Gen Z and Millennials accounted for 88% of online betting activity in July, according to Bank of America, as more consumers began using betting platforms during the summer. Gen Z represented 48% of activity, while Millennials accounted for another 40%, far ahead of older age groups. Bank of America also found that first-time online betting users in June and July were more than three times January levels. At the same time, the bank’s data points to a different financial picture for bettors. Customer inflows to betting platforms averaged less than three-quarters of outflows during the period studied, while households that participated in online betting had median deposit-account balances equal to 59% of those that did not. The findings also show that some consumers increasingly view sports betting through an investment lens, with one in five survey respondents describing it as a form of investment.
Younger Consumers Account For Most Online Betting Activity
Bank of America‘s consumer account data shows that online betting activity is concentrated among younger consumers. In July, Gen Z accounted for 48% of activity, followed by Millennials at 40%. Gen X represented 9%, while Baby Boomers accounted for 3%. The figures were also reported by Casino Guru, which noted that around 5% of Bank of America’s customers participated in online betting in July. Overall participation was 40% higher than at the start of the year, while first-time users in June and July were more than three times the January level. The concentration among younger consumers is notable. Gen Z and Millennials together represented nearly nine out of every 10 instances of betting activity measured by the bank, while Gen X and Baby Boomers accounted for the remaining 12%.
Bank of America said younger consumers have generally been quicker to adopt emerging digital platforms, including cryptocurrency, buy-now-pay-later products and online marketplaces. That provides some context for the age breakdown, although the bank’s account data does not establish that familiarity with digital services directly caused younger consumers to make up a larger share of betting activity. The research also found differences in how frequently consumers bet. Bank of America cited survey data showing that more than one-third of people who participate in online sports betting do so weekly, while almost one-quarter reported placing bets daily. Men were more likely than women to report betting at those frequencies. The increase in first-time users suggests that the rise in activity was not limited to existing bettors. Bank of America found that first-time online betting users in June and July were more than three times the January level, indicating that more consumers were entering the category during the period examined.
Betting Is Increasingly Being Viewed Through An Investment Lens
The demographic figures are only part of the Bank of America findings. The bank’s survey also looked at how consumers understand sports betting, finding that 20% of respondents viewed it as a form of investment. That perception was more common among Gen Z respondents. Bank of America found that Gen Z was twice as likely as other age groups to view sports betting as an investment. The bank linked this finding to the growing presence of prediction markets alongside traditional sports betting, saying the distinction between entertainment and investment has become less clear for some consumers.
The financial data provides an important counterpoint to that perception. Bank of America examined money moving into and out of betting platforms and found that customer inflows averaged less than three-quarters of outflows during the period studied. The bank cautioned that the calculation may not capture winnings that customers left on betting platforms. The result does not mean every bettor lost money, but it does indicate that online betting was not functioning as a meaningful source of income for most participants during the period analyzed. The bank also found that households participating in online betting had lower deposit-account balances. In 2026, the median deposit-account balance for betting households was 59% of the median balance for households that did not participate.
That comparison does not establish that betting caused the difference in account balances. It simply shows that the two groups had different financial positions in the data examined by the bank. The findings show a growing concentration of online betting activity among younger adults at a time when some consumers are beginning to view betting in terms usually associated with investing. The financial data, however, provides a different measure of the activity, with bettors generally transferring more money to platforms than they received back during the period studied.
