But while the majority of online sports gamblers appear to be on a strong financial footing based on their income and savings, a higher percentage of the nearly 3,000 gamblers surveyed also said they have trouble paying bills and using short-term credit services such as payday loans, compared to the general population.
“In fact, most consumers involved in mobile sports betting can probably afford this,” said Declan Raines, head of US Gaming at TransUnion.
“At the same time, our findings demonstrate how important it is, especially at a time of economic uncertainty, for operators to use comprehensive data to identify both resilient and distressed consumers.”
Nearly 70% of mobile sports gamblers saw their income increase in the past three months, compared to 32% of the total population.
On the other hand, 79% of mobile sports gamblers were concerned about their ability to pay current bills and loans in full, compared to just 52% of the population.
This uncertainty leads to more reluctance to place bets.
“You definitely see the intent to change their spending habits based on inflation. The ability to pay loans and bills. Consumers are likely to move away from discretionary activities in the current environment,” Raines told TheStreet.
That could be bad news for online gambling platforms like Drafkings
(BetMGM DKNG) (Caesars MGM) ( and bar stool CZR) (. PENN) Downside of gaming
There are pitfalls built into online sports betting that gamblers should be aware of.
“Many sports betting mobile websites and apps allow deposits with credit cards, a form of high-interest revolving credit, so it is imperative for sports bettors to understand how to gamble responsibly,” said TransUnion.
The basic rule of any game of chance is that the house always wins and the truth can bring out the worst in people with addictive personalities.
“People with gambling problems often have many of the same risk factors that predispose individuals to other addictive behaviors,” says the National Center for Responsible Gaming.
In general, men spend more money on gambling than women. And while people in higher socioeconomic groups tend to spend more money on gambling, people with lower incomes spend a higher percentage of their income on gambling, according to recent studies.