Survey: Sports Betting Has Become High-Risk Financial Lifeline for Americans Struggling to Pay Bills

Sports betting is billed by the gaming industry as a form of entertainment, but for a growing proportion of the betting public, covering the spread is key to covering the rent.

A new survey from U.S. News is sounding the alarm over Americans increasingly turning to high-risk endeavors, including sports betting, to help make ends meet and pay their monthly household bills.

U.S. News surveyed 1,200 Americans who placed a sports bet within the last 12 months. The media organization found that more than half of the respondents (51%) placed a sports bet to pay their bills, and 21% have wagered to cover their rent or mortgage.

Almost six in 10 (57%) of the sports betting demographic said they bet weekly, with 17% betting on a daily basis. Nearly one in five (19%) said they have outstanding sports betting debts.

“Nearly half of all respondents (45%) say they’ve borrowed money to place sports bets, with 13% taking out a personal loan to bankroll their betting and 11% securing funds through a high-interest payday loan,” the report continued.

Bettors’ Dismissal of Financial Impact

Many sports bettors are unfazed by the high-stakes financial reality of gambling on sports.

U.S. News reported that only 17% conceded that sports betting is negatively affecting their financial health, with twice as many respondents (34%) claiming that gambling on professional and college sports had a positive impact on their finances. About half said they didn’t find sports betting to be impacting their bank accounts either way.

Some, however, told the researchers devastating stories.

Another said sports betting has cost more than money but friendships.

“Sports betting ruined my six years of friendship because I couldn’t pay back the borrowed loan from my friend,” said a bettor. “He stopped talking to me.”

Americans bet nearly $167 billion on sports in 2025 through regulated sportsbooks, an 11% increase from the prior year, according to the American Gaming Association.

The blurring of financial investing and gambling has been exacerbated by the emergence of sports prediction markets, trading exchanges that are legally defined by the federal government as financial instruments. U.S. News found that over 40% of sports bettors are now participating in sports prediction markets.

Financial advisors encourage those who do bet or trade on sports to keep the activity as a form of entertainment and only risk what they can comfortably afford to lose.

Bettors Overly Optimistic

Research from Stanford University published in April concluded that sports bettors are “overoptimistic,” expecting to break even though they lose 7.5 cents per dollar wagered.

“Overoptimism is largest among bettors who partake in a complex type of bet known as a parlay. Compared to other forms of betting, parlays are more likely to be driven by bias,” the paper reported.