Athletes and gambling: Is there anything to learn from Evander Kane’s bankruptcy? – CBC.ca

The basic facts of Evander Kane's money troubles are laid bare on page 16 of the Chapter 7 bankruptcy claim filed in the Northern District of California on Jan.9.

Total debts owed by the San Jose Sharks veteran:$26.8million.

Total assets:$10.2 million, most of it in the value of three houses two in Vancouver and one in San Jose.

What's less plain to see ishow the 29-year-oldarrived at this financial breaking point,a dozen years into a professional hockey career that has to date earned him $53 million.

Part of the answer may lie a little deeperin the 73 page document,in the sectionwhere the filer has tolist losses sustained in the previous one year due to theft, fire, disaster or gambling.

There is a single entry: $1.5 million lost because of"gambling at casino and via bookie (sports betting)."

It's not the first time Kane's gambling has received a public airing.

In 2019, he was sued for half a million dollars by The Cosmopolitan, acasino in Las Vegas.

According tothe Las Vegas Review-Journal, court documents stated he owed the casinofor eight credits or "markers" in amounts between $20,000 and $100,000 taken out on or about April 15, 2019. Thedate coincided with the Sharks playing the Golden Knights inLas Vegas during the first round of the Stanley Cup playoffs.

The Cosmopolitan dropped the lawsuit in 2020, likely dueto an out-of-court settlement. But the Chapter 7 filing suggests gambling may be aproblem for the East Vancouver native.

And he'd hardly be an isolated case, says Declan Hill, University of New Haven professor of investigations specializing in sports, gambling and organized crime.

"This is the tip of an iceberg," said Hill. "There is a silent epidemic of gambling-related addiction issues among professional athletes."

Research has shown athletes can be more susceptible to gambling problems. Simply, the qualities that make someone excel in sport are the same ones that make them suck at gambling, said Hill.

"They're dedicated, they're focused, they never give up. They're always chasing because they can overturn a deficit ... going into the last minute or third period," he said.

There's also a dynamic between the casinos orbookmakerswho arehappy to supply action to young, confident menwith money in search of an outlet to their high pressure job.

And unlike other addictions, said Hill, gambling problems aren'teasy to spot.

"If a top athlete becomes addicted to cocaine or alcohol, you aregoing to know. You'regoing to be able to see physically quite quickly that the athlete is just not as good as they should be," said Hill.

"Become an addict to gambling, and there'sno physical sign. Theonly symptomis the bank account."

NHL players can seek help through the player assistance program, run jointly by the NHL Players' Association and National Hockey League.

A 1-800 number is available 24 hours a day, seven days a week allowing players to connect confidentially to targetedcounsellingfor things like gambling addiction and substance abuse.

According to NHLPAspokesman Jonathan Weatherdon, program doctors also meet with each team every season to give an overviewof the service,includingdiscussions about gambling addiction.

"Per the [Collective Bargaining Agreement] NHL players are not able to bet on NHL games," said Weatherdon.

Kane's bankruptcy filing lists 47 creditorsincluding banks, credit card companies, the IRS, lawyers, his agencyand anumber of individuals who appear to have extended personal loans.

Generally, in Chapter 7 bankruptcy, the filer's non-exempt assets are liquidated and the proceeds used to pay creditors.

Kane's filing asks the three houses and other personal property be exempted. It also listsseven dependents: his newborndaughter, his parents, a grandmother, two uncles and a sister.

The filing also says he could opt outof his contract at some point this season because of COVID-19 concerns, affecting his salary.

Whatever the final result, most of his creditors will likely receive pennies on the dollar, if anything at all.

The news is much better for Kane himself. Once his debts are dischargedhe gets a fresh financial start and some breathing room, one would assume, to move on with what's been a life-changing year in other, more positive ways.

He became a father for the first time in the summer. And in the aftermath of George Floyd's murder and the rise of Black Lives Matter, he became a central figure incalling out racial injustice in hockeyand is now co-head of the Hockey Diversity Alliance.

And his hockey career is far from over, with four-plusyearsremaining on the seven year, $49 million contractsigned with the Sharks in 2018.

As prosports and governments rush to increase their revenue base through expanded gaming, Hill says it's important that people understand a basic truth about gambling.

"To be a successful gambler is very, very difficult and the only people who really do it well are emotionless math geeks," he said. "Everyone else should leave it well alone."

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Athletes and gambling: Is there anything to learn from Evander Kane's bankruptcy? - CBC.ca