Gen Zers and Millennials Dominate 88% of Sports Betting Activity

Gen Zers and Millennials account for 88% of all sports gambling activity today. One in five Americans now views sports betting as a legitimate financial strategy. Adoption of online gambling increased by 40% in July compared to the start of the year.

About 5% of Bank of America's customers participated in online gambling in July. Men continue to gamble more than women. 37% of wagers were placed by people in lower-income accounts, with middle-income accounts constituting 34% of the activity, and high-income accounts accounting for 29% of all bets.

In July, 48% of all bets were placed by Gen Zers, with Millennials bringing in another 40% of the total. Gen Xers account for 9% of the total wagers, followed by Baby Boomers with 3%. Younger consumers have generally been quicker to adopt emerging digital platforms, including crypto, buy now pay later (BNPL) products, and online marketplaces. The average return set at less than 75 cents on the dollar. Gen Zers generated about 82 cents on the dollar, followed by Millennials. High-income Gen Zers who gambled actually had higher returns than their middle- and low-income peers.