Sports betting vs. investing: Americans turn to betting for long-term wealth
Sports bettors use strategies like arbitrage to treat wagering as an alternative investment for building long-term wealth.Summary
Business Insider profiles three sports bettors — Bill Collins, Alex Monahan, and Matt Downs — who treat sports betting as an investment strategy rather than gambling. Collins, a former Gamblers Anonymous attendee, quit his day job in 2023 to bet full-time using arbitrage, earning over $12,000 in August 2024. Monahan, a former quant trader at Susquehanna, accumulated over $800,000 in lifetime sports betting profits before leaving the industry. Downs, a former bank worker, transitioned to part-time sports betting after hitting limits set by sportsbooks, making $21,366 in profit so far this year. They share common goals of financial independence and quitting their jobs, though they acknowledge risks such as losing streaks and sportsbooks limiting successful bettors. A Betterment survey found over half of Gen Z investors have redirected funds to sports betting, with 26% viewing it as a long-term "investment strategy." The $17 billion industry grew 4,150% since the Supreme Court's 2018 ruling, yet only an estimated 3-5% of bettors are profitable long-term.
(Source：Insider)