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=4881086Statistically speaking they have the highest gamblers in the world and it's an undisputable fact, take a look at the likes of drake and many others that throw millions of dollars into gambling not for even the purpose of making more money but for fun and entertainment. America also the country with the highest casino activities in the world, most of the popular casinos are in las Vegas, this is where billionaires throw their money. They spend more money on gambling than investments, this should be concerning but it doesn't matter how much these gamblers lose they have enough to spare
