In preparation for this article, I did something I never thought I would do. As long as I can remember, I have never been a fan of betting or gambling. I always viewed it as a waste of money, and a silly hobby with some nasty consequences. But this week, I gave in, and I downloaded a free sports betting app on my phone.
I hate to say it, but I understand now. After risking my free dollar on a four-leg parlay, I received a $20 payout. You know what? I get it. It felt great to win free money. It also confirmed my suspicions. Young people, including myself just this one time, love the risk and thrill that comes with sports betting, for more reasons than one.
Sports betting is more popular than ever before. Though the decision to legalize it was turned over to the states in 2018, we’ve seen sports betting explode in the past few years, reaching revenues of $13.7 billion in 2024. Though 44% of 21–34-year-olds report sports betting, I would venture to say the number is much higher when you include the 18–21-year-olds who can bet in some states. Just in conversation with my own friend groups at UConn, I found that more than half of my friends had bet on a sports event before.
Despite being the least wealthy age group in America, Generation Z and Millennials are the most risk seeking, especially when it comes to financials. The first reason could likely be attributed to the Great Recession. While the older Millennials were well aware of the 2008 crash, Generation Z isn’t so familiar with it. Millennials would have seen parents lose jobs, savings be destroyed and outlandish gas prices. A current 21-year-old would have only been four or five years of age during this time, making the effects of the crash seem much more distant and difficult to fully perceive.
The second financial cause of young people’s affinity for risk is just that — they are young. While people in the upper and middle-aged brackets are focused on growing their savings and planning for retirement, young people see their age as an opportunity to take risks with plenty of time to make up for anything that might go wrong.
We’ve already seen this attitude with young supporters of President Donald Trump. Trump overperformed with young voters compared to 2020, most citing the economy and inflation as the driving factors for their decision. Curiously, from the conversations I have had, many of these young people aren’t as stressed as older people about the recent market tumble due to tariff announcements. Rather than reacting with panic, these individuals are willing to weather what they think will be a short period of pain, for a long future of economic success. On the other hand, older people do not have that liberty of time. In the same way, young people are more willing to spend money on sports betting and risk financial hardship, for they have plenty of time to make up whatever they lose.
While an analysis of financial attitudes presents a strong argument to explain young peoples’ love for sports betting, I would be remiss if I did not address the effects that social media has on their mindset. With the rise of short form content like TikToks, Instagram Reels and YouTube Shorts, young people are used to instant gratification. From the “like” button to the personally curated “For You” page, social media apps are designed like casinos, pushing people to swipe until they win and trigger their brains’ reward pathways. Online sports betting has the same function, and young people are addicted to this instant gratification. When a parlay or bet hits, especially a risky and profitable one, dopamine and other chemicals are released in the brain, satisfying young peoples’ need, while also providing a financial bonus.
To a young person with limited current financial responsibility and a long life ahead of them, all of these reasons may seem good enough to justify sports betting. In some ways, I agree. When done responsibly and well informed about the dangers and signs of addiction, sports betting can be a fun way to compete with friends and make a quick buck.
Sports betting has become something that my friends and I can bond over. We compare bets, talk about the research and reasoning behind them and watch the events together. It has also opened new doors for conversation with strangers. Before downloading the sports betting app, I only cared about three specific sports teams. Now, I have some general knowledge that can help me spark conversation with anyone, no matter what their favorite team is.
There are safe ways to indulge in sports betting. You can use apps like Fliff, where you can bet purely for entertainment, with no money at risk. You can limit yourself to a certain budget per week. With these measures in mind, sports betting is not inherently harmful. The dollar you put down on a risky parlay is not going to decide your future. It becomes harmful when it becomes an addiction. It becomes harmful when you are no longer young and carefree, and you continue to place risky bets that jeopardize your future. There are many reasons to use to justify your sports betting, but an addiction is not one of them. So, if you notice that the occasional bet turns into a daily and costly occurrence, that is when it is time to delete the app and reach out for help.