US News survey says 51% of bettors try to secure money to pay bills

• US News survey says that 21% of bettors have gambled to pay for rent or a mortgage
• The survey looked into the self-reported financial health of respondents
• Gambling is continuing to put people in difficult situations, with many gambling to pay bills and more

The NFL season is upon us, and with a record opening week for both sportsbooks and prediction markets, US News ran a survey in which it tried to estimate Americans’ gambling habits.

Gambling takes its toll on Americans scrambling to pay rent, mortgage or bills

The survey interviewed 1,200 respondents between August 31 and September 3, ahead of the new NFL season, and arrived at several headline figures that signal that many people may be turning to sports gambling for the wrong reasons.

Among the numbers that US News produced was the fact that 51% of sports bettors have placed a bet to try to pay their bills, with a double-digit number, 21% of people trying to also cover rent or mortgage by placing a sports wager.

The majority of sports gamblers - 57%- are also betting at least once every week, and 17% place bets daily, with the average loss for around 50% of respondents sitting at below $25.

More worryingly, 19% of respondents confirmed that they have a debt related to their sports betting habit, with 17% of respondents also saying that they are being affected negatively financially because of their sports betting habit.

Interestingly, however, 34% of respondents said that sports betting has affected their gambling habits positively. 22% of respondents also shared that they were worried they could hardly control their gambling habits.

The survey also looked into income backgrounds and found out that two-thirds of respondents with six-figure household incomes, or 68%, were also likely to wager weekly and spend at least $25 or more on every single bet.

Americans seek loans and other ways of funding their gambling habits

Just 5% of all respondents said that they would bet over $100 on a single wager, with 17% betting less than $1, and the majority betting $10-$24, or 33%. Another 25% would bet anything between $25 and $49, with another 21% betting between $50 and $100.

But betting to secure money for bills and rent or mortgage wasn’t the only motivator that made people bet. Unexpected costs were a deciding factor for 18% of people betting to get extra money, along with credit card debt (18%).

When it came to taking out debt to place a wager, about 45% of respondents said they have: payday loan (11%), title loan (2%), personal loan (13%), borrowing from a friend (21%), and credit card cash advance (23%).

While 50% of respondents said that sports betting has had no impact on their financial health, the survey’s findings are enough to suggest that there is a widespread problem when it comes to controlling gambling impulses.

Image credit: Unsplash.com