Breaking: Sports betting has become so normalized that Gen Z kids think it's a legit investment strategy.
They're literally gambling on their future.
Do these kids really think they're going to retire on their gambling money??
From Bloomberg:
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. Only about one-third of Gen Z respondents said they don't participate in sports betting at all, compared with 63% of investors across the four generations surveyed.
More Zoomer investors are gambling on sports than not!
EVERY MONTH, 14% are taking money they would've spent on retirement and investments and apparently using it to gamble!
The results underscore how the rapid expansion of legal sports betting and prediction markets is reshaping the ways younger adults think about building wealth, increasingly competing for discretionary dollars that might otherwise flow into retirement accounts or brokerage portfolios.
'When a prediction market or sportsbook starts to feel like a retirement strategy, we have a problem,' said Betterment Chief Executive Officer Sarah Levy in a statement. 'These products are designed to keep people seeking the next quick score, not to help them build toward the next decade.'
This isn't just a survey of males either.
This is the generation of people who can't afford a house, and they're trusting their futures to the New England Patriots and Boston Red Sox!
We knew there was a gambling problem with young people, but my goodness, make it stop!
Some reactions, because I am out of words.
Gen Z is cooked!
Though I do like the Dodgers tonight if you're looking for a sure dub 😉
Watch our latest video 👇
