According to recent statistics, consumers boosted their spending on internet gambling throughout the epidemic. For the last two years, society has been inundated with COVID-19 life. We’ve experienced lockdowns and been cut off from our families and friends. It is unsurprising that individuals are urgently looking for solutions to avoid boredom. Some people have found solace in internet gambling.
Many gamblers find the ability to play right on their phone, no matter where they are, quite enticing. As a result of this convenience, the amount of time people spend betting online has increased dramatically. Some individuals are unemployed, while others work from home with far more time than they used to, occupying more time playing casino online. Government stimulus payments are being used to invest and also to gamble on sports and casino.
Taking a Closer Look at the Data
Regular government and private studies are providing data related to how people have been spending their time – and money – during their work-from-home time, COVID-19’s impact on pleasure spending and what Americans spent their money on during the lockdown.
Spending for Pleasure During the Pandemic
A poll of 5,800 Americans found that online gambling expenditure has increased over the last two years and this has raised some worries.
One of the most interesting findings of the study was that in 2021, 5 out of 10 Americans used some of their to fund their vices, including alcohol, legalized drugs and gambling.
As we head into 2022, this creates a hazardous precedent as we wait for additional information on how the extended lockdown has exacerbated these problems.
Some Interesting Findings from the data
- In 2021, Americans spent an average of $650 on vices – 38 percent of the people polled indicated they felt bad about their expenditure. Those who were furloughed during the epidemic, on the other hand, said they felt much worse. Many studies have known for a long time that spending to cope during stressful times is true.
- Among those who spend on habits, 56% acknowledged that they spent their money on a vice rather than saving it. Also, some percent of people used money from their savings to feed their vices.
- During the epidemic, a staggering 70% of consumers spent money on some form of financial vice. Cigarettes, excessive drinking, lottery tickets, internet gambling, and adult entertainment are all examples of this.
Problem gambling is on the rise due to an increase in online gambling spending.
While we see that spending on a variety of vices such as cigarettes, alcohol, and lottery tickets has increased, internet gambling was a major source of vice expenditure during the lockdown.
The most concerning fact is that out of those questioned, the average person spent over $500 on their addiction. It is extremely difficult for individuals who are in a worsening financial situation, and if left uncontrolled, it may lead to serious consequences.
Online Gambling and Spending on Vices
It’s important to remember that internet gambling is a very new phenomena that many people have just recently discovered during the epidemic. It’s critical to recognize that while internet gambling is entirely safe when done properly, it comes with a very high risk element, and people may easily get hooked.
Responsible Gambling in the Event of a Pandemic
For the time being, it appears like we’ll all have to persevere and stay healthy during further lockdowns. The rise in online gambling may be troublesome, especially for people who have been furloughed or who are gambling with their funds. There’s nothing wrong with betting properly, but the difference between a pastime and an addiction is the amount of money you spend.
Please visit our dedicated page on responsible gambling if you are having trouble with online gambling or have seen an unsettling increase in your financial habits as a result of the epidemic. You’ll discover useful information on how to assist yourself or a loved one.