Gambling has become an increasingly visible part of everyday financial life — no longer limited to casinos or annual trips to Las Vegas. Now, gambling is woven into the fabric of mobile apps, social platforms, and live sports. With every major sporting event — and even real-life events, new incentives to wager appear just a tap away.
MX’s latest analysis of aggregated and anonymized consumer data reveals serious implications for financial well-being for consumers who choose to gamble.
In just one year, gambling activity rose sharply across all income tiers — with those who may be most financially vulnerable spending nearly twice as much.
These findings illuminate how certain spending patterns can serve as early indicators of financial risk. And, how data-driven insights can help financial institutions and fintechs protect consumers before financial stress turns into a financial crisis.
Understanding the Modern Gambling Landscape
What was once a leisure activity confined to casinos and betting shops is now seamlessly integrated into digital experiences, including sports betting apps, fantasy leagues, online poker, and even gamified prediction markets on nearly every aspect of real-life events.
This democratization of access has certainly expanded participation, but how has it changed consumer finances?
To look at exactly how gambling impacts consumers, we took a look at gambling behaviors across several consumer demographics:
Income and Behavior: Two Lenses, One Pattern
Perhaps unsurprisingly, more money means more gambling. Regardless of spending behavior, our data shows a steady increase in gambling participation as income increases.
However, that’s not the whole story. At every income level, those with poorer spending habits are more likely to participate in gambling.
Consumers that outspend their income (those in our poor spend behavior group) also consistently spend nearly twice as much on gambling. And, among our lower-income group, those who participate in gambling increase nearly a full percentage point among those with poor spending habits.
The Seasonal Shift: Football and Finances
Our team also took a closer look at when consumers are most likely to gamble. The answer? Football season.
MX data shows participation rose by as much as 40% during football season compared to off-season months. The data also shows a smaller spike during the March Madness basketball tournament, with participation jumping from 1.9% in February to 2.8% in March.
And, it’s not only participation that increases during football season. Spending increases as well. The average gambling spend climbs by roughly 25% to 40% per user.
The timing of this increase matters. Football season overlaps with other major spending moments — holiday travel, gift purchases, and year-end expenses. For those who already show a habit of overspending compared to what they earn, this convergence can lead to a temporary but significant rise in financial stress.
By planning ahead for these predictable spending surges, financial providers can use data to anticipate risk and offer timely support, such as reminders about budgeting goals or insights into shifting spending patterns.
The Implications for Financial Wellness
For some consumers, gambling represents a form of entertainment or social engagement. For others, it may be a coping mechanism for financial anxiety or instability.
Our data makes it clear that overspending behavior consistently aligns with higher gambling frequency. This suggests that the same underlying factors that drive consumers to excessive spending — impulse, optimism bias, or emotional stress — may also drive gambling decisions.
For lower-income households with poor spending habits, the financial consequences are particularly severe. Even modest gambling expenses can compound existing shortfalls, delay bill payments, and contribute to reliance on high-cost credit products. For higher-income households with poor spending habits, gambling may not create immediate distress, but it can erode long-term savings and increase exposure to financial volatility.
While just a snapshot into consumer gambling behaviors, these findings underscore the importance of viewing financial health holistically. Traditional measures such as income or account balance alone cannot capture behavioral risk. Instead, data on spending habits and category-level trends can offer a richer picture of financial wellness.
Financial providers have an opportunity to turn this data into action to help consumers better manage their finances and avoid financial stress:
- Personalized notifications that flag unusual increases in discretionary spend categories like gambling.
- Contextual financial education that shows how short-term entertainment spending impacts long-term financial goals.
- Tools that promote awareness and self-regulation rather than restriction or judgment.
When used responsibly, personalized data becomes a foundation for empathy and trust. It allows financial providers to recognize when consumers are most vulnerable and respond with timely, personalized guidance that supports financial strength.
Building Financial Resilience, Together
The growth of digital gambling presents both a challenge and an opportunity for the financial ecosystem. Understanding the behavioral dimensions of gambling can help financial institutions, fintechs, and policymakers promote healthier financial habits and reduce stress across populations.
But, it’s important to note the path to financial well-being is personal. Managing money is stressful, messy, and emotional. Money is consistently rated a top source of stress for consumers — MX research shows that more than half (51%) of consumers agree that money is their main source of stress.
Some personal financial management (PFM) tools don’t consider this stress, delivering data that consumers don’t know how to act on or causing them to simply shut down. In fact, our research shows 22% of consumers avoid checking their finances, with avoidance even higher among Gen Z (33%) and Millennials (28%).
To support consumers on their financial journey, it’s about awareness, insight, and empowerment. With the right insights and personalized tools, financial providers can offer education and support that doesn’t just help consumers strengthen account balances, but also confidence, security, and trust.
At MX, our mission is to empower the world to be financially strong. We believe that, by turning financial data into meaningful insights, we can help people better understand their financial behavior, make informed decisions, and achieve lasting financial confidence and financial strength.