Gen Z Drives 50% of Online Sports Betting as 66% of Young Investors Wager
Updated
Updated · CNBC · Oct 4
Gen Z Drives 50% of Online Sports Betting as 66% of Young Investors Wager
2 articles · Updated · CNBC · Oct 4
Summary
Bank of America found Gen Z accounted for nearly 50% of online betting activity in July during the 2026 World Cup, overtaking millennials for the first time.
Betterment’s August survey showed 66% of Gen Z investors bet on sports, 52% shifted money meant for investing into wagering, and 26% treated it as part of a long-term financial strategy.
That blurring has widened since the 2018 Supreme Court ruling enabled sportsbooks in 30 states and 2025 prediction-market sports contracts extended access into more states and to some users under 21.
Financial and mental-health experts warn most sportsbook and prediction-market users lose money; Bank of America said online-betting households held median deposit balances just 59% of non-bettors.
Counselors say harms can show up in school, work and relationships even before addiction treatment is needed, pushing colleges and platforms to add limits, age checks and support tools.