The market isn’t always kind to our pockets, and when inflation is running rampant, it can take its toll on gas prices and many other industries. One segment of the population that experiences extreme effects is the gambling industry, but not in ways you might expect. Some people are turning to gambling to combat inflation and it might be more common than you think. Are sports betting or blackjack really an effective way to challenge inflation? Here’s what you need to know about the places people are searching to help maintain their money.
Betting Opportunities Are Everywhere, But Are They Worthwhile?
Gambling is everywhere, and there’s a ton of information promoting it to people left and right. For some, it can be viewed as a method of securing some cash, but that isn’t a reality for most people. Most experts believe gambling should simply be considered entertainment and not a sustainable income solution. This is especially true during times of financial crisis. Placing your money on bets might be even riskier if you’re in the midst of a down market. Instead, experts suggest other methods of investing your money (which we’ll get to later) to help you withstand the times.
How Are Casinos Performing?
Naturally, one would expect gambling to be curtailed during inflationary periods, but that is far from the case. In fact, American casinos are performing phenomenally, and in the third quarter of 2022, the gambling industry reported its best quarter ever. Almost half of America’s gambling states reported revenue records in the quarter, possibly pointing to an increased demand for gambling in an economic downturn.
Is There a Breaking Point for Gamblers?
Many people believe that at some point, there will come a breaking point for American residents. Rising inflation has led to a return of household savings to pre-pandemic levels. Increased costs have tightened budgets, and with the situation seemingly getting worse before it improves, things seem ripe for a change. Even though the industry is thriving, globally, there seems to be an indication that individuals are starting to consider rising costs in their evaluations.
In a YouGov poll, about 37% of surveyed individuals from households all over the world said that they would curtain their gambling if prices kept escalating. It’s safe to say that there will come a point when people will start considering other ways to utilize their money.
What Financial Experts Say You Should Do With Your Money
If you’re sitting on a wad of cash, responsible gambling might not be a bad idea. But if you’re tight for money or looking for other ways to invest in your future, some expert tips can help. Here are some other places to store your cash to protect yourself during these economic times.
- Treasury Inflation-Protected Securities (TIPS)
- Cold Hard Cash
- Stocks
- Short-Term Bonds
- Real Estate Investments
Having Trouble Quitting Gambling? 800-GAMBLER Can Help
Gambling isn’t a guaranteed win, and if you’re worried about the impact of inflation, you should certainly reconsider using gambling as a method of making money. If your desire to gamble has turned into something more than just having a good time, consider contacting 800-GAMBLER’s free confidential helpline. Get support for friends and family, or watch our webinars to gain insight into ways gambling impacts individuals of all ages. Give us a call today at 1-800-GAMBLER if you or a loved one needs professional support.