Gen Z Dominates Online Betting, 88% of Activity in July

In July, about 5% of Bank of America customers participated in online betting, a 40% increase since January. The number of new users tripled in June and July compared to the beginning of the year. Gen Z and Millennials account for 88% of the activity, with 48% attributed to Gen Z. Despite this popularity, the recovery ratio remains below 1, with bettors recovering less than $0.75 for every dollar wagered. The median balance of online bettors' deposit accounts is 59% of that of non-bettors. A study indicates that the legalization of sports betting in the United States has reduced savings among vulnerable households. Additionally, 20% of respondents view betting as an investment, with Gen Z being twice as likely to confuse betting with financial investments. The rise of prediction markets reinforces this confusion, as young people see these contracts as investments. Faced with stagnant wages and high inflation, youth are turning to online betting for quick gains, although productive investment remains the only viable long-term strategy.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.