Sports betting is increasingly competing with traditional investing for younger Americans’ attention, with more than a quarter of Gen Z investors saying they see gambling on sports as part of their long-term financial strategy, according to a survey by personal finance platform Betterment.
About 26% of Gen Z investors born between 1997 and 2007 said they treat sports betting as a deliberate, ongoing component of their financial plans, according to an online survey of 1,000 US retail investors published Wednesday. That’s compared with about 14% of millennials (born between 1981 and 1996), 6% of Gen X (born 1965 to 1980) and 1% of baby boomers (born before 1965).
More than half of young investors said they had redirected money originally earmarked for investing into sports betting over the past year, with 14% saying they do so multiple times a month.
