Compared to our Q1 study, consumers reported continued increases in household incomes, and higher levels of participation in betting activities fueled by key sporting events like March Madness.
Participation in sports betting declined from 19% in Q2 2022 to 11% in Q4 2022. In our Q3 2023 survey, that number rose as 17% of participants reported they participated in sports betting.
While that’s still down from a year ago, it’s a move in the right direction. However, there are still lingering clouds for the industry in the form of inflation’s impact on consumer budgets.
Even more impactful for the industry is the prospect of student loan repayments restarting later this year, which will disproportionately impact Millennials, a key demographic for the industry.
Our latest report reveals other interesting and actionable insights for gaming operators on topics including:
- How bettors compared to non-bettors in their abilities to fully meet their financial obligations
- Whether debt has risen or fallen and how that affects bettors’ budgets and disposable income
- Bettors’ appetite and desired incentives for sharing personal information with operators
- How likely bettors are to experience fraud compared to non-bettors
For more information on how the economy is impacting betting behaviors, download the full report.