New survey says 18% of online sports bettors lose money needed for living expenses

NEW YORK (WRGB) — A new survey found that 35 percent of Americans bet on sporting events and 19 percent have an online sports betting account.

The survey, which was released by the Siena College Research Institute and St. Bonaventure University’s Jandoli School of Communication, found that 93 percent of those sports bettors find it fun and exciting.

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It also found that 85 percent of sports bettors believe gambling makes a game more interesting to watch, and 80 percent think they can make money on those bets.

While the survey showed 19 percent of Americans have a sports betting account, 71 percent of those people said they signed up with a promotion because the money they received when they created the account was free.

“With 75% of Americans saying they’ve seen ads for online sportsbooks, it’s not surprising that one in five have an account,” said Don Levy, SCRI’s Director. “Bettors say it’s fun, and a plurality of all Americans, 48- 40%, agree that online sports betting is a great form of entertainment allowing fans to gamble responsibly.”

The survey asked avid sports fans if they knew anyone who had or has a problem with online sports betting. According to the survey, 30 percent of those fans said yes.

It also showed that 37 percent of people who've placed an online sports bet felt bad or ashamed after losing their bet and 38 percent felt they bet more than they should have.

The problems don't stop there, as the survey found 18 percent of bettors have lost money that was meant for "meeting their financial obligations."

“But, nearly 40% of bettors have felt ashamed about their gambling, or bet more than they should, and one in five have lost money they needed or lied to someone about their betting," Levy said. "Over half have chased a bet, that is, increased the amount they bet in hopes of getting money back after a loss, and 22% have had someone express concern to them about their usage of online sportsbooks. Still, only 9% of bettors have called a problem gambling hotline or sought help."

According to Aaron Chimbel, the dean of St. Bonaventure University's Jandoli School of Communication, two thirds of of sports fans believe it creates gambling problems.

“In addition, nearly half of all Americans - including more than 40% of avid fans - think online betting will corrupt organized sports, and Americans overwhelmingly support stronger regulations to protect consumers," Chimbel said. "That said, nearly half the country (49%) supports legalized online sports betting in all 50 states while only 29% call for it being illegal.”