And this fall, 33% of Americans plan to go into debt after splurging on their favorite teams.
That’s according to financial services firm LendingTree, which surveyed 1,578 Americans how much they plan and are willing to spend on sports this fall.
“Americans love, love, love their sport, and we’re not afraid to spend money on it,” Matt Schulz, chief credit analyst at LendingTree, said in the report.
On average, sports fans plan to spend $664. However, it differs by age. Here’s the average amount Americans plan to spend on their favorite sports teams, by generation:
- Generation Z (18 to 25 years old): $464
- Millennials (ages 26 to 41): $645
- Generation X (42 to 56 years old): $827
- Baby boomers (57 to 76 years old): $641
Millennials are the generation most likely to lose money in sports, with around 50% planning to spend, according to LendingTree. About a quarter of them will invest their money in live tickets.
While fun, too much splurge can have long term consequences. About 42% of Gen Z and Millennials plan to incur debt due to sports-related expenses, while only 11% of Baby Boomers do.
And those who earn less are more likely to go into debt. Among respondents who earn less than $35,000 a year, 44% expect to go into debt on sports spending, while only 28% of six-figure earners have the same fear.
Only a small number of Americans – 8% – plan to make sports bets, and 7% will spend money on fantasy teams. However, the stakes can be high: 33% of respondents who plan to gamble say they will spend more than $1,000.
But this debt is not necessarily all bad. “Taken wisely and in moderation, sports betting can be an amazing and fun thing,” says Schulz. “Fantasy football leagues, March Madness brackets, Super Bowl pools and trips to Vegas with family and friends can be fun and lucrative – and create memories that last a lifetime.”
Debt is generally seen as a negative thing, but Schulz says it can sometimes be okay if it gives you a once-in-a-lifetime experience.
However, it is important not to go overboard. If you use a credit card to pay for sports-related expenses, try to pay off the card in full each month to avoid going into debt and accumulating interest.