Revealed: sports betting habits amidst cost-of-living crisis

The cost-of-living crisis is drastically changing almost every aspect of life for UK citizens.

As a country in an uncertain economic condition, there’s a vast number of questions surrounding how we can best manage it.

Two of the most vital questions you may find yourself asking at this time are:

• what are we spending our money on?
• how can we save money in these areas?

As prices skyrocket in almost every sector, and wages are failing to keep up with the rising costs, we may need to take a much closer look at our spending habits during this crisis.

Online Betting Guide (OLBG) provided some clarity on this subject with their Discretionary Spend Index. OLBG researched the main areas where Brits are spending most of their money each year.

The findings revealed, on average, Brits spend over £13,000 every year across 12 main categories of spending. Compared to financial experts’ recommendations, this is over £3,000 more.

So, what are we spending on, and how can be more cost-efficient?

One of the main areas investigated by OLBG, was the money spent on gambling and sports betting.

So, in this article we’ll discuss what are the UK’s spending habits, when it comes to gambling, and how we can be more responsible with our cash.

Sports betting habits during the cost-of-living crisis

Amidst the cost-of-living crisis, the money spent on gambling and sports betting hasn’t gone down, but instead has risen slightly.

OLBG conducted research in this area, and found each year, the average Brit spends over £250 on gambling and sports betting, which is an increase of £4 from 2019/20.

It’s also been revealed that a quarter of gamblers have increased their habit over the last year.

How responsible betting can save money

There are various tips you can use to make sure you’re having a more responsible gambling experience:

• Conduct thorough research

One of the best ways to achieve a more responsible betting experience is to conduct thorough research beforehand.

For instance, if you were betting on the outcome of a sports match, it would be a good idea to research every aspect of the team, such as the players involved, how many games they’ve won, and whether they’re the favourite to win.

By knowing more information surrounding your bets, you’ll not only have a more enjoyable experience with a good understanding of the sport you’re betting on, but also make more responsible choices.

• Set spend limits

It’s also essential you use spend limits when making any bets. This is vital to ensure you’re only betting an amount you’re comfortable with, and don’t risk more than you can afford.

Spend limits can either be something you’ve set for yourself to follow, or a feature you use on your betting/gambling platform.

Spend limits can help you to bet safely and responsibly, where you don’t risk overspending a substantial amount.

• Use a gambling and betting guide

Another pivotal tip for safe betting, is to follow the expert guidance of a betting guide.

These can often involve beneficial tips offered by experienced professionals, who know how to help you have an enjoyable and safe betting experience.

For example, OLBG offer an extensive guide on responsible betting, which can help you reduce the risk of overspending, and allow you to have a safer experience with every bet.

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Spending habits are crucial when it comes to tackling the cost-of-living crisis. Now you’re more aware of how to manage your gambling spending more effectively, you can enjoy betting safely and responsibly.