Some Sports Bettors Skip Bills, Including Rent, to Fund Wagers

• U.S. News survey indicates some sports bettor are financially imperiled
• Bad habits include skipping bill payments, including rent, to fund wagers
• Some bettors are accumulating debt due to their wagering habit

There’s financial downside to increased access to regulated online sports betting in the US, and a new survey sheds light on how ugly things get for some bettors.

A quarter of bettors recently polled by U.S. News & World Report said they’ve skipped paying a bill because they didn’t have the cash due to lost wagers, with some respondents going so far as to say one of the obligations they’ve ditched is paying rent. They’re further imperiling their financial situations and credit scores in other ways.

Almost a third (30%) of sports bettors say they have debts they attribute to gambling. Of those with debts related to sports betting, more than half (51%) are facing debts of $500 or more,” according to the study, which was conducted earlier this month in conjunction with PureSpectrum.

Twelve hundred sports bettors across the US were surveyed. All said they placed sports wagers within the last six months.

Bettors Making Bad Situations Worse

A scant percentage of sports bettors come out ahead over the long term, confirming the deck is stacked against novices, particularly when they don’t employ proper money management techniques. It appears many aren’t doing that.

Worse yet, some are exacerbating already negative situations. The U.S. News survey indicates 15% of sports bettors surveyed have taken out personal loans to fund their wagering habit, with 12% getting payday loans, which are known for predatory interest rates.

There are other ways in which losing bettors are worsening their personal financial pictures, including the accumulation of credit card debt. Fifty-two percent told U.S. News they’re carrying monthly balances on their cards, which is worsened by many likely not knowing that card issuers treat transactions with online sportsbooks as cash advances, not general purchases, meaning the interest rates on those transactions are higher.

Another 45% say their wagering habit has affected their ability to save enough emergency cash to cover three to six months of expenses. That’s another reminder of data confirming some bettors make ill-fated decisions, including selling investments, to fund their habits.

More Darkness in Sports Betting

Another negative that’s accompanied US sports betting expansion is the surge in bettors verbally abusing athletes, either at games or on social media, due to losing wagers. Some have even taken it so far as to call out athletes’ families or make death threats. Worse yet, it’s adults who are committing such transgressions.

21% of sports bettors say they’ve verbally abused an athlete, either in person or online, after losing money on a bet. More than a quarter of respondents between the ages of 35 and 44 say they’ve lashed out at an athlete over a wager, the highest rate of any age group in the survey,” according to U.S. News.

The study also found that 25% of respondents admit their betting habit is out of control, and nearly 10% have sought treatment for their problem. All of that over relatively small wager sizes. About three-quarters of respondents wager less than $500 per month.