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

[Wiwo]

I have not invested on any stock before but I have gambled thousands of times. Although, my reason of not investing in stock is because I prefer bitcoin. But investing in stock has not even come my mind before. I guess most people are just like me. I think people are more exposed to gambling than stocks. But because I am gambling, that does not means I am wasting money on gambling and that does not also mean that I do not have a good business plan.

What I have been struggling to understand is that, if investing in bitcoin is now equal in risk to gambling, because I don't understand why bitcoin and cryptocurrency appeared in this discussion, but we have to know that majority of Americans are very well aware of the risk of dominance that comes with stock from the both the government and it agencies, but also bitcoin is far better than gambling and even stock to me and the reason is that there is high inflation in the financial system that will make every effort to increase value look invisible because of high inflation.

So while we prepare for the long term we all still need to take the right step in the present time, gambling is multiple dimensional and it subject to individual approach to it,  sa. E goes with every faces of life, because at each point in time, when it comes to financial management, it is a necessasity while gambling because it through such proper financial intelligence that will give you a basic landing in gambling, and this caught across every aspect of life.

[m2017]

The prevalence of sports betting over investing among American citizens, as I suppose, is connected with the fact that making sports bets is easier and simpler, unlike investing. That is, you don't need to study the situation on the market and comprehend the basic laws of this sphere. Although, for example, investing in bitcoin is a very simple matter, which even a schoolboy can do. It seems to me that the reason here lies deeper, namely, the development of sports entertainment in America and, in general, the culture of sports betting in combination with "instant" winnings (unlike the stock market, in which you have to wait). People want to "get rich" here and now. Also, if you are lucky, a small bet can bring much larger dividends than investing in the stock market (the profit multiple is higher).

[Sandra_hakeem]

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[...]

You didn't even have to recap your words on that note beyond limits.. It's been stressed countless times in here that neither of these two options can serve as an escape route/ a recovery option...  Never dare to gamble with the only money you have left, hoping to make profits. You could be lucky as there's a slim possibilities, but "it's like trying to pass a bull's head through the hole of a needle"
On the other hand, American's are somewhat vulnerable and eager of trying out new things. I'm not surprised that the percentage of risk takers are much than the average size of the entire population. That's how far we've gone ever since the introduction of casino sites.

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.

Oh c'monnn, have you forgotten that it's way more easy to wager on any games with just your cell phone/tab? And, to be more realistic, I rarely see people coming up with huge cash to wager in betting houses - atleast, it hasn't happened throughout my working experience. I'm talking the likes of wagering $100 k worth of our local currencies etc, but it happens in online casinos.

[Yatsan]

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

Thank you for the links and your insight into this issue: how the majority of people lack basic knowledge in financial principles and how that, in turn, affects their long-term security. Realistically, people do spend more money on sports betting than on investing in the stock market. That really shows there is quite a gap in financial literacy and in decision-making.

I completely agree with you regarding the risks with gambling, especially for those who already live on a tight budget. That only creates false hope and results in heightened financial stress. In the same way Although cryptocurrency such as Bitcoin might be an interesting subject, But it also comes with its risks and cannot beat the existing financial research. that is stable.

Great that you are using your platform to promote financial ethics, providing resources for people who want a better understanding of their options. Now I will start going through the articles and posts shared by you. Again, grateful for your precious feedback!

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[...]

You didn't even have to recap your words on that note beyond limits.. It's been stressed countless times in here that neither of these two options can serve as an escape route/ a recovery option...  Never dare to gamble with the only money you have left, hoping to make profits. You could be lucky as there's a slim possibilities, but "it's like trying to pass a bull's head through the hole of a needle"
On the other hand, American's are somewhat vulnerable and eager of trying out new things. I'm not surprised that the percentage of risk takers are much than the average size of the entire population. That's how far we've gone ever since the introduction of casino sites.

I couldn't agree more with your comments. The thinking that gambling is a quick fix is ​​a very dangerous myth. It is very important to remember that the stakes are higher than the players. And often, with hopes for big wins, this leads to additional risks-financially - - -

More adventurous, in particular, perilous activities include online gambling or investing for speculation. It is a part of the wider issue of financial literacy and awareness. The commonality of these behaviors underlines the need for proper financial awareness and planning.

This helps remind us that the surest way to handle our finances is to concentrate on sound financial strategies and avoid high-risk activities. Thank you for pointing this out and giving light to further discussion about the said topic.

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

Thank you for the links and your insight into this issue: how the majority of people lack basic knowledge in financial principles and how that, in turn, affects their long-term security. Realistically, people do spend more money on sports betting than on investing in the stock market. That really shows there is quite a gap in financial literacy and in decision-making.

I completely agree with you regarding the risks with gambling, especially for those who already live on a tight budget. That only creates false hope and results in heightened financial stress. In the same way Although cryptocurrency such as Bitcoin might be an interesting subject, But it also comes with its risks and cannot beat the existing financial research. that is stable.

Great that you are using your platform to promote financial ethics, providing resources for people who want a better understanding of their options. Now I will start going through the articles and posts shared by you. Again, grateful for your precious feedback!

On the other hand, American's are somewhat vulnerable and eager of trying out new things. I'm not surprised that the percentage of risk takers are much than the average size of the entire population. That's how far we've gone ever since the introduction of casino sites.

I couldn't agree more with your comments. The thinking that gambling is a quick fix is ​​a very dangerous myth. It is very important to remember that the stakes are higher than the players. And often, with hopes for big wins, this leads to additional risks-financially - - -

More adventurous, in particular, perilous activities include online gambling or investing for speculation. It is a part of the wider issue of financial literacy and awareness. The commonality of these behaviors underlines the need for proper financial awareness and planning.

This helps remind us that the surest way to handle our finances is to concentrate on sound financial strategies and avoid high-risk activities. Thank you for pointing this out and giving light to further discussion about the said topic.

[EarnOnVictor]

I appreciate you bringing this to our attention, even if we are not Yankees, we can still learn from this and make informed decisions with our money. Gambling has never been the way to prosperity and the earlier we know and plan our finances, the better for us. But what I will not believe is that 90% of Yankees do not know how to plan their finances, I can't accept that because the number is too high than reasonable. Is it that almost all people in the US are living carefree lives at this revealing age? The level of investment no matter how little by the American people has significantly increased by my studies, be it in crypto, stock, fixed and flexible savings with high interest rates etc. It can't be that bad in my opinion and most of these statistics they call out at times do not have backings if questioned about the modality that arrived at the actual value but may only reflect the overall truth.

[bakasabo]

I will no be surprised if I would see articles like people spend more on gambling than investing. Because sports betting is always easier than selecting a proper asset for investment. People learn from the very childhood sports rules and see how one team beats another. It is not a big science to try to predict which team is stronger. But a person must spend a lot of time learning how to find a profitable investment. And dont forget how easy to access those sports betting apps and sites are. If there were as many investment platforms as casinos, and it would be the same easy to register, deposit and bet, the ratio of bettors and investors would be different.

[sompitonov]

It's good that you created such a topic because it can definitely become a big problem for some players. Investing is a great thing, but the fact is that with modern life of comfort and consumption (in countries with above-average development), many people want to get the best here and now and do not want to think at all about getting more in a few years by investing in the stock and cryptocurrency markets.

Even among young people, I noticed that many do not want to be like Warren Buffett, who earned money on investments thanks to long waiting and careful analysis, but want to make a bet on a match that is shown live on TV and find out the result in 30 minutes. I would advise many to be more patient and far-sighted, because in a few years we may regret not having made an investment that could have doubled our deposit.

[hyudien]

So while we prepare for the long term we all still need to take the right step in the present time, gambling is multiple dimensional and it subject to individual approach to it,  sa. E goes with every faces of life, because at each point in time, when it comes to financial management, it is a necessasity while gambling because it through such proper financial intelligence that will give you a basic landing in gambling, and this caught across every aspect of life.

In my opinion, those who dare to take risks like going online to spend a lot of money to bet on sports may be because their hobby is like that but unfortunately they don't care how much money they have lost by doing something like this, on the other hand we know everyone definitely wants to be able to get money quickly, and of course by betting on sports it can be said like that so it could also be those who spend a lot of money because they want to get money quickly. Considering that a good investment in my opinion is a long-term one so not everyone can do it and take a shortcut, namely by betting. Unfortunately this method is not effective at all because it will likely only make them lose more money than they should.

[bakasabo]

It's good that you created such a topic because it can definitely become a big problem for some players. Investing is a great thing, but the fact is that with modern life of comfort and consumption (in countries with above-average development), many people want to get the best here and now and do not want to think at all about getting more in a few years by investing in the stock and cryptocurrency markets.

Even among young people, I noticed that many do not want to be like Warren Buffett, who earned money on investments thanks to long waiting and careful analysis, but want to make a bet on a match that is shown live on TV and find out the result in 30 minutes. I would advise many to be more patient and far-sighted, because in a few years we may regret not having made an investment that could have doubled our deposit.

Because modern world forces people to make quick decisions, prefer quantity over quality, short and quick has priority over everything. Imho social media can be blamed for that. We have news feeds that we scroll - get lots of short info in a short period, we have short videos in TikTok or Instagram, we prefer movie or tv-series brief description over watching them fully. Because people drawn to get more and new. That is why investment looses against few tap instant bet and finding out results quickly.

[lovesmayfamilis]

But what I will not believe is that 90% of Yankees do not know how to plan their finances,

I don't believe in this data, either. As a witness to the lives of my relatives in America and reviews of the lives of their other neighbors, I know that America is not only rich and successful. Behind a successful and seemingly beautiful life, as we see in advertising, there is money that you need to be able to plan regularly. The most common medical insurance, taxes, and tuition for children or rent—that's already an approximate calculation of your finances; then you need to calculate for food and clothing. Of course, earnings there may be higher, but not enough to regularly visit gambling houses, of which there are many, or play from a mobile phone. From the experience of my relatives, I know that in America no one cares who lives how or who needs help at the moment. You are responsible for yourself, and if someone slides into the abyss of games, then the problems with addiction will lie only on him. The state teaches responsibility.

[slapper]

It's crazy how many Americans bet on sports compared to investing. But most individuals find money difficult to understand. It is too abstract; they do not comprehend investment. Gambling? That's immediate. Win or lose; it's a pleasure. The story is powerful. Man, survival mode wins above investments. Trip to a casino is an escape rather than a financial strategy. People should have financial knowledge as easily available and interesting as gambling

Gambling's not all bad. It's entertainment; the risk is only incidental. It shouldn't, however, be the only financial game available in town. We must empower individuals, provide them with the tools to create wealth, not only pursue short gains

[beerlover]

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.

I am not ready to perceive this as Americans are gambling for multiplying their money but for enjoying their life. So, it all means they are caring more for today's fun than tomorrow's financial security. Only those nationals whose economic is not certain and their government policies are not in favour employment and financial freedom, must be always planning up for their future.

Lion never stores its food for tomorrow because it believes in its ability of hunting whenever it needs.

I LOVE bitcoin and I love gambling, but be responsible.

Still people treat these two similarly? Bitcoin has been recognized almost equal to gold. After ETF, I am seeing significant percent of bitcoin investments in smart people's portfolio. It means nowadays you may invest in bitcoin like another stock or gold, subject your risk appetite. But, gambling is different and it is definite injurious in all means.

[Gheka]

It's crazy how many Americans bet on sports compared to investing. But most individuals find money difficult to understand. It is too abstract; they do not comprehend investment. Gambling? That's immediate. Win or lose; it's a pleasure. The story is powerful. Man, survival mode wins above investments. Trip to a casino is an escape rather than a financial strategy. People should have financial knowledge as easily available and interesting as gambling

Gambling's not all bad. It's entertainment; the risk is only incidental. It shouldn't, however, be the only financial game available in town. We must empower individuals, provide them with the tools to create wealth, not only pursue short gains

I also find this quite normal, not only in the US, in other countries people also like to focus on lottery points as well as sports betting because of its easy and fun nature, you can join the game with just a few basic instructions while investing needs more in-depth factors to get a clear concept and when it comes to this concept, the initial capital also needs to be enough to support the maintenance. In addition, investing is not a source of goods that can arrive at the ferry terminal in a day, gambling excites people with its quickness.

[Zlantann]

I am not ready to perceive this as Americans are gambling for multiplying their money but for enjoying their life. So, it all means they are caring more for today's fun than tomorrow's financial security. Only those nationals whose economic is not certain and their government policies are not in favour employment and financial freedom, must be always planning up for their future.

Don't have the assumption that everybody in the US is financially stable. Some of them are going through financial problems and even indebt. So many of them gamble not just for entertainment but to get extra funds to take care of themselves. 

I will no be surprised if I would see articles like people spend more on gambling than investing. Because sports betting is always easier than selecting a proper asset for investment. People learn from the very childhood sports rules and see how one team beats another. It is not a big science to try to predict which team is stronger. But a person must spend a lot of time learning how to find a profitable investment. And dont forget how easy to access those sports betting apps and sites are. If there were as many investment platforms as casinos, and it would be the same easy to register, deposit and bet, the ratio of bettors and investors would be different.

And according to the data there’s a certain demographic that’s more prone to shifting their money from stocks to betting: those in monetary distress. Financially constrained households have been found to be the ones most often diverting their funds to sports bets. Relative to this, sports betting then increases the number of times that households overdraw their accounts in the future.

This part of the article got my attention. The research discovered that households who are going through financial problems are prone to diverting investment sums to gambling. This might be because the poor see gambling as a source of income. Gambling addiction has been a major problem in the United States. To reduce this national problem, some states went to the extent of enacting laws to restrict gambling. The ease of accessing gambling platforms and the poor economic conditions are playing a prominent role in increasing gambling and reducing investment. 

[crwth]

Maybe this could be done in other countries, not just in America, because I believe it would have the same result since gambling is more accessible than investing. I imagine how they think about having to learn even to open an account and deposit money, which is already hard for some people. So this could be the same for every country.

The part where you don’t have to think anything and could win large prices is probably enough to entice someone to gamble instead of investing.

[Wind_FURY]

Americans Spend More Money Betting On Sports Than Investing In Stocks

Does that suggest that because there are more plebs betting/gambling on sports, and less of them are gambling in stocks, then the sports-betting "markets" might have more inefficiencies which could also suggest that there are more opportunities to make money?

Which sports have many plebs who merely want to bet and watch?

🤔

[YOSHIE]

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

Yes, the news you mentioned is accurate, I've read about it, America has the highest record level of income in sports betting reaching $10.92 billion, as I read in one of the sources that mentioned.

Following the Supreme Court’s 2018 decision to overturn the federal ban on sports betting, states have rapidly adopted both in-person and online betting options. This shift has led to explosive growth in the industry, with the American sports betting sector reaching a record $10.92 billion in revenue in 2023, according to the American Gaming Association.

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

America is different from China, on the one hand, China is more likely to carry out investment activities, while American society is more dominant in sports betting. It is not surprising and doubtful that in America there are hundreds of online or physical casinos operating there, This shows that sports betting is more dominant in America than investment. I'm sure the growth of sports betting activities continues to increase there and that's something out of control.

[Hispo]

Maybe this could be done in other countries, not just in America, because I believe it would have the same result since gambling is more accessible than investing. I imagine how they think about having to learn even to open an account and deposit money, which is already hard for some people. So this could be the same for every country.

The part where you don’t have to think anything and could win large prices is probably enough to entice someone to gamble instead of investing.

I am pretty sure there are some developing countries in which it is more common for people to gamble than partaking in their stock market or the stock market of others countries as well. That is specially possible if we talk about towns and communities which are rather isolated technologically and manage more cash than electronic money or electronic transfers/wiring money.
Let us take a look at Nigeria, for example, there is very active gambling population in the country, so much that it seems gambling has evolved to be part of their culture, while on the other hand, I have not heard news about the Nigerian stock market or private markets from Nigeria at all, so it is easy and straight forward to reach the conclusion there are more gamblers in Nigeria than there are investors.
But that is an obvious example, let us take a look at other countries, like Venezuela, which has an stock market in the capital, but the volume of shares is so low compared to the size of the gambling and betting establishments in the country, that it is fair to reach the same conclusion one did with Nigeria.

In general, in developing countries there will be always be more gamblers than investors. The reason for it it is a question of debate itself, by the way. The consequences are also complex, in my opinion, I could not tell at first glance how serious something like that could be for the macroeconomics of a country which tried to reach higher standards of living.

[Hamphser]

Maybe this could be done in other countries, not just in America, because I believe it would have the same result since gambling is more accessible than investing. I imagine how they think about having to learn even to open an account and deposit money, which is already hard for some people. So this could be the same for every country.

The part where you don’t have to think anything and could win large prices is probably enough to entice someone to gamble instead of investing.

I am pretty sure there are some developing countries in which it is more common for people to gamble than partaking in their stock market or the stock market of others countries as well. That is specially possible if we talk about towns and communities which are rather isolated technologically and manage more cash than electronic money or electronic transfers/wiring money.
Let us take a look at Nigeria, for example, there is very active gambling population in the country, so much that it seems gambling has evolved to be part of their culture, while on the other hand, I have not heard news about the Nigerian stock market or private markets from Nigeria at all, so it is easy and straight forward to reach the conclusion there are more gamblers in Nigeria than there are investors.
But that is an obvious example, let us take a look at other countries, like Venezuela, which has an stock market in the capital, but the volume of shares is so low compared to the size of the gambling and betting establishments in the country, that it is fair to reach the same conclusion one did with Nigeria.

In general, in developing countries there will be always be more gamblers than investors. The reason for it it is a question of debate itself, by the way. The consequences are also complex, in my opinion, I could not tell at first glance how serious something like that could be for the macroeconomics of a country which tried to reach higher standards of living.

For sure there is but its not something that us people should really be having that kind of attention on whatever the things that they've been doing. Its their money then its their right on where
they would really be using it or where they would really be focusing into. We cant just that stop on trying out to correct someones doings and making out some words or advises as if we had
really that totally reached out that pinnacle of success. As long these americans hadnt bust out themselves on playing gambling then it should be fine. Just like on what others been saying
that we dont even know if these people are already that invested to stocks and tend to have some leisure time on which they are playing gambling just because for some leisure?
Also, if it turns out that they dont have stocks investment then so what?

[Aanuoluwatofunmi]

I will not blame the people because they can easily find a means to gamble by learning how to do it conveniently, unlike making an investment on stocks which may requires from them to undergo some procedures, another reason to consider there is the fact that gambling is all about making fun, which everyone will like to participate in it than to invest on what they have just little knowledge on how to go about it, though this is not also a justification that everyone is a gambler, but people will appreciate anything under the atmosphere of having fun more better than investing on stocks.