The Super Bowl LIX matchup between the Philadelphia Eagles and Kansas City Chiefs represented a pivotal moment for millions of Americans who placed bets on the big game (especially if you thought betting on the Chiefs to have a “threepeat” was going to be a sure thing). But beyond the thrill of potential wins lies a sobering reality for many: sports betting is taking an increasingly heavy toll on Americans’ financial and emotional wellbeing. And the impact it will have on Black Americans, even worse.
New data from Intuit Credit Karma reveals that 22% of Americans report that sports betting has caused financial and emotional distress for themselves or their families. With the explosive growth of online sports betting platforms and the constant stream of opportunities to place bets during major sporting events like the Super Bowl and throughout the NBA season, more Americans are finding themselves caught in a cycle of gambling-related debt and anxiety.
While more money equals more problems, less money (in this economy) can lead to the most problems. But, let’s be completely clear — the impact runs deeper than empty bank accounts. According to the survey, 26% of respondents have completely drained their savings due to sports betting, while an alarming 48% report experiencing mental health challenges related to their gambling habits. Perhaps most concerning, 21% of Americans say they now struggle to afford basic necessities—including groceries, rent, and utility bills—due to money lost from sports betting. If this sounds like you, please keep reading.
“Oftentimes, there is a direct correlation between financial stress and mental health,” Courtney Alev, Consumer Finance Advocate at Credit Karma, tells ESSENCE. “A series of losses can lead to debt, and if you don’t have a plan in place to keep your spending in check, you may lose your sense of control over your finances. The loss of financial control can ultimately deteriorate your mental health, which can have a ripple effect on your life beyond your finances.”
The ripple effects Alev mentions are stark with 12% of respondents report that sports betting has directly contributed to their divorce or separation from their partner. Additionally, 20% have had to sacrifice taking a vacation, while 17% say they’ve delayed paying off existing debt because of money lost to sports betting.
The way Americans fund their betting habits is equally concerning. The survey found that 32% of sports bettors tap into their personal savings to place bets, while 20% rely on credit cards. Perhaps most telling of the financial strain, 25% report taking on side gigs or extra work specifically to finance their sports betting activity.
For those caught in this cycle, Alev emphasizes the importance of taking immediate action. “To recover from sports betting debt, the very first thing you should do is stop betting right away so you don’t put yourself even further into debt,” she advises. “From there, understand just how much debt you have. You just need to identify the dollar amount that you will start working toward paying off.”
As sports betting becomes increasingly accessible through online platforms and apps, establishing preventive measures becomes crucial. “Before you start placing bets, you should have guardrails in place to ensure your spending doesn’t spiral out of control,” Alev notes. “Set limits for how much you want to spend, and for how much you are willing to lose, before you start betting.”
She also suggests creating a dedicated savings account for betting funds, “If you want to avoid dipping into your emergency savings, you can set up a dedicated savings account where you contribute a certain amount of cash you’re comfortable betting. When that money is gone, you know it’s time to stop placing bets.”
For those already struggling with gambling-related debt, Alev emphasizes that recovery, while challenging, is possible. “Getting out of debt is a marathon, not a sprint,” she says, “and the most important decision you can make is to get started as soon as possible.”
As we move deeper into the NBA season and with March Madness approaching, these findings serve as a crucial reminder that while sports betting may seem like harmless entertainment, the financial and emotional stakes can be life-altering. The key is recognizing when casual betting crosses the line into problematic territory and knowing when to seek help before the losses become insurmountable.