Being normal isn’t necessarily a great thing. Being normal in today’s society means being in debt, spending more than you make, and often trading your future security for today’s fun.
A new normal is emerging in our culture. Sports betting in America is a seriously lucrative business. Last year the industry had a record $13.71 billion in revenue. That was up from the previous all time high of $11.04 billion in 2023*. More states are legalizing sports betting and it is quickly becoming a part of popular culture in many circles, especially among younger generations. The number of sports gamblers has seen an almost 50% increase since 2020**.
Flashy advertising and interactive apps make online betting truly entertaining and easily accessible. You can bet on almost anything, from the simple victor of a game to the color of the sports drink that gets dumped on the winning coach’s head. Having a little “skin in the game” adds extra excitement when watching a sporting event but, before you know it, many people are losing significant amounts of cash just to be a part of the new scene. Unfortunately, the ease of access and popularity of these 24/7 sports betting platforms is not only causing significant financial losses for many of its loyal customers, but is also contributing to countless gambling addictions.
Along with seven-year car loans and extended pay programs for your Uber Eats orders, sports betting can easily be seen as the new normal and nothing to worry about. But like financing your food or overpaying on a depreciating asset, sports betting can be a very poor financial decision. The opportunity cost alone of not investing those gambled funds for your future could have you missing out on a true windfall. Just like in so many aspects of our lives, moderation is important. Nothing should replace the simple joy of watching your favorite sporting event with family and friends, even when there is nothing financial to be gained. After all, our time truly is our most valuable asset.
*https://www.espn.com/espn/betting/story/_/id/43922129/us-sports-betting-industry-posts-record-137b-revenue-24 **https://www.aaaa.org/research-report/the-skinny-on-sports-gambling-the-fans-perspective/