PSCU Payments Index March 2022: Deep Dive on Gambling
Summary: Consumer spending remained very strong throughout the month of February, with the growth rate of credit purchases nearly twice that of debit purchases year over year. Overall credit purchases were up 27% and overall debit purchases were up 14%, with continued top results in the Travel and Entertainment sectors, followed by the Gasoline and Restaurant sectors. This month, we detail Gambling and the notable growth in legal sports betting – both following Super Bowl LVI last month and over the past several years.
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Key takeaways include:
- Online legal gambling has accelerated since 2019 with growth in sports betting. Merchants like FanDuel and DraftKings have drawn in a younger population of consumers as the number of states that permit online gambling grows.
- The Consumer Price Index (CPI-U) for February increased to 7.9%, its highest point since January 1982.
- Continued stronger-than-expected job growth was recorded for February, with 678,000 new jobs.
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