Sports betting has skyrocketed in popularity since the Supreme Court struck down a federal ban less than a decade ago and a growing list of states have legalized it. Drawn to its dual appeal of entertainment and potential profit, Americans bet nearly $150 billion on sports in 2024, according to the American Gaming Association.
And it’s easy to see why. Wagering can turn a game you’re indifferent to into must-watch television. Putting a few dollars on your team can double the thrill of victory — and, yes, sharpen the pain of a loss.
But sports betting is also taking a considerable toll on the finances of some Americans, causing them to sink into debt and fall behind on their monthly bills, a new survey from U.S. News found.
It has become easier than ever to bet on sports in the U.S. Some form of sports wagering is available in 38 states plus the District of Columbia. (Missouri recently became the 39th state to legalize it, and sportsbooks are expected to begin operating there later this year.) And mobile betting apps and online sportsbooks have made it effortless to place a wager in seconds from your phone.
Between July 7 and 9, U.S. News ran a nationwide survey, conducted through PureSpectrum, of Americans who’ve placed a sports bet in the last six months. We asked the 1,200 respondents about their betting habits and finances, and how their sports betting impacts various aspects of their financial health. Here’s what we found:
— One-quarter of sports bettors say they’ve been unable to pay a bill because of wagers they made. Some respondents say they bet their rent money on sporting events.
— Almost a third (30%) of sports bettors say they have debts they attribute to gambling. Of those with debts related to sports betting, more than half (51%) are facing debts of $500 or more.
— Over 15% of sports bettors say they’ve taken out a personal loan to fund their wagers. And 12% of respondents say they’ve taken out high-interest payday loans to bankroll their bets.
— More than half (52%) of sports bettors say they carry a credit card balance from month to month. About 45% say they haven’t saved up enough emergency funds to cover three to six months of living expenses, the amount many financial experts recommend.
— One-quarter of sports bettors worry that they can’t control their gambling. About 9% of respondents say they’ve sought treatment for a gambling addiction.
— 21% of sports bettors say they’ve verbally abused an athlete, either in person or online, after losing money on a bet. More than a quarter of respondents between the ages of 35 and 44 say they’ve lashed out at an athlete over a wager, the highest rate of any age group in the survey.
[Read: Best Personal Loans.]
How Much Are People Betting?
Many of the survey respondents would be considered casual bettors, with 44% placing fewer than five bets in a typical month and 40% saying they wager less than $100 monthly. However, 27% say they regularly wager at least $500 a month. Higher-income bettors tend to wager larger amounts, with nearly half (45%) of respondents with household incomes of at least $150,000 betting $500 or more each month.
The vast majority (81%) use betting apps or online platforms to wager. About a quarter of bettors say the type of wager they most frequently make are parlays, where you package bets together for longer odds but a higher potential payout if you get them all correct.
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2025 Sports Betting Survey: 1 in 4 Sports Bettors Have Missed Bill Payments Due to Wagers originally appeared on usnews.com
