The online legal sports betting market is attracting the attention of millennials across America.
The demographic, which includes anyone born between 1981 and 1996, is the largest group of online sports bettors in the U.S., according to a report from strategic consultancy and marketing research firm KS&R. The firm’s report — "Rise of the Digital Gamblers: Insights into the U.S. Online Sports Betting Landscape” — found that 42% of people who use online betting sites are millennials while 28% are Generation X — individuals who were born between 1965 and 1981.
Out of all the millennials who partake in online sports wagering, roughly 75% of them are male. Gen X and millennials are the top two generational categories for modern online sports bettors.
"Should it be legalized in more states, there is a great deal of interest in sports betting, particularly among younger males," said KS&R Lottery & Gaming Specialist Michelle Aubertine in a statement. "But there are also concerns regarding overspending and possible addiction given the ease of placing an online sports bet.”
NFL stands tall
KS&R’s research has also provided details regarding popular betting markets for sports bettors.
The firm, which surveyed nearly 3,700 adults across the U.S., found that America’s most popular professional sports league is also well received by bettors with 72% of wagers being NFL-related. Pro basketball is the second-most popular sport amongst bettors, making up 53% of bets.
College football rounded out the top three most popular sports for wagering at 34%. Meanwhile, the world’s most popular sport has yet to find favor with American bettors, with pro soccer finishing at 16%.
The results come as younger audiences believe betting increases the entertainment value of sports, according to a Deloitte survey. The survey found that approximately 50% of Gen Z — those born between 1997 and 2012 — and millennials over the age of 21 use online betting sites during games. The accessibility of wagering has bolstered those results with monthly U.S. bettors having an average of 3.7 online accounts on apps including FanDuel and DraftKings.
What about the downside?
The increased popularity of sports betting across America could also have stark financial consequences. A TransUnion report found that 20% of bettors were low-income consumers. The survey, which included 3,000 adults, also discovered that 46% of bettors responded “yes” when asked if they were expected to be unable to pay any of their current bills or loans in full.
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