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According to a recent survey by the Social Science Research Network, investors are shifting their money from stocks to sports betting, which is a significant change in investing behavior. Fox 13 Tampa Bay reports that the study revealed a 14% decrease in stock investments, with gamblers investing $2 less in equities for every $1 they risked on sports.
Forrest Arthur of Resurgence Tampa Bay elaborated on these findings, noting the increasing complexity of sports bets. “It used to be that you’d bet on a game and bet, you know, who’s going to win. Now it’s like, who’s going to score the next touchdown? Who’s going to score the next goal? Who’s going to be the next interception?” he remarked.
Arthur emphasized how the abundance of betting alternatives available to gamblers for specific events is pushing more money from private citizens into sports betting companies. This spike in activity is indicative of a larger movement toward frequent and more individualized betting.
Following the Supreme Court’s 2018 ruling to reverse the federal prohibition on sports betting, regulated sports betting markets have been established in 38 states as well as the District of Columbia. After allowing legal sports betting in the latter part of last year, Florida has witnessed an increase in problem gambling.
Jennifer Kruse from the Florida Council on Compulsive Gambling noted a dramatic increase in hotline contacts. “Overall, we saw 110% increase in online gambling contacts just this past fiscal year,” Kruse said. “Just since the start of this NFL season, which we’re going on two weeks, we have never been busier.”
Despite the uptick in problem gambling cases, Kruse views sports betting as a recreational activity, as long as individuals maintain control. “It’s a fun activity. It’s no different than if you take a set amount of money and go to the movies and that’s your recreational activity for the week,” she concluded.