"Americans Spend More Money Betting On Sports Than Investing In Stocks"

[bakasabo]

And another fact why people may simply choose or spend more in gambling over investment and which is why the survey results that maybe even the case even outside America, people would spend more in gambling than investing in stocks, is simply because gambling's pacing is faster and less complicated compared to stock investments that needs different approaches of analysis to understand the market to minimize the risk of losing.
Also, gambling is a form of an entertainment, so majority may surely find it more enjoyable than trading, so there's that.

Or people are so fed up with casual forms of entertainment (for example like going to a movie, watch sports game (which stimulates to place a bet), spend time outside) that in the search of new ones, they have stopped at gambling. Because it is both entertainment and a chance to win. When investing is kind of a work. People would rather have fun and might earn, that only might earn. Digitalization has helped a lot to attract more people to gambling also.

[FortuneFollower]

And another fact why people may simply choose or spend more in gambling over investment and which is why the survey results that maybe even the case even outside America, people would spend more in gambling than investing in stocks, is simply because gambling's pacing is faster and less complicated compared to stock investments that needs different approaches of analysis to understand the market to minimize the risk of losing.
Also, gambling is a form of an entertainment, so majority may surely find it more enjoyable than trading, so there's that.

Or people are so fed up with casual forms of entertainment (for example like going to a movie, watch sports game (which stimulates to place a bet), spend time outside) that in the search of new ones, they have stopped at gambling. Because it is both entertainment and a chance to win. When investing is kind of a work. People would rather have fun and might earn, that only might earn. Digitalization has helped a lot to attract more people to gambling also.

..Or they don't want to put much effort into the earning part.
Gambling gives that, but with the knowledge that luck is the biggest factor still.
And people sometimes forget about it.

[Hewlet]

It is not surprising since we can see how easy gambling access is in America and it makes more people gamble than investing because it is easier and faster for them to access. It also offers a chance for someone to change their life overnight, even when the chances are small and the results are much faster, compared to hoping for investment in stocks. Things like that are strong reasons why many people put their hopes in betting on sports in order to get rewards that they can use to meet their needs or other things in the midst of a difficult economy.

some people even consider investing to be more risky compared to gambling  because of the thought of only getting the returns from an investment after a long period of time when at the point, they are mostly in search of quick gains. And the way we've gotten exposed to sources of gambling through their presence on most of our environment and the gambling ads that's flying around the media, almost everyone is conversant with gambling more than they know about stocks, Bitcoin investments or even real estate.

The intricacies that's associated with most of these investment doesn't get into the public dorman that much unlike the updates on prediction sites and bonuses that's given through Betting channels. and a lot people don't even know how they work and don't understand at what point they start getting dividends from the stocks they are to buy. You tend to go into what you're familiar with or what most people around you are already doing and when it comes to that, gambling is more popular compaired to stick which is the main reason why people will generally choose gambling over it.

[nullama]

This popped up on one of my news feeds or somewhere on social media earlier today and was a bit taken back, to say the least.  As someone who works in finance, I'm all too aware of the lack of proper money management as well as a lack of proper investing.  I would say of my clients, your average American citizen, 90% of them are completely clueless when it comes to the most basics of proper finance.  It's pretty crazy how little people are willing to invest (both time and money ) in to their future.

As an advisor, and this topic has come up here before but this new study made me want to revisit it a little, I HIGHLY recommend not gambling if you're struggling financially.  It's one of the absolute worst things you can do.  It's also NOT a good alternative to the stock market, nor is "investing" in bitcoin (don't take my word for it, moderator, cypher punk, former bitcoin dev and one of the leading names in cryptocurrency Greg Maxwell agrees, as he had a sizable write up in a thread I made here 2-3 years ago discussing this very topic..so if you won't take it from me, maybe take it from a guy who knows more about cryptocurrency than most all of us.  I LOVE bitcoin and I love gambling, but be responsible.

Regardless here's the link to the article- https://secretnyc.co/americans-spend-more-money-on-sports-bets-than-stocks/

Here's the link to the paper/write up " Gambling Away Stability: Sports Betting's Impact on Vulnerable Households" - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4881086

Interesting, I think people who are struggling financially are probably the ones doing a lot of gambling.

This is because they get an opportunity to buy hope. A hope for a better future that they simply cannot see in their present lives.

Sure, it doesn't make sense to gamble in that situation if you do the math, but they thing is that hope can be a powerful thing.

It can create a positive mindset that allows people to continue with their lives...

Having said that, I completely agree with you, and it is a slippery slope, you can lose it all while gambling, and the most probable outcome is that you're going to lose.

[TheUltraElite]

Sports are made fast, end fast. Stocks take time and people have reduction in patience over the generations - so that equals less investment in stocks and more in sports betting, although the latter is never an investment but a luck based game.

Irresponsible of a person to do this though and that as rightly pointed out by the OP, comes from the lack of basic finances knowledge. Every portfolio must have a range of risk. It should not a completely high risk or a completely low risk portfolio. Here gambling and crypto (at this current state) are risky assets while bank deposits are less risky and stocks come in between.

Having the balance shifted to only one side is a stubborn move. Gambling will always be a win for the casino and not the player, however skilled you might take yourself to be.

[Dewi Aries]

And as you believe, which I also agree with that because of all the complexities, that's why some or maybe even the majority of them prefer to divert their attention to gambling, it doesn't mean that gambling is risky, but the complexity and patience that someone must have when they choose an investment is one of the biggest reasons for them to prefer gambling where they just sit back, watch, guess and press buttons, and in fact, of course, in the long run, gambling will be much riskier, because when you spend 4-5 years to be patient in investing, then maybe you will get the profit you expect, but if we talk about gambling, it's clearly the opposite, because after all the bookies will always be the real winners.

That still can't be compared to investing. I think what we're really comparing here is that Americans love to have fun more than focusing on growing their money. I used the word "fun" because gambling is seen as entertainment, and its typical emphasis is on spending, which fits the definition of gambling.

Americans are working in a country with a strong economy, so most are probably satisfied with what they earn. When they gamble, they don't see it as another source of income but rather as a way to entertain themselves and maybe try their luck at hitting big money.

Yes I understand that that is the actual context of the conversation, but above I draw a conclusion related to what our friend @madnessteatt said which directs the context to people who prefer to divert their attention to gambling rather than investment because they are not ready to be patient and also go through a complicated process in the long term, and I think that scenario does happen to some people, you can read it again my friend.

On the other hand, what you said may be true that with the advanced economic situation, Americans only make gambling as entertainment, that may be true but I am sure that not all of them, or what I mean is that there are always some people who do have the goal of multiplying their money without us knowing. On the other hand, I think I will not only make Americans the object of difference, but maybe I will conclude in general that the point is when people (whoever they are) gamble with the aim of just having fun, then they are those who understand and understand what is meant by the chance of winning and understand how dangerous the risks are that can be caused regardless of whether you are American or not, or regardless of whether you are rich or poor.

[Stablexcoin]

It is not surprising since we can see how easy gambling access is in America and it makes more people gamble than investing because it is easier and faster for them to access. It also offers a chance for someone to change their life overnight, even when the chances are small and the results are much faster, compared to hoping for investment in stocks. Things like that are strong reasons why many people put their hopes in betting on sports in order to get rewards that they can use to meet their needs or other things in the midst of a difficult economy.

some people even consider investing to be more risky compared to gambling  

Who does that? There is no way investment can be a lot more risky compared to gambling. Have you considered the differences? Gambling has no guarantee for success and when you lose in a bet you lose completely the amount used in staking. When investing you can watch your investment and if you invest in the right asset after gaining knowledge in it you are more likely to be successful in your investment. In investment, you can gain huge knowledge that will work for you when you apply it. I don't think it is possible in gambling. There is no level of knowledge in gambling that can guarantee you success.

[lovesmayfamilis]

Or people are so fed up with casual forms of entertainment (for example like going to a movie, watch sports game (which stimulates to place a bet), spend time outside) that in the search of new ones, they have stopped at gambling. Because it is both entertainment and a chance to win. When investing is kind of a work. People would rather have fun and might earn, that only might earn. Digitalization has helped a lot to attract more people to gambling also.

I completely agree with some parts of your answer. Going to the cinema, traveling somewhere, spending energy; movement is necessary. However, dozens of casinos that are now available on the Internet do not require any physical effort. All you need is a bottle of beer, some fast food and a deposit, which can be paid right there with a card or crypto. Isn't it entertainment? People have become lazy, but at the same time, their passion for money has not become less. In addition, the American pace of life is quite fast, and anyway, people need spectacles, so they have fun playing in a casino, especially online.

[Cryptomultiplier]

It is not surprising since we can see how easy gambling access is in America and it makes more people gamble than investing because it is easier and faster for them to access. It also offers a chance for someone to change their life overnight, even when the chances are small and the results are much faster, compared to hoping for investment in stocks. Things like that are strong reasons why many people put their hopes in betting on sports in order to get rewards that they can use to meet their needs or other things in the midst of a difficult economy.

some people even consider investing to be more risky compared to gambling  

Who does that? There is no way investment can be a lot more risky compared to gambling. Have you considered the differences? Gambling has no guarantee for success and when you lose in a bet you lose completely the amount used in staking. When investing you can watch your investment and if you invest in the right asset after gaining knowledge in it you are more likely to be successful in your investment. In investment, you can gain huge knowledge that will work for you when you apply it. I don't think it is possible in gambling. There is no level of knowledge in gambling that can guarantee you success.

The highlighted text is quite biase, because I believe that there's some knowledge gained from the experience of gambling activities, that makes one almost as sure as going home with a win depending on the kind of games gambled on.
Still, I don't think the stock market is as popular as was in the '90s, because of the emergence of cryptocurrency and other innovations that has made anonymous investment possible.

People these days, no matter the continent they hail from, would rather let you or the government believe they make nothing but losses while gambling or betting or enjoying the rewards of an investment you didn't know about.

[laijsica]

It is not surprising since we can see how easy gambling access is in America and it makes more people gamble than investing because it is easier and faster for them to access. It also offers a chance for someone to change their life overnight, even when the chances are small and the results are much faster, compared to hoping for investment in stocks. Things like that are strong reasons why many people put their hopes in betting on sports in order to get rewards that they can use to meet their needs or other things in the midst of a difficult economy.

some people even consider investing to be more risky compared to gambling  

Who does that? There is no way investment can be a lot more risky compared to gambling. Have you considered the differences? Gambling has no guarantee for success and when you lose in a bet you lose completely the amount used in staking. When investing you can watch your investment and if you invest in the right asset after gaining knowledge in it you are more likely to be successful in your investment. In investment, you can gain huge knowledge that will work for you when you apply it. I don't think it is possible in gambling. There is no level of knowledge in gambling that can guarantee you success.

I agree with you. By choosing the right currency and investing for the long term, an investor can grow his wealth. As is the case with investing in Bitcoin. I think the relationship between gambling and investing is very controversial and unsupported. Many may compare short-term investing to gambling, but I believe that losing money in gambling means losing money and never getting it back. Investing in crypto will involve risk but you won't lose your wealth if you can hold it for the long term. It is very important that you choose the right crypto.

It can be concluded that gambling is mostly controlled by luck where experience does not help much and most gamblers lose but they continue to gamble because it is a form of entertainment. Crypto investing on the other hand is one of the most profitable avenues for experienced investors where an investor can make huge profits.

[ChiBitCTy]

This popped up on one of my news feeds or somewhere on social media earlier today and was a bit taken back, to say the least.  As someone who works in finance, I'm all too aware of the lack of proper money management as well as a lack of proper investing.  I would say of my clients, your average American citizen, 90% of them are completely clueless when it comes to the most basics of proper finance.  It's pretty crazy how little people are willing to invest (both time and money ) in to their future.

As an advisor, and this topic has come up here before but this new study made me want to revisit it a little, I HIGHLY recommend not gambling if you're struggling financially.  It's one of the absolute worst things you can do.  It's also NOT a good alternative to the stock market, nor is "investing" in bitcoin (don't take my word for it, moderator, cypher punk, former bitcoin dev and one of the leading names in cryptocurrency Greg Maxwell agrees, as he had a sizable write up in a thread I made here 2-3 years ago discussing this very topic..so if you won't take it from me, maybe take it from a guy who knows more about cryptocurrency than most all of us.  I LOVE bitcoin and I love gambling, but be responsible.

Regardless here's the link to the article- https://secretnyc.co/americans-spend-more-money-on-sports-bets-than-stocks/

Here's the link to the paper/write up " Gambling Away Stability: Sports Betting's Impact on Vulnerable Households" - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4881086

Interesting, I think people who are struggling financially are probably the ones doing a lot of gambling.

This is because they get an opportunity to buy hope. A hope for a better future that they simply cannot see in their present lives.

Sure, it doesn't make sense to gamble in that situation if you do the math, but they thing is that hope can be a powerful thing.

It can create a positive mindset that allows people to continue with their lives...

Having said that, I completely agree with you, and it is a slippery slope, you can lose it all while gambling, and the most probable outcome is that you're going to lose.

You do make a good point in that hope can create a positive mindset which is important to ones overall "being", but I wouldn't equate false hope to creating a strong mindset for one's outlook.  You can have all the hope you want bit if you're continually losing at placing bets, well then you've likely not got very much hope after all that time.  Plus hope doesn't fill one's bank account. 

If I were poor, I'd never gamble, ever.. It doesn't make sense financially or mathematically.

[ethereumhunter]

It is not surprising since we can see how easy gambling access is in America and it makes more people gamble than investing because it is easier and faster for them to access. It also offers a chance for someone to change their life overnight, even when the chances are small and the results are much faster, compared to hoping for investment in stocks. Things like that are strong reasons why many people put their hopes in betting on sports in order to get rewards that they can use to meet their needs or other things in the midst of a difficult economy.

some people even consider investing to be more risky compared to gambling  

Who does that? There is no way investment can be a lot more risky compared to gambling. Have you considered the differences? Gambling has no guarantee for success and when you lose in a bet you lose completely the amount used in staking. When investing you can watch your investment and if you invest in the right asset after gaining knowledge in it you are more likely to be successful in your investment. In investment, you can gain huge knowledge that will work for you when you apply it. I don't think it is possible in gambling. There is no level of knowledge in gambling that can guarantee you success.

Gambling will be more risky compare to investment. But investment can also give a risks if you don't know how to pick the right investment.  In this matter, if they rely on gambling to make money, they should regret it especially when they see the losses coming to them without they can not control themselves. That can happen to with those who invest in a large of money without research for more to find the investment as many people already lost their money in investment.

But yes, gambling temptation can tempting people easily with "win easily with us" so they will start to playing gambling. Many of them can not control themselves in gambling so they will lose much money besides ruining their lives and their family. They should realize that they need to save their money and not spend in gambling because they must prepare for their future.

[Jawhead999]

If I were poor, I'd never gamble, ever.. It doesn't make sense financially or mathematically.

And this mindset is only for the middle or upper class people, why? because this mindset can make them to escape from poverty, unlike people who don't care with financial status and keep gambling, they will become poor.

Sometime it's easy for us to think the reason why people are poor and what they should do to escape from it, but we were not in their shoes, so we don't really know if we're really poor and what we think at in that situation.

[Oluwa-btc]

This popped up on one of my news feeds or somewhere on social media earlier today and was a bit taken back, to say the least.  As someone who works in finance, I'm all too aware of the lack of proper money management as well as a lack of proper investing.  I would say of my clients, your average American citizen, 90% of them are completely clueless when it comes to the most basics of proper finance.  It's pretty crazy how little people are willing to invest (both time and money ) in to their future.

This days alot of people are being triggered with gambling and they tend to source for means to get more money even the little they have the rather spend it in betting or gambling than invest in something profitable and secured.
I believe when it comes to betting the Americans always are top in this and I wonder the joy they get spending more on betting than investing it but you can still find a major percentage of people that gamble and still invest also.

But spending money on bets when not acquiring wins daily should be minimized cause certainly it gets to point one can afford to bets and gamble so how do they cope with that. I think not all Americans died this tho but they definitely love gambling and sports betting.

[l3pox]

And another fact why people may simply choose or spend more in gambling over investment and which is why the survey results that maybe even the case even outside America, people would spend more in gambling than investing in stocks, is simply because gambling's pacing is faster and less complicated compared to stock investments that needs different approaches of analysis to understand the market to minimize the risk of losing.
Also, gambling is a form of an entertainment, so majority may surely find it more enjoyable than trading, so there's that.

Or people are so fed up with casual forms of entertainment (for example like going to a movie, watch sports game (which stimulates to place a bet), spend time outside) that in the search of new ones, they have stopped at gambling. Because it is both entertainment and a chance to win. When investing is kind of a work. People would rather have fun and might earn, that only might earn. Digitalization has helped a lot to attract more people to gambling also.

the same thing happens in Brazil, I think it's a symptom of the zeitgest because the cost of living is so high now and people are so desperate to have a change
gambling has the perfect combination of factors, making possible to win big with little effort
people want this

it's always easy than working.

[bangjoe]

If I were poor, I'd never gamble, ever.. It doesn't make sense financially or mathematically.

And this mindset is only for the middle or upper class people, why? because this mindset can make them to escape from poverty, unlike people who don't care with financial status and keep gambling, they will become poor.

Sometime it's easy for us to think the reason why people are poor and what they should do to escape from it, but we were not in their shoes, so we don't really know if we're really poor and what we think at in that situation.

I agree with that sentence, “if I were poor I wouldn't gamble”, logically if I have a financial mindset that wants to grow, do I have to have fun when I'm still poor? is it worth it if my finances are not stable I do gambling? of course I personally would not say it's worth it for me to gamble.

Yes we can only assume about the diagnosis of the reasonableness of our subconscious on this matter, so we can speculate even though we don't know what they are experiencing and what their conditions are like, but all of that can be studied and understood in general why some people want to gamble, we will know which orientation is in which direction and can conclude for ourselves, even though it is just an assumption.

[doomloop]

Emphasis on the long-term , how long are you going to wait to take your profit? That's where the problem lies. You can not just assume to have invested in a certain stock without certainty of when your profit is due to harvest while you have a similar way that gives results in a blink of eyes. Patience and risk are the two things to take note here. Investing in stocks requires a lot of patience for as long as possible but the risk is very less. The recent generation choose to risk over patience not only in America but almost every part of the world. Gambling is easily accessible and can transform your life from nothing to something if you hit the jackpot. On the other side, you can also fall from hero to zero if care is not taken.

People who choose to gamble over investments and spend reasonable amounts on them are clueless. I know, gambling is fun and the rewards that you can get are quick and there is no waiting required, but that should be a different thing. You can have a budget for your gambling, keep it moderate, and use it to gamble whenever you like to have some fun, but don't spend too much money on it, use your money for something that can be useful for you or your loved ones in the future and gambling can't be that.

Sports betting in general isn't as bad as gambling games because in sports betting, if you know what you are doing, you might not be wasting a lot of money because if you understand a sport very well, you might win 3 games out of 5 or maybe more, and if the odds in the won and lost games favour you, you will be in profit. However, it's still better for someone to have a fixed budget for such things and there should be active investments alongside.

[milewilda]

And another fact why people may simply choose or spend more in gambling over investment and which is why the survey results that maybe even the case even outside America, people would spend more in gambling than investing in stocks, is simply because gambling's pacing is faster and less complicated compared to stock investments that needs different approaches of analysis to understand the market to minimize the risk of losing.
Also, gambling is a form of an entertainment, so majority may surely find it more enjoyable than trading, so there's that.

Or people are so fed up with casual forms of entertainment (for example like going to a movie, watch sports game (which stimulates to place a bet), spend time outside) that in the search of new ones, they have stopped at gambling. Because it is both entertainment and a chance to win. When investing is kind of a work. People would rather have fun and might earn, that only might earn. Digitalization has helped a lot to attract more people to gambling also.

the same thing happens in Brazil, I think it's a symptom of the zeitgest because the cost of living is so high now and people are so desperate to have a change
gambling has the perfect combination of factors, making possible to win big with little effort
people want this

it's always easy than working.

And having this kind of thinking on which it would really be bringing out someone on being becoming desperate.Yes, it can possible to happen to make you rich on the moment you do gamble but of course it will really be needing up that extreme luck for you do be able to do so.Its never been advisable that you do make yourself having this kind of thinking because instead on reaching out your goals, you would rather be ending up on sleeping up on the streets.This is why it's really that important that you should be wary on what gambling is all about so that you won't be ending up on a shit situations. As for the topic in regarding about investment and gambling then we aren't that blind in regarding their differences on which it's pretty obvious on which one is really that more viable and worth for long term and something achievable.

Human beings are naturally that too lazy and always up preferred on doing things on which something which is easier and something that won't be doing any having some hardwork and time effort .Sooner or later they would really be making out those kind realization on the moment that they have lost too much instead of gaining.Doing gambling is never been prohibited and everyone does have the right on playing for the sake of fun.I do agree into other sentiments that those people who do gamble might already have some investments that they do have and just wanting for them to play gambling or betting.Theres no wrong with gambling as long you do make yourself that responsible on any actions that you are taking.

[tvplus006]

Probably Americans are people who adopt "You Only Live Once" mindset? so they don't care with crisis or something happen in the future, as long as today they're happy, they don't care with tomorrow, since tomorrow is tomorrow, it's still not happen yet.

You are mistaken in thinking that only Americans live by this principle) The fact is that ignorance about finance is inherent in all people, with the exception of only a small part. And if today's income allows you to have fun, then people tend to use this opportunity.

[Akbarkoe]

And another fact why people may simply choose or spend more in gambling over investment and which is why the survey results that maybe even the case even outside America, people would spend more in gambling than investing in stocks, is simply because gambling's pacing is faster and less complicated compared to stock investments that needs different approaches of analysis to understand the market to minimize the risk of losing.
Also, gambling is a form of an entertainment, so majority may surely find it more enjoyable than trading, so there's that.

Or because Americans are so frustrated with their economy right now, high inflation and rising unemployment numbers that they may be looking for a quicker way to make money in gambling than investing.

Investing is very saturated and takes a long time to make a profit, while trading is also very difficult in the current market situation, with the current economic situation and the threat of recession the risks are also high.
And or because they are so frustrated right now that they need a lot of entertainment, maybe that's why they are running their money to gambling. lol