Millenials remain the highest-value demographic in sports wagering

The launch of sports betting in the United States has gone through some interesting geriatrics. Companies have come and gone, new rules have emerged, and tax rates have come under heavy assault. Some companies have even flirted with reputation-damning measures to relieve some of the market pressure on their financials (DraftKings, we are looking at you).

Millennials are the most spendthrift sports bettors

Regardless, a new study, US Betting Report, by TransUnion has tried to give a better understanding of the betting landscape and its consumers six years after the federal ban on sports gambling was lifted.

The research, which interviewed 3,000 adults in April, found that millennials make up 57% of all high-value online bettors, spending at least $500 per month on sports gambling

TransUnion, though, found something interesting about high-value bettors. They tend to be well-earning individuals who have good credit scores in general, but are also more likely to be "delinquent for paying bills, loans, and child support," the company outlined in an official press release.

The study was indeed interesting. TransUnion asked online and land-based bettors if their income had increased in the months leading up to the interview – 20% of online bettors and 18% of land-based bettors responded in the affirmative. Bettors also tend to have "excellent" credit scores – 55% of online bettors and 58% of land-based bettors do.

TransUnion saw that 50% of non-bettors said that they had such a credit score, meaning that sports bettors might be overall better off or just better at managing personal finance. However, a strange trend emerged between bettors and non-bettors.

Non-bettors were generally less likely to have been contacted by a collection agency or to have failed to pay a bill, or alternatively – court-ordered to make a child support payment. For example, only 24% of non-bettors said that they expected to be unable to pay any current bill or loan in full, compared to 44% and 43% for online bettors and land-based bettors.

Sports bettors fail to pay loans, child care and bills

49% and 42% of online and land-based bettors said that they have been past due status for any bill or loan for 90 days in the past 12 months, compared to just 18% of non-bettors. According to TransUnion Head of Gaming Business Declan Raines, consumers are generally betting only when they can "afford to lose."

"In fact, having a significant bump in income was the primary correlating factor to whether consumers bet, regardless of income level. This suggests most consumers only wager what they can well afford to lose," he noted.

Yet, the study does not provide clear answers into why players who can afford to lose are often lacking when it comes to loans, bills, and child support payments compared to non-gamblers.

Raines similarly said that the industry as a whole also has to act proactively to ensure that its players are safe and responsible gambling practices are upheld. "The crucial next step will be to demonstrate proactive measures that protect consumers to regulators and consumer advocates," he added.

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