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Fiona Simmons December 18, 2023 2 min read
Sports Fans Have Appetites Whet for Betting Despite Inflation
Inflation has not suppressed appetite for certain forms of activities among which is sports wagering, a recent study indicates
According to “Lost in Transaction 2023: The Disposable Income Report – How Consumers Are Changing Their Discretionary Spending” by PaySafe, consumers are actually very keen to continue spending significant amounts providing that they do so on activities they can carry out at home.
Sports Betting Remains Largely Unimpacted by Economic Downturn
The survey states that 49% of people interviewed are actually optimistic about the new year, and believe that they will see their finances improve, with younger generations, such as Z and Millennials habitually being more upbeat about their financial prospects than others.
A total of 14,525 adults were surveyed across several continents, including South and North America, and Europe. A total of 18% of all interviewees said that they were happy to continue spending the same amount of money on sports gambling, indicating that inflation was not suppressing the desire to place a wager on the outcome of sports contests.
According to the analysis, consumers seem to be keener than ever to invest in at-home entertainment options that allow them to enjoy certain aspects of their hobbies or discover new ones, PaySafe explained in the survey.
Sports betting is just one of the available options with at-home entertainment set to grow as inflation and other financial criteria continue to compound. Outside of sports entertainment, streaming services seem to have had a good year as well.
Streaming Platforms Set to Flourish in an Uncertain Economy
Although they also add to the annual bills, consumers are more likely to spend on platforms such as Spotify, Netflix, Prime Video, Disney+ and others than dining out or buying clothes. Sports also have a fair offering of options when it comes to streaming services, including DAZN and Fubo, which would be interesting to watch over the coming months.
PaySafe believes that should budgets continue to tighten, streaming platforms will continue to flourish. All in all, the economic downturn has had a rather shallow impact on how people consume entertainment at home, and this is good news for sportsbooks who are hoping to present themselves as a viable alternative to a number of activities that can be done from home.