Nearly Half of American Men Have Sports Betting Accounts

Posted on: February 20, 2025, 02:01h. 

Last updated on: February 20, 2025, 02:29h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Nearly a quarter of Americans and half of men have sports betting accounts
  • Many confess to chasing losses and feeling depressed when their bets lose

Twenty-two percent of Americans, including half of men ages 18 to 49, have at least one active sports betting account, according to the Siena College Research Institute (SCRI) and St. Bonaventure University’s Jandoli School of Communication.

NFL sports betting game integrity Congressional Gaming Caucus
Sports bettors at the FanDuel Sportsbook at the Meadowlands Racetrack in New Jersey. A new study indicates nearly a quarter of Americans have at least one sports betting account. (Image: The New York Times)

That age range spans three generations — Gen X, millennials, and Gen Z — and confirms that men remain the core constituency for sportsbook operators despite those companies’ efforts to bring more female bettors into the fold. Perhaps the women who are staying away are wise to do so.

Fifty-two percent have ‘chased’ a bet, that is, bet an increased amount in hopes of getting money back after a loss, and 37% have felt ashamed after losing,” notes the Sienna survey.

More than a third of those polled believe all 50 states should permit sports wagering. It’s currently live and legal in 38 states and Washington, DC with Missouri scheduled to join the party later this year.

Downsides to Sports Wagering

One of the biggest issues facing novice sports bettors is too much optimism, meaning they think their fandom or knowledge of sports is translatable to wagering. Studies indicate it’s not and that bettors’ ebullience is often misplaced.

The Sienna poll says just 30% of respondents said they’ve won more money than they’ve lost betting on sports. Worse yet, 20% admit their sports wagering losses have interfered with other financial obligations. That jibes with other research confirming some sports bettors will make big financial mistakes to fund their habits.

Due in part to strained finances and emotional duress, some bettors believe the ubiquity of sports betting advertisements and the convenience of placing bets from mobile phones are more detrimental than beneficial.

“Online sports betting has become widespread and a majority of Americans endorse it being legal,” said Aaron Chimbel, dean of St. Bonaventure University’s Jandoli School of Communication. “But with 78% saying that any smartphone app that lets people drain their bank accounts in one evening is a bad idea, the call for federal regulation is loud and clear.”

Other Complaints from Sports Bettors

Sports bettors have other complaints. Slightly more than half believe sports commentators shouldn’t discuss wagering during live broadcasts and a similar percentage say artificial intelligence (AI) tools can induce more betting and are not positive for sports, according to Sienna.

The study also confirms that proposition wagers, or prop bets, or highly popular with punters with nearly three in four embracing those bets.

However, there’s a dark side to betting on individual players — one that’s stoked an escalation in threats and vitriol aimed at both college and professional athletes. As a result, 60% of respondents in the Sienna study believe prop bets on college players open those athletes “to potentially harmful public pressures.”