Many financial experts are increasingly fretting about a recession on the horizon and a new study suggests the U.S. gambling industry may not be as insulated from such a downturn as many people thought.
A TransUnion study released this week suggests that U.S. sports bettors are generally high income, with 54% earning at least $100,000 annually, with optimistic viewpoints about their financial futures, but also are feeling the pinch of inflation and are showing signs of cutting discretionary spending such as sports wagering.
If this robust job market ever starts to cool off, that trend could cut deeper still.
“People are probably going to be familiar with the old adage that the industry does well in recession, right? I've heard that since I was a kid,” said Declan Raines, head of U.S. gaming at TransUnion. “Now, we're going to actually see that put to the test. I would say this report would actually counter that conventional wisdom.”