College students in US increasingly use financial aid for gambling

Gambling impacts college life, and it’s not just a matter of being allowed to place a prop wager on college sports. Much like a recent study in the United Kingdom indicated, a newly reported statistics by the Nevada Council on Problem Gambling now show that college students are increasingly using financial aid to fund their gambling habits or have done so. The statistics shared by the NCPG come from an Intelligent report released in 2023.

According to the organization, at least a fifth of students, or 20% do so. Matters are much more serious if you look at the actual number of students who are actively betting on sports. According to Ted Hartwell, Executive Director of the Nevada Council on Problem Gambling, two-thirds of students who live on campus are betting.

Yet the issue stems from the fact that 20% of those who do bet, in general, are using - or have turned to - financial aid otherwise allocated for living expenses and education to fund their habit. For some students, this could be just a way to cope with the stress of college life, which compounds the issue as college students in the US suffer from anxiety and pressure to cover what are often looming debts taken on to fund their tuition in the first place.

Hartwell has been keeping a close eye on the issue and argued that sports betting addiction is increasing, with many falling into the popular gambler’s fallacy that if you spend more money on gambling, you are eventually going to win. Rather, students ought to realize that they are "always going to lose their money," Hartwell explains. The idea of playing to win is shared by college students in the United Kingdom who are also spending money on gambling with the same hope.

The mass legalization of sports betting did come with a question about how the activity would impact students and vulnerable groups. Right now, most colleges and even states do not do enough to help raise awareness for problem gambling, with the activity’s popularity far outstripping any public campaigns.

There have been numerous private sector-led initiatives, however, including private funding for Kindbridge, an organizaiton that works on training and raising awareness, as well as assists consumers in recovering from problem gambling.

Gambling addiction has been a broader issue in the United States although not necessarily because of the mass legalization of iGaming and sports betting as previously, people would simply bet offshore, where there are little to no safeguards when it comes to responsible play.

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