A U.S. News survey found that 51% of 1,200 sports bettors wager to pay off bills.
Key Takeaways
- The survey found that 21% bet to cover rent or mortgage payments.
- The percentage of participants who reported going into debt fell from last year.
- Prediction markets are becoming a factor for sports bettors.
The survey, which ran between Aug. 31 and Sept. 3, found that 57% bet weekly, nearly matching last year's study.
More than 20% planned to use betting to cover rent or mortgage payments, while 18% used it to pay credit card debt. Another 18% used wagering for unexpected costs. More than 5% said they used betting to pay student loans, while another 2% used wagering to pay tuition.
Missouri is the only new jurisdiction to launch legal sports betting in the U.S. since last year’s survey. There are currently 39 states and Washington, D.C., with legal online sports betting, retail sports betting, or both.
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Going into debt
Nearly 20% of participants reported outstanding debt due to sports wagering, down from 30% last year, U.S. News reported. Those bettors said they have debts of less than $1,000.
However, 22% are concerned about controlling their gambling.
Nearly half (45%) of bettors have borrowed money to wager, while 23% used a credit card cash advance. Another 21% borrowed money from a friend, while 13% used a personal loan and 11% received a high-interest payday loan to fund their wagering.
Financial impact
Half of respondents said their average wager is below $25, though 61% of bettors earning at least six figures wager weekly and spend at least $25 per bet.
Multiple bettors described sports betting as damaging relationships or causing financial stress at home.
The study also found that 17% of bettors believe wagering negatively impacts their finances, while 34% view its financial impact as positive. The remaining respondents said wagering has no financial impact.
New factors
U.S. News also reported that 41% of respondents have used prediction market sites, which compete with traditional sportsbooks. Last year marked the first football season with sports event contracts.
More than half (55%) said trading is no different from betting. Sports is the predominant market, but 45% of participants have traded on current events, while another 36% have purchased contracts tied to entertainment or culture.
Prediction markets generated more than $8 billion in trading volume last weekend, led by the NFL’s Week 2 games and Week 3 of college football. Kalshi, the most popular U.S. exchange, saw a record $3 billion in trading volume Saturday.
