in our culture. I think it just revealed the moral decay that was present all along. And so in a sense, you know, since In God's grace, perhaps, our idolatry of money and sports has been revealed to us. Perhaps we could take this phenomenon of sports betting and actually use it and the knowledge it's revealed, use it to draw us closer to Christ.
Yeah, I think that's very helpful. What about from a stewardship perspective? Everything belongs to God, as we know and talk about regularly here. That makes us stewards, or what you might translate, I guess, in the New Testament, household managers of all that the King of Kings has. And with that comes stewardship responsibility.
So, what about that side of using God's money and allocating it towards something like even gambling for entertainment? Yeah.
And so, there's, of course, there's nothing inherently wrong with entertainment, and entertainment comes in all forms. But we all recognize that there is that charge in scripture that, you know, the earth is the Lord's and everything that's contained therein. And we, his image bearers, have been put here for a time. And as we're here, we need to steward that which the Lord owns. And so I think before we spend money really on any type of entertainment enterprise, whether it be something like sports betting or even something like going to the movies or other forms of entertainment, I think we always have to ask ourselves: is this good stewardship?
Am I making choices that both reflect my faith and that honor the Lord? And we always want to take the path in life that optimally brings the most glory to God.
So, maybe a question that's related is: can somebody engage in sports betting and bring glory to God?
Well, I think if I was inclined towards sports betting, I'd want to work through that question. Yeah, I think you're exactly right. And that leads quickly to the industry because when we're buying into or waging a bet, we're participating in an industry that is causing harm to people. I mean, studies show that around one in five gambling addicts attempt suicide. And the American Psychological Association reports that gambling addiction is now rising fastest among young adults.
So, what role should the church play in addressing that? And how do we think about participating in an industry that's behind all of that? Yeah, I think just the moral decay that sports gambling brings upon both individuals, and Rob, there, you mentioned the suicide phenomena there, as well as just among those who are impacted by perhaps the poor stewardship that comes with individuals who are gambling away monies that could be used for better purposes. I think these things really ought to get our attention and they really ought to be on the radar of the church. And certainly I would encourage those who are in church leadership certainly to recognize this phenomenon in our culture, that is sports betting, certainly to not be afraid to speak out about gambling.
And as well, I think there is a place for professional biblical counselors. And I'm so thankful for those who have been called into that vocation. And certainly there's a place there to help address those who find themselves mired in this phenomena of sports betting. Yeah.
Just like last week when we looked at the ethics of the lottery, we find the Bible doesn't specifically mention gambling by name.
So, David, why should this matter to Christians? And let's finish with some biblical principles that should shape the way we think about it. Yeah, you know, Matthew 6, 24 is a verse that many believers are familiar with. There, Jesus says that no one can serve two masters, for either he'll hate one and love the other, or he'll be devoted to the one and despise the other. You can't serve both God and money.
And so I think just sort of, you know, for believers, again, thinking through that stewardship principle, thinking through how best can I Live as a faithful follower of Christ here in the world. Am I attempting to serve two masters by engaging in gambling and sports betting and the lottery? And those two issues, Rob, that have been kind of underlying our discussion. Number one being idolatry, and number two being discontentment. I think those things are really important heart questions that believers need to think through.
And so. While sports betting, it may be legal, it doesn't necessarily mean it's moral. And even if it's moral, it doesn't necessarily mean it's beneficial. And so I think the person who is worshiping the wrong thing, engaging in idolatry, seeking that quick fix through a sports betting win, or the person who is discontent and is worshiping the wrong thing, I think these are red flags that ought to point us back towards Christ, point us back towards the worship of the right thing and focusing upon the Lord and his kingdom. David, we've got about a minute left.
What's your encouragement for listeners today, someone who's hearing this conversation and perhaps they're feeling a bit convicted about their habits? I think it's easy, especially for younger people, teens and students, and perhaps folks in their 20s and 30s, it's easy to get sucked into sports betting. It's important to not forget that sports betting, the lottery gambling, that these things are not the unpardonable sin. That regardless of where we find ourselves, 1 John 1.9 always applies, that if we confess our sins, that God is faithful and just to forgive us of all of our unrighteousness. And as a loving Father, he's ever willing to have us come to him, to confess our wrongdoings, and to receive us back.
One last verse, Rob. Isaiah 26, 3 says that you keep him in perfect peace whose mind is stayed on you because he trusts in you. It's well said, David. Thank you for your time today. This has been so helpful.
Thank you, Rob. Folks, if you're struggling with this, seek accountability at your local church. And if you have a gambling addiction, we would strongly advise you to seek professional help. That was David W. Jones, Senior Professor of Christian Ethics at Southeastern Baptist Theological Seminary.
Much more to come just around the corner. Call right now, 800-525-7000. We'll be right back. If you love what you hear on this program, there's even more waiting for you at FaithFi.com. Explore podcasts, videos, articles, Bible studies, and devotionals, all designed to help you see God as your ultimate treasure and money as a tool to advance his kingdom.
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To Fort Myers, and we welcome Mark to the broadcast. Go ahead, sir. Hi, Rob. Just wanted to find out from you, where would you place tax-free municipal bond in a portfolio. Yeah, it's a good question, Mark.
I mean, basically, these can be a smart fit for conservative portfolios or for that conservative portion of the portfolio, or specifically for the income-generating part of your portfolio, especially if you're in a higher tax bracket, because they offer steady income that's usually exempt from federal and even sometimes state taxes. As you probably know, they don't grow like stocks, but they can help preserve the wealth and reduce your overall tax bill.
So, this is a good option for retirees or those needing lower-risk, tax-efficient income.
So, I would say, you know, that's really kind of how you want to think about it in that income-generating or the more conservative kind of portion of that portfolio.
So, you know, if we were, you know, if you're 70 years old, you know, we might say, okay, we'd want 40%, somewhere between 30 and 40% to stay in stocks. And then we'd want, you know, 60% to be in bonds, or maybe as much as 70%, depending on how conservative you want to be. And then for that bond portion, maybe you put somewhere between 25 and 50% in munis, especially if you're in a high-tax bracket. Does that make sense? Yes, it does.
Thank you very much. I'm going to give that some uh consideration. Thank you. All right, Mark. Thanks for your call today.
Chicago is where Lorraine's located. Hi, Lorraine. Go ahead. Yes, I would like to ask a question about annuities. I was thinking of investing in annuity $19,000 into a fixed annuity and it supposed to be an income for life.
Okay. Yeah.
So you're wondering about with fixed annuities, essentially, this is a type of investment that's going to give you a guaranteed. They are complex, though, in the sense that, you know, they're not all created equal. They've got a lot of fees and expenses. And, you know, they you are going to lose access to the money, at least for a period of time. Are you looking to just continue to grow this or are you wanting to convert it to an income stream right now?
No, I'm looking to grow it, but wh where it's at now, it's not growing any in interest. This is a four hundred one K from an old job.
So it's not growing anything.
So I want to move it. Yeah.
Yeah, so you know the Other option, which would be more in line with where I would typically go, is just to roll that old 401k into an investment account.
Well, back up. Do you have an existing 401k with a new employer, or are you retired? What's your situation? No, I'm not retired and um I I don't plan on investing in the company that I'm in because I'm planning on getting back into the school system where my pension is still sitting there. Ah, got it.
Okay. And what do you have in this four hundred one K from the previous employer? Uh nineteen thousand.
Okay, got it. Yeah, and and do you have an IRA, uh, Roth or traditional? I do have a a no, I don't, because I have a Fidelity or Merrill I mean, Merrill Edge, something like that. And it's not it it's doing pretty decent. But I don't know.
What type of account is that? Is that a an IRA? It says IRA, yes. That that's what it says. All right.
And what about moving just rolling this into that IRA and investing it in the same things rather than the fixed annuity? What is it that's drawing you to the fixed annuity? I'm a little confused because they had said, you know, income for life. but you won't start collecting that income for life until Age 74.
So that's why I don't think I don't I'm not gonna do that. Yeah.
Okay. Well, essentially, an annuity is an insurance contract where you give them a lump sum of money, and then in return, they promise to pay you a fixed amount, usually monthly for a set period of time.
Now, you don't have to annuitize right away. You can just earn whatever rate they're providing until you're ready to annuitize. And then essentially, it becomes a personal pension.
So, just kind of like your teacher's pension, this would be a personal pension where you're turning over a lump sum of money that again grows at a guaranteed interest rate. And then you don't lose money when the market drops, but you also won't see big gains. And then you could convert that into an income stream.
Now, it wouldn't be very much with $19,000 in terms of an income stream, but it does give you that guaranteed increase. The downside is there's limited growth. I mean, it's going to be pretty modest in terms of what amount they're guaranteeing per year, the interest rate. And there's less flexibility because you don't have access to the money. And there's typically high fees and surrender charges.
So, the other option would be you roll that 401k into your IRA that you said is already doing well. It gives you more investment choices. Maybe you just align that new money from the 401k into the same investment you've got, which gives you the potential for higher returns. And then you can control how conservative or aggressive you want to be in whatever investments you pick, but you don't have the money locked up like you will in the fixed annuity.
So, I'm just not sure, you know, unless you're just looking for ultimate safety and you're willing to give up the upside of investing it in the IRA and getting a return more like probably what you're already receiving in that IRA, unless that's your ultimate goal, I would probably say the IRA is better because you still have access to the money. You have much more in the way of investment choices, you have the ability for higher returns, and you could just grow it, you know, for a supplement. in retirement down the road. All right. Is that helpful?
Do you have any confusion around any of that though? No, you answered the question. Thank you very much for taking that. You're welcome. Absolutely, Lorraine.
And call back anytime if we can help you further. Let's quickly go to Texas. We'll finish with Lucy. Go ahead. Thank you for taking my call.
I'm updating my will now that I live in Texas and I'm wondering if it is God willing for me to just give my children, you know, a percentage of the funds that the Lord has gathered for me rather than splitting it three ways for them, because I would like to give it to also to three nonprofit organizations that I'm supporting now. Yes.
Well, first of all, I don't think there's a right or wrong decision here, Lucy. You are the steward. And so I would pray about and ask the Lord for wisdom. As a part of that, I would ask the question: what is the worst thing that can happen when I leave the money to the kids? And here's the idea: whatever their life trajectory is, the money is likely going to accelerate that.
Now, that may be a good thing. They may be on their own, doing great, financially mature, spiritually healthy, and that's great. If any of them or all of them are not that way, just consider what impact the money may have because what's most important is their spiritual direction and pursuit of the Lord. But at the end of the day, if you decide to give a percentage to each of them and you've got some ministries on your heart that you want to fund through your estate plan, that's great. There's nothing that says you have to leave all the money to the kids.
In fact, I think each person should really prayfully consider that in terms of what they ultimately decide. Hey, I want to. Send you a copy of a book that I think will be helpful for you. It's called Splitting Airs. It's going to be our gift to you.
Stay on the line. We'll send it out to you, Lucy. You read that. I think it'll help in some of these decisions. God bless you.
Thank you to Tahira, Amy, Omar, Taylor, and Rihanna. We'll see you tomorrow. Faith in Finance is provided by FaithFy and listeners like you.
