As sports betting becomes legalized in more and more states, people are gambling away thousands of dollars a year—all while believing they are investing for the future. This is a trend that has been underway for some time, but it has accelerated dramatically in the past year, according to a new report.
The troubling findings come via personal finance site NerdWallet, which surveyed more than 2,000 U.S. adults about their sports betting behaviors. It found that 20% of Americans say they have bet on sports in the past year (not including dog or horse racing), which amounts to a 67% increase from the 12% of Americans who reported the same one year ago.
Sports bettors reported spending $3,284, on average, in the past 12 months on…
