Not every sports star has huge reserves of money but it is fair to say that a lot of top sports can be lucrative. People who reach the top of the NFL or EPL are going to be making significant wages. Some sports stars have even turned themselves into billionaires.
Making money isn’t just about wages. Players become brands and can therefore endorse products or get incredible sponsorship deals. Many Premier League players are millionaires and some of the deals that are being handed out in top sports are eye-watering to a lot of us!
Players tend to have a few ways in which they spend their money beyond the basics. Those sports stars with a lot of disposable income may even find some creative ways to spend.
Sports players have a lot of eyeballs on them. They need to switch off when they get away from the court and gambling is a popular hobby among sports stars. Table games are popular for a lot of players as they often still retain an element of strategy that players can practice, something they are normally used to from being on the pitch or court!
The time when gambling would have been public is no longer. Players can gamble online in private if they want to and have more options to play online table games including blackjack without having to go to a physical casino. Modern casinos often provide a lot more in terms of payment options and the way players can play. Sports stars do a lot of traveling so the fact that they can play games such as table games on-the-go is a big appeal for some players.
Players who play poker often find the element of strategy and making choices to be part of the appeal of the game (along with reading others) and there are plenty of videos online where people share their own strategies.
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Other forms of gaming are popular. People who follow sports players online may know that a lot of them also enjoy gaming such as console games. Portable gaming setups and modern handheld gaming devices have made this much more straightforward – people are effectively carrying a PC around in their pockets.
Charity
It is a sign of a good character when somebody wants to help others and many athletes are also passionate about giving back to their communities and supporting causes close to their hearts. Philanthropy is often a significant part of their financial plan which allows them to use their platforms to make a meaningful impact on the world. Juan Mata (formerly of Man United and Chelsea) set up Common Goal, a charity where players give 1% of their salaries and the money is given to good causes. 1% may sound like a small amount but if all sports stars signed up it would be an incredible sum of money.
One of the most charitable sports figures is football star Cristiano Ronaldo and the Portuguese regularly donates millions to various causes.
Players like Lionel Messi and NBA star Stephen Curry have set up their own charitable foundations. These initiatives often focus on education or community development in their home countries. It is a great way of allowing athletes to leverage their wealth for good and leave a lasting legacy off the field or court.
Business and Investments
Top sports stars handle their money by investing in business ventures (if they are sensible). Many athletes recognize that their playing careers have a limited window so investing in long-term opportunities is a way to ensure financial security beyond their prime athletic years. Numerous stars have successfully branched out into industries like real estate. Many set up LLCs to do so which is a way to protect themselves from personal liability if the investment goes wrong.
Basketball legend LeBron James has built an impressive business portfolio that includes a stake in Liverpool FC plus investments in media companies and even his own production company called SpringHill Entertainment. Serena Williams launched her own venture capital firm as well as being heavily involved in fashion and makeup – there are hundreds of examples.
Real estate is another popular choice for sports stars. From luxurious mansions to commercial properties, many athletes diversify their wealth by purchasing high-value assets. David Beckham may be a global star but he is known to have a lot of properties around the world as well as a huge personal brand.
Conclusion
No two sports stars are the same. Some will drive around in a car that costs more than most homes while others may be more focused on a modest lifestyle and keeping things affordable so that they can preserve wealth for the future and invest in assets. With a lucrative career, sports stars have to make decisions on what to do with their money.
