Americans are willing to spend a lot of money on their favorite sports teams. For example, tickets to Super Bowl LVI sold for an average of about $9,500, according to TicketIQ.
And this fall, 33% of Americans expect to go into debt after spitting out their favorite teams.
That’s according to financial services firm LendingTree, which surveyed 1,578 Americans about 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 varies by age. Here’s the average amount Americans plan to spend on their favorite sports teams, by generation:
Millennials are the generation most likely to spend money on sports, with about 50% planning to spend, LendingTree finds. About a quarter of them bet their money on live tickets.
While it’s fun, too many splurges can lead to long-term consequences. About 42% of both Gen Z and millennials expect to get into debt due to sports spending, while only 11% of boomers expect it to.
And those who earn less are more likely to go into debt. Of respondents who earn less than $35,000 a year, 44% expect sports spending debt, while only 28% of six-figure earners have the same fear.
Only a small number of Americans – 8% – plan to participate in sports betting and 7% will spend money on fantasy teams. However, the stakes can be high: 33% of respondents who plan to gamble say they spend more than $1,000.
But this debt isn’t all bad per se. “If you do it wisely and in moderation, sports betting can be great and fun,” says Schulz. “Fantasy soccer leagues, March Madness brackets, Super Bowl pools, and trips to Vegas with family and friends can be fun and lucrative — creating memories that last a lifetime.”
Debt is usually seen as something negative, but Schulz says that sometimes it can be okay to have a once-in-a-lifetime experience.
However, it is important not to let it go too far. 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 accruing interest.
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