A new study commissioned by Intuit Credit Karma provides a wealth of detail about the gambling habits of American families. The picture it paints is quite disturbing.

In gambling, the house always wins, and in smartphone sports gambling, the house is often lost. The adrenaline goes through the roof when the thrill of sporting competition is energized with the thrill of having a significant wager on the outcome. The power of that feeling overwhelms the memory of losses until the bet itself is more important than winning or losing.

To the extent that sports gambling franchises are making a profit, gambling families are taking a beating. In addition to 17% of gambling families facing bankruptcy due to their gambling, the Intuit Credit Karma survey finds these other signs of distress:

• 22% say sports betting has caused financial hardship for their families
• 24% say they have pulled money out of college funds due to gambling
• 18% have maxed out all their credit cards
• 20% are paying late charges for missing payments
• 26% have depleted all their family savings
• 21% struggle to pay for basic family necessities

That’s a pretty brutal litany of the impacts of sports betting on about a quarter of all bettors. And the numbers get worse if you ask just the partners of sports bettors. Intuit Credit Karma found these numbers all go up a few percentage points when it is the partner of a sports bettor completing the questionnaire.

Partners have taken a lot of the brunt of gambling addiction. They have not been able to save, invest, or achieve financial independence from parents. They struggle to pay off debt and they miss vacations. More than a quarter of partners say they wish sports betting was illegal. Twenty-two percent of bettors say their partner does not know about their betting problem, and that number jumps to 33% of Gen Z bettors.

An article in FastCompany points out that Gen Z is having a particularly difficult time with sports betting. Thirty-seven percent of Gen Z sports bettors say they’re addicted to it, 14% greater than the average self-reported rate of 23%. FastCompany interviewed survey spokesperson, Courtney Alev, about the startling numbers:

“We’re seeing that sports betting is really impacting Gen Z at higher rates, which likely has a lot to do with just how digitally native that generation is. Growing up in an era where everything is online, sports betting has just become another piece of that.”

Why do they gamble? While the number one reason is to make money, at 57%, that means 43% gamble without expecting to win. In fact, 40% do expect to win, and 24% expect to win big. The second largest reason for gambling is entertainment, at 52%, and to enhance the sports-viewing experience, 29%.

The survey offers a very interesting look at why people who say they have a gambling problem also say they do not plan to get help for it:

For many betting addicts, it comes down to denial, excuses and desperation. More than one-third of bettors (35%) say they don’t plan to get help because they don’t think getting help is necessary, one-third (33%) view it as an opportunity to make money, roughly one in five (21%) say they plan to quit once they’re financially stable and roughly one in six (17%) believe they are one big win away from fixing everything.

Here is Intuit Credit Karma spokesperson, Courtney Alev, summarizing the findings:

While it may be a harmless vice for many who engage in [sports betting], others find themselves entangled in a dangerous cycle of gambling that could be financially catastrophic when succumbing to chasing losses or betting beyond their means. Not to mention that these losses often extend beyond just money: they can erode trust within families, lead to mounting debt, and destroy personal relationships.

Seeking out information online is the preferred method for getting help, according to the survey. We welcome problem gamblers here at AddictionNews. Our library contains many articles on gambling addiction treatment, including medically-assisted treatment, dealing with cravings, habit substitution, and even apps that help.

Written by Steve O’Keefe. First published March 25, 2025.

Sources:

“The high stakes of sports betting: financial fallout and family strain,” Intuit Credit Karma, February 6, 2025.

“March Madness highlights Gen Z’s skyrocketing sports betting addiction,” FastCompany, March 17, 2025.

Image Copyright: Iakov Filimonov.