The Real Reason Why 50 Million Americans Will Be Betting On The Super Bowl

As I write this, more than 22,000 people are believed to have lost their lives due to the 7.8-magnitude earthquake that struck southern Turkey and northern Syria on Monday, with millions more affected.

Even with aid being provided by numerous countries, recovery efforts are hampered by frigid temperatures and crumbling infrastructure, particularly in northern Syria, which has already been devastated by years of civil war.

As many of you know, we invest in Turkey, where stock trading has been halted until February 15 in response to a steep selloff. We’re closely monitoring the situation and are in contact with analysts who can provide us with “boots on the ground” knowledge and insight. We’ll likely have more to say next week.

On behalf of everyone at U.S. Global Investors, I wish to extend my deepest sympathies to all who have been affected.

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This Super Bowl will also be remembered, I believe, as a major turning point in sports betting in the U.S. More than 50 million American adults are expected to bet on the game, the most ever and a remarkable 61% increase from last year. Betters could collectively wager as much as $16 billion, according to the American Gaming Association (AGA).

So why is this happening? An obvious contributor is the growing availability of online sportsbooks like DraftKings, FanDuel and others. Five years ago, the Supreme Court overturned a 1992 federal law that banned gambling on sports, and today, sports betting is legal in more than 30 states plus Washington, D.C., with several more debating it in state congresses.

Availability to gambling aside, I think there’s more going on when it comes to explaining the large volume of people participating this year.

Record-High Percent Of Americans Predict Stock Declines In First Six Months Of 2023

Simply put, people are disappointed with how the stock market has performed over the last 12 months, and they feel jaded by stubbornly high inflation and rising interest rates. Take a look at the returns for companies that advertised during last year’s Super Bowl: