Summary
- A recent survey conducted by US News has shed light on the challenges faced by sports bettors.
- According to the interview, 30% of participants reported accumulating debts due to gambling.
- Twenty-one percent of people admitted to verbally abusing athletes due to gambling.
US News conducted an extensive survey on gambling behavior across the United States, seven years after the Supreme Court overturned a federal law that banned the legalization of gambling.
US News report highlights the negatives of excessive gambling
While various surveys have emerged debating the impact of widespread legalization on problem gambling—with some suggesting it has caused a rise and others dismissing it as minor—the US News survey provides fresh insights specifically into sports gambling. The survey highlighted concerns for both observers and lawmakers, should the findings prove accurate. According to the report, one in four sports gamblers admitted they couldn't pay a bill due to money lost in betting. More alarming is that some reported using funds intended for rent on sports bets. Additionally, about 30% of sports bettors revealed they have accumulated debts from gambling, with over half of these individuals owing more than $500. Furthermore, 15% confessed to taking out personal loans, often high-interest payday loans, to continue gambling, worsening their financial struggles. Moreover, 45% of the respondents who gamble stated they do not have an emergency fund covering three to six months of living expenses, as financial experts recommend. Intriguingly, 21% of sports bettors admitted to verbally abusing athletes over lost wagers. The survey offers numerous other insights, including spending habits related to sports gambling.
Wealthier bettors tend to bet more per month, but no one is safe
According to the survey, 40% of participants reported reducing their monthly gambling expenditure, while 27% acknowledged spending at least $500 every month, typically among those with household incomes above $150,000. The US News survey also revealed that 16% of respondents were concerned about their inability to control their gambling habits—a significant figure—and 9% have sought assistance to address their issues. Some of the most serious acknowledgments of gambling's impact include statements like, I lost $100,000, and it was my life savings, and I acted impulsively and lost more money than I was prepared to risk. Although these findings are not conclusive, they highlight a trend in sports betting behavior and the associated potential risks.
