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

[Wapfika]

It’s under since Betting on sports(Gambling) is a form of entertaining which most of the people preferred doing on daily basis compared to investing that only financial educated prioritize over entertainment.

Gambling provides quick results that’s why many preferred the shortcut even risky compared to investment in stocks that usually slow if you don’t risk on volatile stock. Hiring a financial advisor is costly on US which is the other reason why only few is well educated on investing.

Nevertheless any form of entertainment is always the top priority of human rather than planning finance for their future. They will only change priorities once they are getting older.

[cabron]

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.

Stocks have been acting crazy and it would take time before they could benefit unless they go for the volatile like Nvidia. Sports betting is more lucrative and they can profit faster if they win.  The economy is bad and relying on the stocks they invest that only rise when the economy is good is not going to make them survive waiting for the economy to turn good.

Can't blame them for turning to gambling. The sports have been grabbing a lot of attention, particularly the exhibitions.

[Jaycoinz]

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

This is nothing but fact statistically it has been showed severally that Americans spend more on gambling than people from different parts of the world, but this is just based on what we are told we actually don't know that for sure. I watched a video and it was about how an American guy who looked pretty average lost fifty thousand dollars in a slot game and he tried to get it back with another fifty thousand dollars he ended up losing a hundred thousand, that would have gone a long way in investments and other things

[dansus021]

Americans Spend More Money Betting On Sports Than Investing In Stocks Well that interesting story. this based on my perception but I think its is because investing stock is hard for some people I mean not all know technology and how to register a broker account and invest in stock is kinda expensive with low instant return haha.
Gambling is easy and if you get lucky enough you can double your money in a second.

[Julien_Olynpic]

It's a funny thing, and it has often prompted me in the past, and it prompts me now, to compare gambling and investing. No matter how much we think and compare, investing still wins in terms of profitability, but loses in terms of entertainment. You know, if the famous phrase is that investing is a very slow process, they are like drying paint on a fence. Often you don't even understand when to expect the results of your investments. It may take 10 years or twenty and you still may not understand what the result of your investment is. As for gambling, here we can always check the result of our actions quite quickly and people like it, not only Americans.

[aoluain]

It's a funny thing, and it has often prompted me in the past, and it prompts me now, to compare gambling and investing. No matter how much we think and compare, investing still wins in terms of profitability, but loses in terms of entertainment. You know, if the famous phrase is that investing is a very slow process, they are like drying paint on a fence. Often you don't even understand when to expect the results of your investments. It may take 10 years or twenty and you still may not understand what the result of your investment is. As for gambling, here we can always check the result of our actions quite quickly and people like it, not only Americans.

I suppose some people who are in financial stress would see making a gamble
as something with quick returns, or hoping for quick returns. Investing that money
into stocks or Bitcoin for the long term.

Unfortunately failing to sit down and work out a plan to get through financial difficulty
and instead opting for a quick dangerous fix is not ideal.

Opting for the quick fix and pulling it off only leads to a belief of success and
one that can be replicated again or even constantly.

[freedomgo]

Americans Spend More Money Betting On Sports Than Investing In Stocks Well that interesting story. this based on my perception but I think its is because investing stock is hard for some people I mean not all know technology and how to register a broker account and invest in stock is kinda expensive with low instant return haha.
Gambling is easy and if you get lucky enough you can double your money in a second.

I’m sure it’s not about a lack of knowledge about technology since most gambling nowadays is done online, so one has to know how to operate online by creating an account at a sportsbook in order to gamble. It’s just that not everyone has the mindset that investment is necessary to improve life. They are satisfied with their job, and that’s it. They’re also having fun with sports betting, so for them, that’s already a balanced life and work.

[Porfirii]

I agree with this and I don't think it's just Americans.
Many people who are struggling financially are looking at gambling as their solution to try and double their salary or their budget which I think will be the worst thing that we will do with our money.

The only thing that makes sense to me in that case is to play the lottery if you are in a bad financial situation. The odds are against you too, but if you win it's not just a doubling of your salary, it can change your life. And although it is not the biggest prize, in Spain, for example, the Christmas lottery is played quite a lot, with a maximum prize of 400,000€ (approximately $434,000) and there are other smaller prizes that when people win them they can use to get out of debt or buy a house, amounts that are not enough to drive you crazy but that mark a before and after.

In any case, for me, gambling from time to time or playing the lottery should be a complement to having a wealth building plan that you are executing, never the only option to try to improve your financial situation, otherwise you have all the chances for the opposite.

I agree that lotteries are very different from other games and I think that they have a limited addictive potential in comparison. But I agree with the OP that, even among those who only play lotteries, or even Christmas lottery (which is played by more than 70% of adult population in Spain, as I read a few months ago, if I remember correctly), only a few invest in stocks, and it is much more common among them the case of those who do not make ends meet.

[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.

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.

Well, yea some people in such financial state always feel that when they try their luck, they can make some victory and multiply their finance. I remember there was an old thread where the OP said he needed some financial assistance for a medical surgery but because he couldn't get the money, he decided to gamble with the little money he had. Such act is too risky because it doesn't pay off well 80% of the time. An addicted gambler might be aware of preferential scale but because they are addicted, they don't care of any reasonable idea at that moment.

[AmoreJaz]

Americans Spend More Money Betting On Sports Than Investing In Stocks Well that interesting story. this based on my perception but I think its is because investing stock is hard for some people I mean not all know technology and how to register a broker account and invest in stock is kinda expensive with low instant return haha.
Gambling is easy and if you get lucky enough you can double your money in a second.

Besides, not all people are well-versed how stocks work or have enough money to venture such investments. As we can see, you can gamble even with 10 bucks, especially for online casinos. Whereas, when you talk about stocks, you are dealing with hundreds to thousands of dollars minimum. Hard to move around using small amount of money in stock market.

But of course, when it comes to return of funds, you should not compare them. Because in gambling, most of the time, you have no return as you will lose all your funds. But for stocks, if you know what you are doing, you will earn profits even if it is not lucrative investment.

[ethereumhunter]

It is clear that if we want to invest in Bitcoin, we must safe our money and not use for playing gambling. Playing gambling without having control will make us lose that money and we can not continue our investment. But if you can manage your funds with all of your necessity including for playing gambling, I think that will be no problem for you because you will know how to allocate your money properly. Besides that, you will not use the money for your investment because you know that is the portion that you prepare for your investment. Your gambling activity will not be disturb with anything because you allocate some money to playing gambling and if that money is gone, you will not put another money in your account. But not many people can do this especially for those who doesn't have control over their gambling activity. So you must responsible with your money if you have many things to do with your money.

[Wapfika]

Americans Spend More Money Betting On Sports Than Investing In Stocks Well that interesting story. this based on my perception but I think its is because investing stock is hard for some people I mean not all know technology and how to register a broker account and invest in stock is kinda expensive with low instant return haha.
Gambling is easy and if you get lucky enough you can double your money in a second.

I’m sure it’s not about a lack of knowledge about technology since most gambling nowadays is done online, so one has to know how to operate online by creating an account at a sportsbook in order to gamble. It’s just that not everyone has the mindset that investment is necessary to improve life. They are satisfied with their job, and that’s it. They’re also having fun with sports betting, so for them, that’s already a balanced life and work.

I think he is pertaining to stock market when he said the lack of knowledge which I agree since broker website sometimes too complicated due to a lot of terms and other trading technicality. Crypto exchange is much simpler than a broker website not to mention that the withdrawal process on broker usually take 2 to 3 business days to process.

On the other hand, creating an account on sportsbook is much easier since you just need to sign up and deposit using cards to top up balance. The convenience of sportsbook is probably the main factor why it’s more popular than investing on stocks that is much complicated.

[xLays]

I think it's very common for a country to see more interest in sports betting because there's more advertising about it. I'm pretty sure there are more ads for sports betting compared to those for investing in stocks. While I haven't read any articles on this, I'm certain this isn't just happening in America but also in many countries in Asia, like the Philippines. Before, I couldn't see any ads for sports betting on national TV, but now every time I watch TV, I always see sports betting ads here in the Philippines.

[tsaroz]

There's more thrill on betting on sports than on trading stocks. Trading stock needs your time and attention, do technical or fundamental analysis while gambling is more luck than analysis or skills. It's similar to how a person who have got the hang of leverage trading don't go back to normal spot trading even if they are losing everything everytime.
Stock themselves are not entirely fair game. There are laws regulating it but everyone knows the whales still fully controls it. They decide when to bull or bear. While sports gambling is applied equally to everyone. The results are the same and known at the end. People at least knows they are not being scammed with a fraud.

[LogitechMouse]

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.

This one is the problem for most of the US people right now. They've adapted the YOLO mindset hence, they don't care about the future, but they just care about the present because they might think "we don't know what can happen in the future". They aren't thinking about their future and they also want to earn money in the quickest way possible. They don't care about the risk as long as they can do it that's why as the subject title says, more Americans prefer sports betting than investing into different assets. Kind of sad, but that's just how it is.

I HIGHLY recommend not gambling if you're struggling financially.  It's one of the absolute worst things you can do.  

I want to say that this 2 sentences is purely common sense for an average person, but the reality is, there are still who are hoping that their lives can change with the help of gambling that's why they're risking their remaining money in hopes that it will give them more money. It's one of the worst things that a person can do and yet, there are still some who are doing it for some reasons. I don't want to call them stupid, but they're really are stupid and they don't care about themselves.

Before, I couldn't see any ads for sports betting on national TV, but now every time I watch TV, I always see sports betting ads here in the Philippines.

Well, online gambling is becoming more and more popular in our country that's why they're also promoting it even on live television as well already. After all, they're regulated that's why they aren't illegal. Lots of sports betting ads not only on TV but even on social media platforms as well. Ads here, ads there, ads everywhere.

[South Park]

I think it's very common for a country to see more interest in sports betting because there's more advertising about it. I'm pretty sure there are more ads for sports betting compared to those for investing in stocks. While I haven't read any articles on this, I'm certain this isn't just happening in America but also in many countries in Asia, like the Philippines. Before, I couldn't see any ads for sports betting on national TV, but now every time I watch TV, I always see sports betting ads here in the Philippines.

To be fair, investing in your future so you have a higher standard of living when you finally retire should not need any advertising, since that should be a natural desire of every single person out there, however since investing can be a very dry subject, there are not many people that are interested on it despite the fact that it is one of the most important topics you could dedicate your time to, as even if in most countries you are mandated by law to save some of your monthly income for your retirement, the amount is too low and it will force to work for most of your life.

[freedomgo]

Americans Spend More Money Betting On Sports Than Investing In Stocks Well that interesting story. this based on my perception but I think its is because investing stock is hard for some people I mean not all know technology and how to register a broker account and invest in stock is kinda expensive with low instant return haha.
Gambling is easy and if you get lucky enough you can double your money in a second.

I’m sure it’s not about a lack of knowledge about technology since most gambling nowadays is done online, so one has to know how to operate online by creating an account at a sportsbook in order to gamble. It’s just that not everyone has the mindset that investment is necessary to improve life. They are satisfied with their job, and that’s it. They’re also having fun with sports betting, so for them, that’s already a balanced life and work.

I think he is pertaining to stock market when he said the lack of knowledge which I agree since broker website sometimes too complicated due to a lot of terms and other trading technicality. Crypto exchange is much simpler than a broker website not to mention that the withdrawal process on broker usually take 2 to 3 business days to process.

On the other hand, creating an account on sportsbook is much easier since you just need to sign up and deposit using cards to top up balance. The convenience of sportsbook is probably the main factor why it’s more popular than investing on stocks that is much complicated.

But if someone is interested, they can learn, so I don’t think that’s the reason; it’s more about a lack of interest. Investing doesn’t guarantee profit, and if it does, it would be over a long process. Having a job, being able to pay the bills, and sending their children to school—many people are content with that. They might try sports betting because it’s fun, as long as the money used is within their budget. In short, they just want a simple life, as investing can be quite complicated.

[Mahanton]

Americans Spend More Money Betting On Sports Than Investing In Stocks Well that interesting story. this based on my perception but I think its is because investing stock is hard for some people I mean not all know technology and how to register a broker account and invest in stock is kinda expensive with low instant return haha.
Gambling is easy and if you get lucky enough you can double your money in a second.

I’m sure it’s not about a lack of knowledge about technology since most gambling nowadays is done online, so one has to know how to operate online by creating an account at a sportsbook in order to gamble. It’s just that not everyone has the mindset that investment is necessary to improve life. They are satisfied with their job, and that’s it. They’re also having fun with sports betting, so for them, that’s already a balanced life and work.

I think he is pertaining to stock market when he said the lack of knowledge which I agree since broker website sometimes too complicated due to a lot of terms and other trading technicality. Crypto exchange is much simpler than a broker website not to mention that the withdrawal process on broker usually take 2 to 3 business days to process.

On the other hand, creating an account on sportsbook is much easier since you just need to sign up and deposit using cards to top up balance. The convenience of sportsbook is probably the main factor why it’s more popular than investing on stocks that is much complicated.

But if someone is interested, they can learn, so I don’t think that’s the reason; it’s more about a lack of interest. Investing doesn’t guarantee profit, and if it does, it would be over a long process. Having a job, being able to pay the bills, and sending their children to school—many people are content with that. They might try sports betting because it’s fun, as long as the money used is within their budget. In short, they just want a simple life, as investing can be quite complicated.

There's always a fine line in between leisure and investing and this is something that we can be able to compare it out and in speaking about people is really taking up some risks then it will really be that mattering the level in between since gambling or betting would be having that risks even more in compared when you are really that doing investing whether on stocks or any other typical venture that you are really that dealing on with,
on which having that chance or tendency that could earn you money. Betting could also give out that too but in speaking about luck factor then gambling is really that highly relying into it on which it would be understandable on which one you would really be focusing into and on which one you would really be doing it for the sake of leisure and entertainment. You are the ones who would really be choosing up on which one will really be that something that will beneficial for you. If Americans is really that putting up focus more on sports then just like on what i have said earlier that what if those americans had already made out their investments
and have a pile of it and they  are already cherishing out their profits into those investments and wanting to play gambling? There's no way that we could really be able to tell on what people are really that dealing on with.
You cant be able to know whether they are already that having investment or not. It would really be just us people would be just seeing the surface. If it turns out that a certain individual dont have any investments or dont consider one but rather they are focusing on playing gambling then it would be obvious on what kind of financial state that they would really be that going into. Its not bad to deal up with gambling or betting
as long there's always that financial control on which this one is really that important on not to make yourself get wrecked.

[Koadharber]

There's more thrill on betting on sports than on trading stocks. Trading stock needs your time and attention, do technical or fundamental analysis while gambling is more luck than analysis or skills. It's similar to how a person who have got the hang of leverage trading don't go back to normal spot trading even if they are losing everything everytime.
Stock themselves are not entirely fair game. There are laws regulating it but everyone knows the whales still fully controls it. They decide when to bull or bear. While sports gambling is applied equally to everyone. The results are the same and known at the end. People at least knows they are not being scammed with a fraud.

Talking about thrill then of course it will really be that understandable that betting on sports is more thrilling on which we know that when it comes to this aspect then it would really be that understandable
that it is really that more entertaining rather than on trading on stocks on which its normal since its really that been designed on that way on which it is really just that for the sake of leisure and as for
trading on stocks then this isnt something that could be connected as a leisure thing on which we know that you would really be needing up that serious approach towards it because we are talking
some investment on here on which means that it will be needing that that seriousness on such involvement on which it is really that totally opposite when you do gamble or make out bets on which
its really that truly understandable on this case.

[LUCKMCFLY]

Sometimes the culture that People have in different countries and the ease with which they do things is something that can define everything, apart from the environment that they establish , that influences a lot, obviously the things that have to be done by investing in shares require effort, reading, doing many things , reading books , being aware of the news , Among other things, that is Something that can be seen, and obviously it requires a great effort, on the other hand the casinos do not, the casinos are different, you just have to play and bet , Wait for luck and that's it , it's much easier, but the money goes much faster.