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Gen Z’s Latest Addiction Inflicts Massive Financial — and Emotional — Damage
By Movieguide® Contributor
Sports betting became legal in the United States nearly seven years ago and has since become Gen Z’s latest growing addiction.
“We’re seeing that sports betting is really impacting Gen Z at higher rates, which likely has a lot to do with just how digitally native that generation is,” Courtney Alev, a consumer financial advocate at Intuit Credit Karma, said. “Growing up in an era where everything is online, sports betting has just become another piece of that.”
Major sporting events like the Super Bowl — Super Bowl LIX brought in over $1.39 billion in sports betting — or the upcoming March Madness tournament prove just how strong this addiction is among Gen Zers. Major betting company DraftKings alone brought in $13.7 billion in 2024.
According to a study by Qualtrics on behalf of Intuit Credit Karma, 37% of Gen Z is addicted, which is 14% more than all other demographics. The same study also found that 22% of U.S. adults 18 and older who either engage in sports betting or have a partner who does say sports betting has “caused financial hardship and emotional distress for themselves and their families.”
READ MORE: TEEN GAMBLING INCREASES AS MORE STATES LEGALIZE SPORTS BETTING
These financial difficulties include “depleted savings (26%), struggles to afford basic necessities (21%), missed or late payments on important bills (20%), decreased credit score (19%), and having to take out payday loans or cash advances (18%) and maxed out credit cards (18%).”
“The explosion of online sports betting rakes in billions in revenue annually, in some cases, at the expense of peoples’ financial lives,” Alev explained. “While it may be a harmless vice for many who engage in the act, others find themselves entangled in a dangerous cycle of gambling that could be financially catastrophic when succumbing to chasing losses or betting beyond their means. Not to mention that these losses often extend beyond just money: they can erode trust within families, lead to mounting debt, and destroy personal relationships.”
She continued, “For those who find themselves in a precarious place as it relates to sports betting and gambling-related debt, the first step to recovery is acknowledging the issue and seeking help. Getting professional help is likely the best chance at taking control of unhealthy betting habits, and making a plan for how to get out of debt. Even if you don’t have a gambling problem, it’s good practice to set rules and guidelines for yourself to ensure you’re always in control of your spending.”
While sports betting addiction continues to rise, people’s awareness of the issue is also growing.
A recently published JAMA International Medicine study found that online search queries seeking help for gambling addictions have increased 23% nationally since the 2018 Supreme Court ruling that legalized sportsbooks.
“Sportsbooks regulations are lacking because the Supreme Court, not legislators, legalized them,” said the study’s senior author John W. Ayers. “Congress must act now by passing commonsense safeguards. History has shown that unchecked industries — whether tobacco or opioids — inflict immense harm before regulations catch up. We can either take proactive steps to prevent gambling-related harms or repeat past mistakes and pay the price later.”
READ MORE: PEOPLE SEEK HELP FOR GAMBLING ADDICTION FOLLOWING NORMALIZATION OF SPORTS BETTING
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