FanDuel Calls for Smart Spending From its Customers
As we all know, the U.S. economy, and the global economy for that matter, isn’t in its greatest spot of all time. In fact, it seems that many people have less spending money than ever. This can greatly be attributed to gas prices, inflation, the insanely competitive housing market, and the failure of workers’ wages to match the high cost of living seen almost everywhere these days.
With low wages and a high cost of living comes fewer dollars that people can afford to spend on anything besides eating, water, gas, and rent. Sometimes, though, people fail to adjust to their new budgets, and end up spending more than they should on certain activities. When these activities are addictive, this can greatly affect a person’s well-being.
For this reason, FanDuel has asked its customers to pay attention to how much they’re spending on sports betting now more than they ever have had to in the past. While she sat on an SBC panel, the CEO of FanDuel, Amy Howe told Contessa Brewer of CNBC the following:
“It is important to make sure that you are spending within whatever your limits are, and that limit might come down during a recession.”
The Industry As of Now
We’re currently seeing the highest amount of money spent on sports betting in the history of its legalization. This goes for most states, even those that have had sports betting legalized for years. More states add on to the industry every day, as some still haven’t legalized the activity and are still in the process.
As more and more states legalize sports betting, more people begin sports betting every day. This means more money is wagered, which is great for the industry, but at a time like this, when money is becoming more and more scarce for most people, it’s surprising to see an industry such as sports betting growing so quickly. For this reason, those within the industry, such as FanDuel CEO Amy Howe, are warning sports bettors to pay attention to where they’re spending their money.
Around this time of year, less money is usually spent on sports betting because there are fewer sports in their regular seasons. Sports bettors have followed the trend this year, when looking at a month-to-month comparison. However, when looking at a year-to-year comparison, bettors are still spending more than they ever have.
The Future of Sports Betting
A recession hasn’t officially hit the U.S. economy yet, but many economists believe that within the next few quarters, we’ll be in one. These same economists believe that the industry will see a drop in sports betting as inflation continues to rise and the cost of living goes up. Until people have more expendable income, sports betting is expected to take a hit.
For now, though, the industry is doing alright and there’s not much for operators to worry about. Once things begin to change, there isn’t much that operators will be able to do.