52% of Gen Z investors have redirected investing money to sports bets
Some Gen Z investors are choosing gambling on sports over investing for their future.
www.cnbc.com
Gen Z sports betting
- Thread starter gobigblue812_rivals29381
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www.cnbc.com
Neighbor's son literally drained his trust fund with on line betting. He is now at a recovery facility out west. The son is probably 24 or 25. Just a sad situation.
What a moron, I can’t say much with the amount I’ve wasted on pain killers, but I would never drain my trust fund no matter what. I checked myself into rehab when I knew it was time.
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Gambling is a tremendously negative impact on our society. It’s never been this ubiquitous before. A lot of young men’s lives are being destroyed by it.
Gambling is terrible.
Yeah being able to gamble in all 50 states is cool but the ease of which you can gamble on sports now is ruining young people who don’t learn life skills anymore. They don’t seem to understand that Vegas didn’t build itself with people’s winnings.
Don’t blame them. The economy is a dump. Not much to look forward to in America anymore.
That’s sad, but I get it.
I wager very small amounts ($5-20) on various NCAAF, NCAAM and NFL games. But all the money in those accounts is money I can afford to lose and when an account hits $0, I’m done. I’ve never made a second deposit on any app. I also might wager heavily one weekend and not again for 3-4 weeks.
But knowing my decision making skills in my 20s as the guy who'd do any drug you put in front of him, I wouldn’t have bet responsibly. I would’ve chased big, impossible parlays to (hopefully) offset a string of losses only to lose more. I would’ve bet money I didn’t have. I would’ve made gambling my personality and let the results of a random game ruin my day.
When sports gambling first was legalized I was all in, but as much as it pains me to admit it, the detractors were probably right. I’ll still occasionally bet for fun, but if it went away tomorrow I wouldn’t cry. Some people can’t gamble responsibly and these companies just seem predatory in nature. The prediction market apps are even more gross.
I wager very small amounts ($5-20) on various NCAAF, NCAAM and NFL games. But all the money in those accounts is money I can afford to lose and when an account hits $0, I’m done. I’ve never made a second deposit on any app. I also might wager heavily one weekend and not again for 3-4 weeks.
But knowing my decision making skills in my 20s as the guy who'd do any drug you put in front of him, I wouldn’t have bet responsibly. I would’ve chased big, impossible parlays to (hopefully) offset a string of losses only to lose more. I would’ve bet money I didn’t have. I would’ve made gambling my personality and let the results of a random game ruin my day.
When sports gambling first was legalized I was all in, but as much as it pains me to admit it, the detractors were probably right. I’ll still occasionally bet for fun, but if it went away tomorrow I wouldn’t cry. Some people can’t gamble responsibly and these companies just seem predatory in nature. The prediction market apps are even more gross.
economy sucks unless you have the disposable income to put away a % of every paycheck into a 401k or Roth for most of the last 20-25 years. college is getting more expensive so student loans are too. Now they have Robinhood, prediction markets like Kalshi, and sports betting apps on their phones. It's like throwing a life jacket to someone overboard but the life jacket has holes in it.
It may seem like the only viable path towards income generation for young, disaffected males who see a rigged economy and high barrier to entry for real estate. It's going to get worse before it gets better. This is a story about a Univ of Cincincnnati student from yesterday: https://www.espn.com/sports-betting...gambling-poker-addiction-college-campus-youth
I gamble here and there, usually small amounts. Nothing you would consider irresponsible. Legalized sports betting has been a net negative across the board, in my opinion. The argument that it stimulates the economy is weak because it doesn't produce anything and is largely just a source of tax revenue. People talk about it all the time like it is a source of interesting conversation. News flash: no one cares about your parlay or the result of your ticket. The constant bombardment of ads is irritating. The open predatory practices directed at the younger generations should not be tolerated and are egregious. I'd be perfectly fine going back to the good ole days of black market gambling. Where you had to find reputable bookies, and if you didn't pay up, it's your problem.
Moving money from your 401k to sports betting is insanity.
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Kind of like NIL -- once the toothpaste is out, you can't get it back in the tube. What other vices can we find ways to make more accessible for future generations?
The old ways are always best imho.
Well Seattle passes our crack pipes and stuff. Eventually they may just pass out the drugs.
All of this is really just a skill issue. Gen Z is clearly awful at gambling and do not win enough to cover their losses. They should have paid attention more when they were learning to bet. Do they not know you can roll a $5 bet 18 consecutive times and turn it into $1million. These companies give them every opportunity for a quick buck, yet Gen Z stubbornly won't change their ways. SO DUMB! It should be illegal for only Gen Z to bet. That way they stop throwing away their "hard earned" paychecks (from easy jobs). Maybe then they would stop complaining about the economy and at least attempt to learn something about finances. Do they think money grows on trees? If they ever took a break from their phones or video games to go outside they would see this is not the case! Now here's a bet. -10000 odds Gen Z in classic fashion will try to blame all of this on someone/something else.
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I bet games when I was single, as it was my money.
I stopped when I got married, as it was our money.
You have to make sure the kiddos sleep safe and eat well.
I stopped when I got married, as it was our money.
You have to make sure the kiddos sleep safe and eat well.
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When the economy is so bad you have superfluous money to gamble away.
I do not know anyone who ever had a "trust fund." I'm not feeling much empathy.
Not i.. Ill check into rehab when i die,, lol.. Love my perks..
You don’t need disposable income to gamble. If you’re addicted, that is. Point is, when men are hopeless, they turn to vices. Gambling being one of those.
Never quite understand the gaming love/addiction. It just seems like if youre doing it every day, you're eventually just going to lose money. Maybe not alot, but the house always wins in the long run.
I'm glad im so terrible at it. You shouldn't be good at too many vices, anyways, and i'm an expert drinker.
I'm glad im so terrible at it. You shouldn't be good at too many vices, anyways, and i'm an expert drinker.
It’s to the point I don’t even feel anything off them. I can eat 75 Perc 10’s in a half a day and I’m good. 10-15 at a time. Just don’t feel what I want to feel anymore. After doing so much more potent stuff it doesn’t even phase me anymore. I’d die of Tylenol poisoning before I’d find the feeling I want.
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Yup, you can’t beat the odds over time. If you bet with money to entertain yourself fine. You lose, and every once in awhile you hit a nice score cool. Using it for a long term investment is dumb. Only people with inside information could ever hope to do that.
Im not gen z but since sports betting has become legal in ky I've lost 50 grand. But Im not homeless and have a good job. I don't drink and do drugs so my money to waste is plenty. Ive gotten alot better in last year or so and don't try to play everyday and decided to pick situations and days with doing alittle homework. Now I can match my paycheck weekly and usually with 20 or 30 bucks. Hell last Friday 25 cent 11 leg baseball parlays paid 550 bucks. Last night same thing. 1 dollar 12 leg parlay payed 525 bucks. So I've gotten lucky and better but it has more then one side loses and wins and it didnt ruin my life yet.
I agree in principle, but we are specifically discussing a 24 year old with a trust fund who parents sent him " out west" to a treatment center. This isn't Joe blue collar who is 50 with a bad back betting on the ponies because he doesn't know how he is going to retire. That's the world I and others live in. Sorry, but my empathy is lacking here in this case.
Gambling is terrible and gambling on sports is the worst. Look at all the marketing dollars spent to just get you to open an account.
Want to see a shocking number? Go see how much gets bet on sports in Kentucky alone. Its a staggering number. At first Andy bragged about the additional tax revenue but that only lasted about a year before state officials stopped talking about it altogether because the numbers were too crazy.
Its a massive problem and getting worse by the second.
Want to see a shocking number? Go see how much gets bet on sports in Kentucky alone. Its a staggering number. At first Andy bragged about the additional tax revenue but that only lasted about a year before state officials stopped talking about it altogether because the numbers were too crazy.
Its a massive problem and getting worse by the second.
Gambling, as all addictions, create a dopamine high. Replace that with activities that give you the same high - playing sports, working out, praying/meditation, playing music, spending time in a good book, being with people you love…
ALL gambling winnings are taxable and reportable as income, without regard to losses. The Federal Government has done little to curtail gambling because tax forms are not issued to all owners of wagering accounts for ALL gambling winnings (payouts), not just longshot winnings required to be reported on Form W2-G or Form 1099-MISC. Since ALL gambling winnings, regardless of size, are not required to be reported on these forms, it must be that the gambling and gaming lobby is very powerful, as the Federal Government is foregoing what I would think would be substantial revenue. I would guess that 99% of gambling winnings are never reported on tax forms.
All gambling winnings must be included in your gross income, and for most taxpayers, this income is reported on Schedule 1 (Form 1040) as other income, but professional gamblers may have different requirements. If you incur losses, the gambling loss deduction can offset your winnings. You can deduct gambling losses to offset your winnings only if you itemize deductions. Deductions cannot be more than the total amount of reported gambling winnings. Additionally, I believe there are some states that do not allow deductions on state returns for gambling losses at all.
I suspect gambling addiction might be somewhat less than it is if everyone complied with the tax laws and saw their income tax liabilities rise.
There are MANY articles explaining the correct reporting of gambling winnings and how to report them.
www.financialplanningassociation.org
All gambling winnings must be included in your gross income, and for most taxpayers, this income is reported on Schedule 1 (Form 1040) as other income, but professional gamblers may have different requirements. If you incur losses, the gambling loss deduction can offset your winnings. You can deduct gambling losses to offset your winnings only if you itemize deductions. Deductions cannot be more than the total amount of reported gambling winnings. Additionally, I believe there are some states that do not allow deductions on state returns for gambling losses at all.
I suspect gambling addiction might be somewhat less than it is if everyone complied with the tax laws and saw their income tax liabilities rise.
There are MANY articles explaining the correct reporting of gambling winnings and how to report them.
A Study of the Taxation of Sports Betting
Journal of Financial Planning: February 2025
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Yeah I don’t know many people who had a trust fund. I can think of maybe one or two off the top of my head that I have known over 40 years. One was a neurosurgeon at UofL, not super wealthy, but well off enough that each kid had a nice fund after his death.
They love it, it gives them yet another revenue source to steal.
Disclosure: I'm ok with legalized gambling/sports gambling.
However, when it's readily made available 24/7 at your fingertips it's going to be life ruining for a lot more people. Every state that's made gambling legal knows this and they don't care. It's all about the tax revenue.
They'll say, look at the tax revenue. Now we can use it for .... They don't talk about the destruction they've caused by allowing this.
And for those who say BS, its a choice. I will agree to some point but we all know gambling can be addictive and destructive. Especially for younger adults.
However, when it's readily made available 24/7 at your fingertips it's going to be life ruining for a lot more people. Every state that's made gambling legal knows this and they don't care. It's all about the tax revenue.
They'll say, look at the tax revenue. Now we can use it for .... They don't talk about the destruction they've caused by allowing this.
And for those who say BS, its a choice. I will agree to some point but we all know gambling can be addictive and destructive. Especially for younger adults.
The government has commoditized “sin” for a new revenue stream. Thirty years from now when prostitution is fully legal and your great granddaughter tells you how excited she was to get recruited by the big online corporate hooker vendor, shed a tear and think of me.
I was fine with legalizing sports betting, but I was thinking of it like the good old days - going to a physical place and actually betting with physical money. The apps are ridiculous. Just ban those.
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