Highlights of the survey include:
- 44% of American visit a casino annually, which is more than people who visit the movie theater
- Men are almost twice as likely to have lost money gambling than women
- Baby Boomers have lost the most amount of money gambling
I interviewed Fred Schebesta, CEO of financial comparison website,
finder.com, to learn more.
Why is gambling and betting becoming more popular?
24
percent of Americans have an unfavorable view of the casino gambling
industry. Despite this, more than 2 in 5 (44 percent) visit a casino
annually. If you factor into account all the different forms of
gambling, it’s not surprising that gambling is thriving in the United
States. As for why, it could be due to higher disposable incomes, a
culture of consumerism, or easier access to gambling through
online portals.
The
Indian gaming industry alone has increased its revenue every year since
2006 and made $28.5 billion dollars in 2014. Clark County, Las
Vegas’s home territory, made $9.5 billion alone in 2014. Nearly all
American states allow some form of gambling, with only Hawaii and Utah
completely opting out. Twenty states allow commercial casinos, of which
there are over 500 (503 in 2013) in the country.
America loses more than any other country in the world to gambling,
losing $119 billion dollars in 2013 - and the third most per head of
population.
According to a
finder.com poll of 1,900 Americans, 7 percent of respondents, equivalent
to 4.6 million Americans, regret losing too much money on gambling.
What are some of the most common forms of betting?
finder.com
research shows that playing the lottery was the most popular form of
gambling, with 53 percent of all American gamblers participating in
this. This was followed by casino gambling (32 percent) and casual
betting with friends on games such as golf and fantasy
sports (26 percent). Internet gambling was the least popular form of
gambling, attracting just 3 percent of Americans.”
Participation of American adults in different forms of gambling in 2012
|
What forms of gambling did you participate in during the last 12 months?
|
|
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Playing the lottery
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53%
|
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Casino gambling
|
32%
|
|
Casual betting with friends (betting on games of golf, fantasy sports etc)
|
26%
|
|
Playing poker
|
12%
|
|
Wagering on a race
|
6%
|
|
Internet gambling
|
3%
|
|
source:
finder.com, American Gaming Association
|
|
What groups of people lose the most to gambling?
According to the
finder.com poll, 6 percent of American women and 10 percent of American
men report ‘putting it all on black’ as a recent money mistake.
The
most likely age group of Americans to have lost too much to gambling,
according to the poll, are Baby Boomers – those aged 55+. 7 percent
of this group admitted to a gambling-related mistake. This compares to 6
percent of Millennials (18-34 year olds), and 6 percent of Generation X
(35-54 year olds).
Those
earning an annual salary in the vicinity of $100,000-$150,000 per year
were slightly more likely to report gambling as a recent financial
mistake. The income group which was least likely to report this was
those in the $50,000-$75,000 bracket.”
Percentage of income groups who reported gambling as a recent financial mistake.
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Income
|
|
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$0-$24,999
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7%
|
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$25,000-$49,999
|
7%
|
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$50,000-$74,999
|
5%
|
|
$75,000-$99,999
|
6%
|
|
$100,000-$149,999
|
8%
|
|
$150,000+
|
7%
|
|
source:
finder.com poll of 1914 Americans,
|
|
If people are going to use gambling as a form of entertainment, how can they make sure they're doing so responsibly?
Gambling
can be a risky form of entertainment, but if you do decide to gamble
it’s best to keep the following in mind so you don’t go broke.
Decide
on a budget you can afford to gamble, and do not exceed this spend. If
you’re in a live betting environment (eg: casino, race track),
take out all of your budget in cash and only use this cash for
gambling. If you’re in an online environment, transfer one set amount to
your gambling account, and use these funds to gamble.
Do
not start off expecting to win – you will most likely be disappointed.
The best philosophy is to expect to lose a percentage of your
gambling budget in exchange for an evening’s entertainment.
If
you want to spend several hours gambling, start off with small bets. It
can be tempting to bet big with your bankroll, but it will quickly
disappear.
If
you win big, consider calling it a night. The most likely outcome if
you continue is that you will lose some of your winnings, rather
than win big again.
Do not chase your losses. If you lose your bankroll, stop immediately.
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