- Almost a quarter (22%) of sports bettors, and partners of sports bettors, say betting has caused financial hardship and emotional distress for themselves and their families.
- Roughly a quarter (23%) admit to being sports betting addicts, rising to 37% of Gen Z bettors.
- Nearly half (48%) of sports bettors, and partners of sports bettors, have experienced mental health issues like depression as a result of sports betting activity.
The rise of sports betting has made placing bets easier than ever, but the hidden cost of this convenience – both financial and emotional – is far reaching. Factor in major events like the Super Bowl and March Madness, and what starts as a friendly wager can quickly spiral into a dangerous cycle of gambling and debt.
According to a new study conducted by Qualtrics on behalf of Intuit Credit Karma among U.S. adults ages 18 and older who engage in sports betting, or have a partner who engages in sports betting, nearly a quarter (22%) say sports betting has caused financial hardship and emotional distress for themselves and their families. When asked just to partners of sports bettors, this increases to 27%, indicating that typically feel the toll more.
The most common types of financial hardship this camp of people and their families face include depleted savings (26%), struggles to afford basic necessities (21%), missed or late payments on important bills (20%), decreased credit score (19%) and having to take out payday loans or cash advances (18%) and maxed out credit cards (18%). In many cases, these numbers increase when asked just to partners of sports bettors, and a whopping 23% of partners say they’ve had to pull from their child(ren)’s college fund. And, roughly one in six sports bettors (17%) say they are at risk of bankruptcy.
The most common emotional stressors faced by sports bettors and partners of sports bettors include mental health issues (48%), erosion of trust (24%), alcoholism and drug use (20%), lack of a relationship with children (18%) and family estrangement (16%). Sadly, we found that roughly one in six partners of sports bettors (16%) deal with abuse, whether it be physical, verbal or emotional.
For better or for worse?
Partners of those who engage in sports betting are often left carrying the burden of their partner’s decisions. More than a quarter (29%) of partners of bettors say that their partner is addicted to sports betting, with 28% wishing sports betting was illegal so they could protect their finances. Partners of sports bettors have had to lose out on achieving key milestones in sacrifice of their partner’s vice. Those sacrifices include taking a vacation (28%), paying off debt (22%), achieving financial independence from parents/relatives (13%), being able to invest in the stock market (13%) and buying a home (13%).
Their anxieties stretch far beyond their finances – 28% worry their children will be influenced by their partner to engage in sports betting. The sad reality is some partners are completely in the dark about their partner’s betting practices with more than one in five (22%) bettors admitting their partner and family aren’t even aware that they make sports bets, increasing to one-third (33%) of Gen Z bettors.
It’s also clear that those who bet and those whose partners engage in sports betting do not see eye to eye when it comes to associated risks and opportunities. Unsurprisingly, partners of bettors are more risk averse with 21% saying sports betting is a huge financial risk, compared to 11% of bettors, and 31% of partners view it as throwing away money, compared to 12% of bettors. On the flip side, 40% of bettors see it as a way to make money, compared to 26% of partners and 24% of bettors see the opportunity to make a big sum of money, compared to 16% of partners.
It’s no wonder partners of those who sports bet view betting as throwing away money, when you consider 10% estimate their partner spends anywhere from $3,000 to $10,000 each month on bets. It’s an even scarier situation for those with household incomes (HHI) less than $100K, 17% who estimate their partner spends this much per month on bets.
Slippery slope: from hobby to addiction
Nearly a quarter (23%) of bettors admit to being addicted to sports betting, climbing to 37% of Gen Z bettors, and sadly 38% of those addicts have no plans to get help for their addiction. Why the unwillingness to seek help? For many betting addicts, it comes down to denial, excuses and desperation. More than one-third of bettors (35%) say they don’t plan to get help because they don’t think getting help is necessary, one-third (33%) view it as an opportunity to make money, roughly one in five (21%) say they plan to quit once they’re financially stable and roughly one in six (17%) believe they are one big win away from fixing everything.
On a brighter note, half of sports betting addicts say they plan to get help for their addiction, whether that be through friends or family (41%), online resources or forums (35%), seeing a therapist or psychologist (34%), meeting with a financial advisor (24%) and in some cases checking in to a rehab facility (22%). However, the reasons for which they are seeking help are more grim. More than one-third of betting addicts (35%) are seeking help due to feelings of guilt and shame, followed by being at risk of losing their job / having already lost their job (30%), being at risk of losing their family (29%), grappling with stress-related health issues, such as stroke, high blood pressure or insomnia (29%) and the desire to live a more stable and healthy life (29%).
What, when, why, how?
What are sports bettors betting on these days? Football takes the lead (83%), followed by basketball (55%), major sporting events like the Super Bowl or March Madness (34%) and baseball (33%). However, these days, betting goes beyond sports. A quarter of bettors (25%) say they place bets on things other than sports, whether it be weather, politics or awards ceremonies.
In most cases, bettors are engaging in sports betting weekly (35%), and in some cases daily (10%). To fund their gambling, sports bettors claim winnings from previous bets as their number one funding mechanism (39%), followed by dipping into savings (32%), using income from a side gig (24%) and swiping their credit cards (19%).
What drives people to bet on sports? The number one reason is to make money (53%), followed closely by entertainment purposes (52%). Others say it enhances their sports-viewing experience (29%), and nearly a quarter (24%) are swayed by bonuses and incentives offered, whether it be in free bets or prizes for activity.
“The explosion of online sports betting rakes in billions in revenue annually, in some cases, at the expense of peoples’ financial lives,” said Courtney Alev, consumer financial advocate at Credit Karma. “While it may be a harmless vice for many who engage in the act, others find themselves entangled in a dangerous cycle of gambling that could be financially catastrophic when succumbing to chasing losses or betting beyond their means. Not to mention that these losses often extend beyond just money: they can erode trust within families, lead to mounting debt, and destroy personal relationships. For those who find themselves in a precarious place as it relates to sports betting and gambling-related debt, the first step to recovery is acknowledging the issue and seeking help. Getting professional help is likely the best chance at taking control of unhealthy betting habits, and making a plan for how to get out of debt. Even if you don’t have a gambling problem, it’s good practice to set rules and guidelines for yourself to ensure you’re always in control of your spending.”
Methodology
This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma between January 29, 2024 and February 5, 2024 among 1,000 adults ages 18 and older who engage in sports betting or have a partner who engages in sports betting.