{"id":304455,"date":"2023-12-22T05:00:24","date_gmt":"2023-12-22T11:00:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=304455"},"modified":"2023-12-22T11:01:13","modified_gmt":"2023-12-22T17:01:13","slug":"sports-betting-spending-could-be-sturdy-even-in-a-recession","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/","title":{"rendered":"Sports Betting Can Weather Pullback in Consumer Spending"},"content":{"rendered":"

Wagering-related expenditures, whether allocated to slot machines, table games, or sports wagering, epitomize consumer discretionary spending.<\/p>\n

\"Michigan
Actor Jamie Foxx appears on a BetMGM billboard. Spending on sports betting could be resilient in a trying economy. (Image: Detroit News<\/em>)<\/figcaption><\/figure>\n

That implies that if consumer spending retreats in a material fashion, there\u2019s potential vulnerability for gaming companies. Prior recessions confirm as much<\/a>, though broadly speaking, the industry proved sturdy during periods of deep economic contraction. So perhaps it\u2019s not surprising that some experts believe sports betting could be resilient even if consumers pare other forms of entertainment spending.<\/p>\n

Online sports bets (18%) and in-game purchases (19%) spending are roughly the same, and have been impacted less by the changing economic climate,\u201d<\/strong> according to a recent Paysafe survey. \u201cAlong with streaming services, these at-home entertainments may flourish, should budgets continue to tighten.\u201d<\/strong><\/p><\/blockquote>\n

The study indicates that since the onset of the coronavirus pandemic in early 2020, and a subsequent spike in inflation i<\/a>n 2021 and 2022, how consumers allocate dollars to nonessential goods and services has shifted. But those alterations haven\u2019t pinched casino gaming and sports betting.<\/p>\n

Sports Betting Qualifies as an Experience<\/h2>\n

While naysayers may be apt to debate the point, sports wagering is experiential, and that\u2019s meaningful at a time when consumer spending is shifting from goods to experiences.<\/p>\n

\n

That also augurs well for land-based casino operators, particularly those on the Las Vegas Strip,<\/a> where gaming venues typically offer much more than casinos, leveraging high-end entertainment and food and beverage offerings to smooth out the volatility associated with gaming revenue.<\/p>\n<\/div>\n

\u201cMany consumers are spending less of their disposable income on the physical goods they enjoy. 32% are spending less on clothes, and 31% are doing the same for household appliances and other gadgets,\u201d added Paysafe.<\/p>\n

The firm’s “Lost In Transaction” report found \u201c51% of respondents prioritizing experiences over other discretionary spending.\u201d<\/strong><\/p>\n

Las Vegas Strip operators can continue posting solid revenue growth and prove resilient even if gaming revenue experiences a modest decline. That resilience also dispels the notion<\/a> that Las Vegas casino companies generate the bulk of their sales from gaming. In reality, food and beverage, and entertainment stoke more revenue than gaming.<\/p>\n

Sports Betting Proving its Metal in Tricky Climates<\/h2>\n

Relative to other consumer discretionary industries, sports wagering is young on the national stage. The Supreme Court ruling<\/a> on the Professional and Amateur Sports Protection Act (PASPA) was delivered in 2018. But regulated sports betting came of age during the darkest days of COVID-19 in 2020, when many Americans were confined to their residences and lost access to other discretionary outlets, such as amusement parks, museums, and theaters.<\/p>\n

Recently, bettors proved devoted to sports wagering amid soaring inflation and the highest interest rates in two decades. Data indicate next year could be another positive one for the sports betting space.<\/strong><\/p>\n

\u201cAlmost half (49%) of consumers are confident the financial situation will improve next year, and 50% say they\u2019ll spend their money differently in 2024 than they did in 2023,\u201d concluded Paysafe.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wagering-related expenditures, whether allocated to slot machines, table games, or sports wagering, epitomize consumer discretionary spending. That implies that if consumer spending retreats in a material fashion, there\u2019s potential vulnerability for gaming companies. Prior recessions confirm as much, though broadly speaking, the industry proved sturdy during periods of deep economic contraction. So perhaps it\u2019s not […]<\/p>\n","protected":false},"author":46,"featured_media":255322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[81903,80968],"acf":[],"yoast_head":"\nSports Betting Spending Could Be Sturdy Even In A Recession<\/title>\n<meta name=\"description\" content=\"Sports Betting Can Weather Pullback in Consumer Spending.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sports Betting Spending Could Be Sturdy Even In A Recession\" \/>\n<meta property=\"og:description\" content=\"Sports Betting Can Weather Pullback in Consumer Spending.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-22T11:00:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-22T17:01:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"876\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/\",\"url\":\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/\",\"name\":\"Sports Betting Spending Could Be Sturdy Even In A Recession\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\",\"datePublished\":\"2023-12-22T11:00:24+00:00\",\"dateModified\":\"2023-12-22T17:01:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sports Betting Can Weather Pullback in Consumer Spending.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-spending-could-be-sturdy-even-in-a-recession\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\",\"width\":1200,\"height\":876,\"caption\":\"Actor Jamie Foxx appears on a BetMGM billboard. 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