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Investigating the Relationship between Financial Motivation and Risk-Taking Behaviour in Sports Betting among Different Demographics in Nigeria

Onoh John Okey PhD, Mbanasor Christian PhD, Humphrey Uche Amanze PhD

Abstract

In investigating the relationship between financial motivation and risk-taking behavior in sports betting behavior. This study aims to investigate the relationship between financial motivation and risk-taking behavior in sports betting among different demographics and identify the factors influencing risk-taking behavior in sports betting. The use of questionnaires to collect data and analysis of responses using SPSS computer package was actualized using regression model. There was only one dependent model which was the risk-taking behavior in sports betting. Financial motivation, demographics (age, income, education level) constituted the independent variables. The control variables included betting experience and frequency of betting. Overall, these results suggest that there are significantly strong arguments that suggest a very strong nexus between financial motivation and risk-taking behavior. The results prove demographics play a significant role in explaining the variation in financial motivation and risk-taking behavior. Apparently, the results show age, income and betting experience as significant predicators of risk-taking behavior. The three hypotheses in the study were all accepted. In conclusion, the results show a significant relationship between financial motivation and risk-taking behavior. The model fitting information suggests that demographics collectively contribute to the model, indicating that financial motivation and risk-taking behavior differ across various demographics. The model fitting information suggests that age, income, and betting experience are significant predictors of risk- taking behavior. The recommendations included targeting responsible gambling initiatives that consider demographic differences, age, income, and betting experience. Offer financial education resources to help bettors manage their finances effectively and make informed decisions. Provide risk management tools, such as betti

Keywords

Financial MotivationRisk-Taking BehavioursSports Betting and Demographics

References

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Sports Betting: Gambling, Public Health and Public Policy. Journal of Gambling Studies, 32(2), 497–510. - Lamont, M., Hing, N., & Gainsbury, S. M. (2016). Understanding problem gamblers' attitudes towards gambling and perceptions of gambling-related harm. Journal of Gambling Studies, 32(2), 511–525. - Parke, J., & Griffiths, M. D. (2006). The psychology of the fruit machine: A review. International Journal of Mental Health and Addiction, 4(2), 117–129. Research Questionnaire on a 5-point Likert scale for the topic "Investigating the Relationship Between Financial Motivation and Risk-Taking Behaviour in Sports Betting among Different Demographics": Section 1: Demographic Information (5 questions) What is your age? 1. 18-24 2. 25-34 3. 35-44 4. 45-54 5. 55 and above What is your income level? 1. Less than ?50,000 2. ?50,000-?100,000 3. ?100,000-?200,000 4. ?200,000-?500,000 5. More than ?500,000 What is your level of education? 1. Secondary school 2. Diploma/NCE 3. Bachelor's degree 4. Master's degree 5. PhD and above What is your occupation? 1. Student 2. Employed 3. Self-employed 4. Unemployed 5. Retired What is your marital status? 1. Single 2. Married 3. Divorced 4. Widowed 5. Separated Section 2: Sports Betting Behaviour (5 questions) How often do you engage in sports betting? 1. Never 2. Rarely 3. Occasionally 4. Frequently 5. Almost always How much money do you usually spend on sports betting per week? 1. Less than ?1,000 2. ?1,000-?5,000 3. ?5,000-?10,000 4. ?10,000-?50,000 5. More than ?50,000 What motivates you to engage in sports betting? (Scale: 1 = Not at all motivated, 5 = Extremely motivated) a) Financial gain b) Entertainment c) Social interaction d) Other (please specify) How do you usually place your bets? 1. Online 2. Offline (bookmakers' shops) 3. Both 4. Other (please specify) 5. Not applicable Have you ever experienced financial difficulties due to sports betting? 1. Never 2. Rarely 3. Occasionally 4. Frequently 5. Almost always Section 3: Financial Motivation (5 questions) I engage in sports betting primarily for financial gain. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I believe sports betting is a reliable way to make money. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I often chase losses in sports betting in an attempt to recoup my money. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Financial gain is the most important factor in my decision to place a bet. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I would stop betting if I didn't have financial difficulties. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Section 4: Risk-Taking Behaviour (5 questions) I am willing to take high risks in sports betting for potential high rewards. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I often bet more than I can afford to lose. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I believe that the potential rewards of sports betting outweigh the risks. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I have placed bets that I later regretted. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I tend to make impulsive decisions when placing bets. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Section 5: Attitudes towards Sports Betting (5 questions) Sports betting is a form of entertainment. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Sports betting is a reliable way to make money. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Sports betting can be addictive. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I feel guilty about my sports betting behaviour. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I believe sports betting has a negative impact on society. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Section 6: Consequences of Sports Betting (5 questions) How often do you experience financial stress due to sports betting? (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Have you ever lied to family or friends about your sports betting activities? (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Have you ever borrowed money to place bets? (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Have you ever experienced relationship problems due to sports betting? (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Have you ever sought help for problems related to sports betting? (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) Section 7: Future Outlook on Betting (5 questions) I plan to continue betting in the future. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I intend to increase my betting frequency in the next 6 months. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I will set limits on my betting activities to avoid problems. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I am likely to seek help if I experience betting-related problems. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree) I believe I can control my betting behaviour. (Scale: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree, 5 = Strongly agree)

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