A recent survey from financial website LendingTree shows more than half of its respondents will bet on Sunday’s Super Bowl. And many of those with some action on the game may be the ones who can least afford it.
The survey found that 51 percent of those polled planned to make some type of bet. Those most likely to make a wager include Generation Z (62 percent), the generation currently defined as age 18-24, and Millennials (67 percent), those ages 25-40.
Two-thirds of millennials said they would make a bet, while 62 percent of Gen Z respondents expect to wager on the game between the Tampa Bay Buccaneers and Kansas City Chiefs.
Those generations are typically seen as the key demographic groups for sports betting operators, especially those offering mobile applications.
My fellow members of Generation X (ages 41-55) are mixed, as 53 percent plan to bet, and only 26 percent of Baby Boomers (ages 56-75) expect to have action on the game.
The average amount people plan to bet is $108, with Gen X and Millennials – the two generations representing most of America’s workforce – most likely to make larger wagers.
LendingTree’s data conflicts somewhat with findings released earlier this week by the American Gaming Association. That survey determined that only 23 million Americans plan to bet on the big game.
Survey: Nearly 70% of Unemployed Likely to Bet
Perhaps the most troubling aspect of the LendingTree survey was the findings that people who lost their job or saw their work hours cut because of the COVID-19 pandemic were more likely to bet on the Super Bowl.
Only 43 percent of people who said their income was not affected by the pandemic said they planned to make a wager. However, 69 percent of people who were laid off or furloughed said they will make a bet on the game, and 71 percent of people working less said they would
That means an awful lot of people are simply gambling with money they have no business that may be inadvisable to putting at risk,” wrote Matt Schultz, a finance industry analyst who authored the piece.
One reason people may be more willing to bet is the fact that many Americans recently received their latest stimulus check, and Democrats in Congress are ready to send most of them an additional $1,400.
Not Just Sports Betting
It’s not just sports betting that’s seeing an increase, either. Another recent survey by LendingTree’s MagnifyMoney showed that the average American has spent $950 on vices since the pandemic started nearly a year ago.
Among the top vices were lottery tickets.
Schultz said people don’t have to bet money to get their adrenaline flowing. Bragging rights or another prize can work just as well as money, he said.
The online survey conducted by Qualtrics late last month questioned 1,073 Americans.
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