▲ 293 ▼ Gambling becomes America’s favorite pastime as Americans spend more on sports bets than movies, arts, museums, and music combined (fortune.com) submitted 1 month ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world 67 comments fedilink hide all child comments
[–] immutable@lemmy.zip 1 point 1 month ago (2 children) Most gambling winnings go right back into gambling and are subsequently lost. I would be surprised if it was “far less” although mathematically it must be strictly less. permalink fedilink source parent hideshow 4 child comments replies: [–] brucethemoose@lemmy.world 4 points 1 month ago* In other words, the average American adult placed roughly $1,000 in legal bets on sports last year. Handle is gross throughput, not consumer expenditure: over 90% of what is wagered gets returned to bettors in the form of winnings. That $1,000 in bets translates to roughly $100 in average losses per adult. But it does point out the vast majority of the losses are absorbed by 5% of gamblers. permalink fedilink source parent [–] dogdeanafternoon@lemmy.ca 3 points 1 month ago Say I started with $100 and made a bet but only won 90 back. Then the next day I do it again with my 90, but only win 80 this time. Repeat this until I have $10 left, I bet that and lose it. By your logic, I’ve lost $550, since thats the amount of money I’ve bet over the week and a half. In reality, any sane person would say I’ve lost $100. permalink fedilink source parent
[–] brucethemoose@lemmy.world 4 points 1 month ago* In other words, the average American adult placed roughly $1,000 in legal bets on sports last year. Handle is gross throughput, not consumer expenditure: over 90% of what is wagered gets returned to bettors in the form of winnings. That $1,000 in bets translates to roughly $100 in average losses per adult. But it does point out the vast majority of the losses are absorbed by 5% of gamblers. permalink fedilink source parent
[–] dogdeanafternoon@lemmy.ca 3 points 1 month ago Say I started with $100 and made a bet but only won 90 back. Then the next day I do it again with my 90, but only win 80 this time. Repeat this until I have $10 left, I bet that and lose it. By your logic, I’ve lost $550, since thats the amount of money I’ve bet over the week and a half. In reality, any sane person would say I’ve lost $100. permalink fedilink source parent