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

[Findingnemo]

It make sense right, that's how only 10% of the people being rich while the remaining 90% live from paycheck to paycheck. It's not that due to being responsible or not they lack knowledge of how to make money with money so the easier choice for them is to gamble and take chances because they have probably no idea how stock market worse or consider it's not in their league.

Probably they spend more on buying electronics than anything, just an assumption though.

[Charles-Tim]

Honestly it is not only Americans who do that, I would say a great majority of the world spends more in sport betting or in gambling in general rather than buying stocks, I am not saying that is the correct thing to do but I agree with the majority. I agree as most people have a desire to get rich quick

Investing in stock is not the only existing means of investment. There are other means of investment like investing on bitcoin and other cryptocurrencies, investing on real estates, properties and buying lands. If you are doing business, you will invest on the business. Gold, silver, other metals, crude oil and other commodities and assets are not stocks. Some people have savings also. There are still other means of investment. If you considered all with gambling, you will see how these will not be accurate. That was why I posted initially that I have not invested on stocks before, but that does not mean that I am not investing. Among everything someone can invest in in life, I do not think stocks contribute to 10% of it.

[Hatchy]

 For a country who's economy is quite satisfying, just maybe it's people may not be to bothered about investing their money on something that's more profitable. Though we have so many good and profitable gamblers in the US but then most of the time some are clueless of what to even do with their betting wins. Again for someone who isn't financially upstand, I don't see any reason why he should involve him self in gambling. It's even more risky or stupid to think that he might just hit a jackpot in his next game. Unfortunately he losses the little he had.

[Davidvictorson]

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

Simply put if you are poor, if you are in debt, if you are broke, whatever may be your financial situation never think that gambling is the solution or one of the solutions. Secondly never use gambling to try to escape from financial situation. I am an advocate for responsible gambling and a person struggling financially cannot gamble responsibly no matter how hard they try. Thank you for telling us about this new study. The findings can also be generalized to other countries with high rate of gambling too.

[serjent05]

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.

I can't agree more, people who have financial problems must focus their time and attention on how to create or find a steady source of income and gambling is not the one.  We have seem lots of family devastated by the uncontrollable urge to gamble by the head of the family or the person who is responsible for the family's financial matters.

About Americans Spending more money on betting on sports than investing in stocks, I believe it relies on the get-rich-quick thinking of people.  Aside from that, I believe gambling platform are more accessible to an ordinary citizen than stocks and other financial investments.  It is probably the reason why more people are into gambling  than into investment.

[Juse14]

The idea about the importance of proper money management is quite relevant, given that these days many people are averse to any sort of financial planning. Truly, at times to start gambling when you are struggling financially can be one of the worst decisions because of how high-risk and uncertain it is.

On the issue of bitcoin investments, my view may slightly differ. I agree that investing in bitcoin or any other cryptocurrencies can be very risky, but it can also be uncorrelated assets provided the risk is managed well and properly understood. The same way you would with any other type of investment—do your research and fully understand the risks involved. It's also wise not to overcommit to a single investment.

Most importantly, both gambling and investing in cryptocurrencies (or any other form of investment) require responsibility and full awareness of the risks involved.  Prioritizing financial education: the wisdom to manage properly is what keeps the stability of long-term finances.

[Dr.Bitcoin_Strange]

I equally think that if a person is struggling with finance, then there's no need to waste the little money they have on gambling or something that can not help them to grow the money. I know that some people are gambling to get away from bored moment and to catch fun but there need to be a balance on how an individual is spending their income and also on what they are spending the money on. When there is a balance, the individual needs to consider how much he or she is earning and frequent they get the earning. There's are many things to consider first before going for less important needs.

[alani123]

The title is technically not true.

Sports gambling can never be a bigger industry than invrding simply because invedting covers every industry imaginable that is a public company and big capital has its money in stock. The wealth of the rich class far outranks what we working class people could put in gambling, even if we put our everything in there they would still have more money. There is indeed a trend now with sports bets legalized in most US states that people invest less and gamble more though.

But also we ought to realize that seeing investment as an obligation is kind of a trap. Our income had diminishing purchasing power through time so we are kind of forced to spend our money as we get them. If we invest to battle inflation the returns show in many years time and very little tangible change is seen on our quality of life. So it's understandable more people want a lucky break instead of getting a better retirement in 40 years time...

I wish our governments would invest on making everyone's life better instead of blaming our society's faults on shit like gambling though.

[uneng]

It's just a signal USA is a country which works economically for their citizens. Even if they don't worry about investing their money, it's still possible to live a comfortable life spending on things most of us from third world countries can't give ourselves the luxury of doing so. Life can be more expensive there, but at same time there are more opportunities and better hourly payrates. Probably if I were there, I wouldn't worry too much about investments on the proportion I do living in a third world country. I don't think they are wrong. If they can live like that without prejudicing their future and their families, it's ok.

Sometimes it's annoying to keep thinking about investments and how to make your money last longer, otherwise you will be stuck financially eternally, but it's part of the game if you want to play it right...

[AliMan]

That's the most problems of an individual nowadays, they've been engaging to themselves with betting instead of stocks or trading. Without knowing they've became slaves with gambling, and lacking of financial management and knowledge loss of money always happens. Most people we're out of debt due to loans and other funds misuse due to gambling activities, betting on sports. Though that's their decision to do that but it's just so sad to hear from a person that there's no proper handling of funds and it went bad in the end. Not just western countries, but also with Asian people and other races.

[Samlucky O]

I equally think that if a person is struggling with finance, then there's no need to waste the little money they have on gambling or something that can not help them to grow the money.

That is the simple truth, but In most cases those who gamble in such situations, thinks of trying their luck if they could hit jackpot at that moment of their life when things seams not to work out for them. And trust me sometimes people do that in sad moments and boom 💥 unexpectedly and their life change for good. But it doesn't work out to be good all times. But alot of story has been heard by people who use their last bankroll to win huge amount that changes their life for good. It's vise Versa.

I know that some people are gambling to get away from bored moment and to catch fun but there need to be a balance on how an individual is spending their income and also on what they are spending the money on. When there is a balance, the individual needs to consider how much he or she is earning and frequent they get the earning. There's are many things to consider first before going for less important needs.

This aspect is what is described as scale of preferences, placing things In orderly manner according to priorities. But I doubt if addicted gambler think of that before gambling LoLz. Addicted Gamblers are not good economist, they are moved by what they think and the desire to win huge even when they know it's not possible.

[tread93]

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

I wonder why that is, although the population size and demographics would be good to know on that study. I feel like for younger folks like 20-30+ years old this would apply more to. I wonder why more folks wouldn’t want to place their changes in something with much better odds. I think it’s mostly the thrill you get from sports betting why most people love it so much. It’s addictive. .

[Moreno233]

If this information is true or near the reality then it is a very big problem and shows that people are taking gambling the wrong way. Gambling is supposed to be a means of earning passive income and not what someone will put major part of his income. This study shows that people have completely ignored the first rule of gambling which is to use what one can afford to lose. No one can afford to lose greater part of his income, there is bound to be problems. I have some friends from the US some of whom are into gambling but I never knew that gambling is that big in that country. In my country gambling is big but there cannot be such results if such survey is done here because access to credit is low here so people guide what they have carefully.

[Jawhead999]

I think it's make sense since it's all about culture.

Americans prioritizing work life balance, they don't really chase money, they're fine with one jobs and enjoying the life instead of trying to find other jobs or being hard to yourself. Betting, clubbing, and night party are very common.

This is different to Asian where they trained very hard and they always looking to chase money, it's quite normal to see someone have more than one jobs, usually they have 2-3 jobs.

After all, we should be happy with what we choose for our life isn't?

[Mahanton]

I think it's make sense since it's all about culture.

Americans prioritizing work life balance, they don't really chase money, they're fine with one jobs and enjoying the life instead of trying to find other jobs or being hard to yourself. Betting, clubbing, and night party are very common.

This is different to Asian where they trained very hard and they always looking to chase money, it's quite normal to see someone have more than one jobs, usually they have 2-3 jobs.

After all, we should be happy with what we choose for our life isn't?

Each country and on the people who do lives on it would really be having that different culture and other things which we know that it could differ to each other. Why would really be people loving to make out those kind of comments and conclusions about on the stuff that they are doing? If they would really having that kind of spending on betting on sports rather than on investing on stocks then just let them be.
Just like on what you had pointed out that we dont know that they are really that trying out to have that life balance in terms of the things that they are getting involved with on which there would really be
americans who would really be focusing that much about gambling and not really tending to make some consideration on doing investing. Who knows if those bettors have already invested on stocks or other means of investment?  and it just turns out that they had planned to have some leisure time on making up some betting? There's no way that we could really be able to point out on what are the things that they are dealing
not unless if you do know a person then its good but if not then drawing up some conclusions about certain conditions isnt really just that right. Just let them be on what are the things that they would really be getting involved with and since its their money then its their full rights on what they should gonna do. People are really just that loves on involving into other things on what other people really that dealing on with.
We are all free on the thing that we do like to do, as long you do make yourself that responsible then this is something that would really be that important. Dont make yourself that being careless.

[Wexnident]

~

Might just be something unique in Americans? Or just a culture thing? In my circle at least afaik almost 90% of us are either investing in crypto, stocks, or are planning to buy some plot of land/start up a business. There are quite a few of us who gamble yes but almost all of them are pretty light. I think only two of us, me included are pretty heavy gamblers. This has never stopped us from properly financing ourselves though.

I do agree in general. I always put gambling as an entertainment thing, so funds allocated for that are funds that I use for my wants. These allocations entirely depend on what you're monthly salary/expenses are though and when I first started, this was at an absolute zero lol, so I stopped gambling then.  

[Maslate]

I think it's make sense since it's all about culture.

Americans prioritizing work life balance, they don't really chase money, they're fine with one jobs and enjoying the life instead of trying to find other jobs or being hard to yourself. Betting, clubbing, and night party are very common.

This is different to Asian where they trained very hard and they always looking to chase money, it's quite normal to see someone have more than one jobs, usually they have 2-3 jobs.

After all, we should be happy with what we choose for our life isn't?

Job security is what Americans are seeking. They have a good government that provides better healthcare and education for their children, so they can enjoy life as long as they have a job. Unlike in parts of Asia where unemployment and underemployment are very high, people there really value their earnings and try to find ways to increase them through investment.

Compare the salaries in some Asian countries, which are five times lower than in the USA, and it’s clear that the quality of life in the US is better than in struggling countries. Therefore, American citizens can enjoy their money while ensuring they can still do their jobs to continue earning.

[coin-investor]

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.

It's not only Americans but other nationalities as well; people are not that patient, they want quick profit and fast results, so they are more inclined to spend their money on sports betting than investing in stocks.

It's more entertaining and exciting to study and do research on sports betting than stocks which is why people find studying what stocks to bet on boring than sports betting; they just cannot keep up reading and checking on the graph.

Until people realize and are educated about how good investing in stocks is, they will spend more on sports betting than on stocks.

[pawanjain]

It's not something hard to believe. I have also heard that more than half of Americans live paycheck to paycheck.
If this is true then we can clearly say the Americans do not believe in saving or in other words, they like spending more.
Everybody have their own choices and may be some like gambling more and so they would be spending more on gambling.
This may be why they are not investing and rather gambling away their money.

[nimogsm]

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

Here is the question.

If I had posted the thread I would have added a “vulnerable” or “low-income” to the title, leaving “Vulnerable (or Low-Income) Americans Spend More Money Betting On Sports Than Investing In Stocks” )

It is well known that more lottery is sold and there is more betting house in poor postcodes than in rich ones. In addition, the rich have way more capital income than the poor. So this is just an addition to what we already know.

rightly noted! indeed, not only in the states but also in other countries, I also noticed that in the richer areas of the city I cannot find lottery tickets, but in simpler areas and in tourist areas there is a lot of entertainment. And the article describes sports betting and if we Considering that Americans love going to stadiums and do it quite often, they place bets accordingly more often, while investing in stocks is a rarer process, so everything is generally logical.