In a recent study done by the Siena College Research Institute and St. Bonaventure University's Jandoli School of Communication, it was revealed that more than half of men in the United States have at least one sports betting account. In addition, almost a quarter of residents in the US also have sports betting accounts. But many also report feelings of depression and the need to "chase their losses" when they lose.

A new study by the Siena College Research Institute and St. Bonaventure University's Jandoli School of Communication has revealed that 22% of US residents, including half of males aged 18 to 49 years old, have a minimum of one active sports betting account.

The findings highlight the continued dominance of male bettors in the industry, despite sportsbook operators' efforts to appeal to female gamblers. The study suggests that women who choose to stay away from sports betting may be making a prudent decision, as many sport bettors report experiencing financial and emotional struggles linked to their gambling habits.

The risks of sports betting for the populace

One of the most concerning aspects of the study is the prevalence of risky betting behaviors. Over half (52%) of sports bettors admitted to 'chasing' their losses by increasing their wagers in hopes of recovering lost money. In addition, 37% of respondents reported feeling ashamed after a losing bet, reflecting the emotional toll betting can take.

The survey also found that just 30% of the respondents claimed they had won more money than they had lost through sports betting. More troubling, 20% admitted that their gambling losses had interfered with their financial obligations, demonstrating the potential for serious economic consequences.

Experts say that a major issue among bettors is overconfidence. Many believe their knowledge of sports gives them an edge in gambling, but research indicates that such optimism is often misplaced. This false confidence can lead to significant financial losses and a cycle of chasing bets.

Growing calls for regulation

Sports betting is currently legal and live in 38 states and Washington, DC, and the state of Missouri is set to join later on in the year. Despite its expansion, concerns about the impact of sports gambling remain prevalent. The study found that while over a third of Americans support nationwide legalization, a significant portion believes stronger regulations are necessary.

Aaron Chimbel, the dean of the Jandoli School of Communication, emphasized the dangers posed by easily accessible online sports betting. "With 78% saying that any smartphone app that lets people drain their bank accounts in one evening is a bad idea, the call for federal regulation is loud and clear," he stated.

Additional complaints from bettors

Aside from financial losses, sports bettors voiced additional concerns about the industry. Just over half of respondents expressed disapproval of sports commentators discussing betting during live broadcasts, arguing that it normalizes gambling. Similarly, a comparable percentage raised concerns about artificial intelligence tools, fearing they could encourage excessive betting and negatively impact sports.

Prop bets - wagers on specific in-game occurrences rather than overall outcomes - are particularly popular, with nearly three in four bettors engaging in them. However, this type of betting has sparked controversy, especially regarding wagers on college athletes. Sixty percent of survey respondents believe that allowing bets on individual college players exposes them to unnecessary public scrutiny and potential harassment.

The future of sports betting in the US

As sports betting continues to grow across the United States, so do the debates over its benefits and drawbacks. While many enjoy the thrill of wagering, the study's findings highlight the significant financial and emotional risks involved. As calls for stricter regulations increase, lawmakers may face mounting pressure to introduce policies aimed at protecting bettors from the potential pitfalls of gambling.