Stock market investments in Florida drop as sports betting market grows
Florida opened its sports wagering market last year.
A recent study conducted by the Social Science Research Network has found that players are pulling back on stock market investments to bet on sports, according to a recent Fox 13 Tampa Bay news report.
The study revealed that bettors are investing 14% less in stocks. Net investments in stocks have decreased by $2 for every dollar spent on sports betting.
Resurgence Tampa Bay’s Forrest Arthur discussed these results with local news in more detail.
He commented, “It used to be that you’d bet on a game and bet, you know, who’s going to win. Now it’s like, who’s going to score the next touchdown? Who’s going to score the next goal? Who’s going to be the next interception?
“I mean, there’s a limitless number of bets they’re doing just for one particular game. And of course, what’s the point behind that? More bets, more money goes from the people to the business.”
Legal sports betting made its debut in Florida late last year. Since the Supreme Court overturned the federal ban on sports wagering, 38 states and the District of Columbia have established regulated markets.
The Florida Council on Compulsive Gambling has also reported a rise in calls to its problem gambling hotline since the market’s opening.
Jennifer Kruse, who is with the organization, shared with local news, “Overall, we saw 110% increase in online gambling contacts just this past fiscal year.
“Just since the start of this NFL season, which we’re going on two weeks, we have never been busier.”
However, Kruse said she believes sports betting as a recreational activity can be a good thing for those who know their limits.
She concluded by saying, “It’s a fun activity. It’s no different than if you take a set amount of money and go to the movies and that’s your recreational activity for the week.
“So as long as it’s not causing problems in your life, it can be something that can be enjoyed recreationally as it’s intended to be.”
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