Two of the most popular ways for Americans to line their pockets in 2021 have been investing in Bitcoin (CRYPTO: BTC) and gambling on sports. So perhaps it shouldn’t be surprising that a new survey of 1,000 Americans by BetUS found a growing number of gamblers are placing their sports bets in crypto.
The survey found 32% of Americans admitted to frequently betting on sports. It also discovered sports betting is most popular among Gen Z gamblers, with 46% of respondents claiming they bet on sports. Sports betting is least popular among millennials at 26%.
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The survey found that American sports gamblers also look to make an easy buck in financial markets as well. In fact, 64% of sports bettors also said they invest in the stock market, while 44% said they day-trade stocks. More than half, 54% of sports bettors invest in cryptocurrency and 45% said they play the lottery. Nearly two-thirds — 64% — of sports bettors said they had placed at least one bet using cryptocurrency.
Popular Sports & Bet Sizes: BetUS found the average size of an American sports bet is $116. Gen Z gamblers that tend to make more bets also make larger ones, averaging $199 per bet. At 79%, Gen Z gamblers were also far more likely to have placed a sports bet using cryptocurrency.
Football is by far the most popular sport to bet on at 54%; followed by basketball, 38% and baseball, 33%.
The most common reasons gamblers said they bet on sports is pure enjoyment, 46%, and to make extra money, 41%. Among non-gamblers, the top reasons they don’t bet on sports are disinterest, 58% and financial responsibility, 54%.
Benzinga’s Take: As with any other leisure activities, there’s nothing wrong with sports gambling from a financial standpoint if it’s done in moderation. However, Gen Z Americans are on average $16,043 in debt, suggesting many of them may have more important priorities for their hard-earned paychecks.
Photo: Freestocks via Unsplash
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