Betting Bitcoin On NFL Football? You're Not Alone

Two of the most popular ways for Americans to line their pockets in 2021 have been investing in Bitcoin BTC/USD 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%.

Related Link: Survey: How Much Crypto Are Investors Buying In Their Retirement Accounts?

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