PHILADELPHIA–With college football already underway this year and the NFL kicking off its season this weekend, a new survey offers insights into whether inflation will affect sports betting and whether people are going into card debt to do so.
The survey of 660 adults in the U.S. who regularly bet on sports was conducted by OddsAssist.
Key Findings
Among the key findings:
- 81.4% of respondents said that high inflation levels and the recession in the U.S. have negatively affected their financial situation.
- Of those respondents, 24.2% plan to bet much less on sports due to the high inflation and the recession, 45.3% plan to bet somewhat less, 24% plan to bet the same, and 6.5% plan to bet more.
- When looking at all respondents, 20.2% plan to bet much less, 42.4% plan to bet somewhat less, 31.1% plan to bet the same, and 6.4% plan to bet more.
Betting & Plastic
According to OddsAssist, the survey found sports bettors are using credit cards to deposit into their accounts and going into debt as a result.
The findings:
- 57.1% of respondents indicated that they have used a credit card to deposit into their sportsbook accounts in the past.
- Of those, 50.7% said that they have gone into credit card debt as a result.
- When factoring in those that haven't used a credit card to deposit, the company said the survey found that 28.9% of all sports bettors have gone into credit card debt as a result of sports betting.
Other Interesting Betting Trends
OddsAssist said the survey uncovered some other interesting betting trends, including:
* 72.7% of bettors bet on their favorite teams “much more” (38%) or “slightly more” (34.7%) than other teams.
* 64.4% of bettors do their own research to decide what to wager on, 24% pay for picks, and 22.6% choose randomly.
* Spread bets (58.8%) are the most common type of wager respondents make in a typical week, followed by totals (51.2%), parlays (41.2%), moneyline bets (40.2%), and prop bets (28.2%).
* The average betting unit of the respondents was $172, while the median was $50.
* When asked what is their primary reason for betting on sports, 48.3% of respondents said do it “for entertainment,” 44.1% do it “to make money,” and 7.6% do it “to compete with friends.”
The full study can be found here.