Betting on risk: applying perceived risk theory to online sport betting across bettor and non-bettor segments

The explosive growth of online sport betting has created a novel consumption context that challenges the direct application of established consumer behavior frameworks. This study applies perceived risk theory to online sport betting by examining the relationship among consumer confusion, perceived risk, and behavioral intentions across two distinct consumer groups: active sport bettors (n = 250) and non-betting sport fans (n = 249). Data were collected via an online panel of U.S. residents from states with legalized sport wagering in November of 2023. Structural equation modeling and MANOVA results revealed perceived risk theory’s core risk-deterrence assumption held for non-bettors: consumer confusion increased perceived risk, which strongly deterred behavioral intentions. However, among experienced sport bettors, while confusion increased perceived risk, perceived risk had no significant association with intentions. Betting frequency also moderated this association, although the modest effect should be interpreted cautiously. These findings indicate heterogeneity in the association between perceived risk and behavioral intentions across and within the study’s betting segments. Practically, risk-based responsible gambling communications may not align equally well with the intention formation of active sport bettors and non-betting sport fans.