This study examined the impact of football betting on  socioeconomic status of youths in the FCT, Nigeria. This study adopted the Tversky and Kahneman’s Prospect theory and Expected utility theory. In all, a total of three hundred and thirty five (335) respondents were used for the study. The Pearson product-moment correlation coefficient (r) and Spearman’s rank test were prepared with Statistical Package for Social Science (SPSS) Version 23 to measure the relationships between variables namely; Football Betting (FB), Football Betting Ads (FBA), Peer Group Pressure (PGP) and Socioeconomic Conditions of Youths (SCY). The major findings indicated that there is a significant relationship between; football betting and the socioeconomic status of youths in Federal Capital Territory (FCT), football betting and customer patronage of football betting products in Federal Capital Territory (FCT), football betting advertisement and consumers’ frequency of betting in Federal Capital Territory (FCT), economic gains and customers’ patronage of football betting products in Federal Capital Territory (FCT) and peer group pressure and customers’ patronage of football betting products in FCT. This research has concluded that football betting has an undeniable socioeconomic impact on the consumers’, particularly the behavior of youths in the Federal Capital Territory (FCT). Its economic impact on the mentality of youths in FCT cannot be overemphasized as many youths engaging in betting see it as a profitable venture that can help them tame poverty and sustain livelihood. It was recommended that State and Federal Ministry of Culture, National Orientation Agency and the FCT government should work together to sensitize young Nigerians against developing addictive habit to football betting and depending on it as a source of livelihood. Also, both State and Federal government agencies in charge of entrepreneurship development should develop and implement more strategies for attracting young Nigerians especially tertiary institution students to cultivate productive entrepreneurial skills and ensuring that these skills are effectively put to use.