Gen Z Overtakes Millennials in US Online Betting Activity
The findings come from Bank of America consumer account data and a separate survey of 2,351 people conducted in March. The bank also found a sharp rise in newcomers. First-time online betting users in both June and July were more than three times the January level.
World Cup Brings New Bettors Online
The FIFA World Cup provided a clear event around which that increase took place. The tournament ran from June 11 to July 19 and generated a long sequence of betting opportunities.
The timing also coincided with a change inside the younger audience. Millennials had represented a larger share of betting activity before June. Gen Z then moved ahead as summer activity increased.
That makes the World Cup useful as an acquisition marker. The bigger question for sportsbooks will come after the tournament: how many of those first-time customers continue betting once the football calendar returns to normal.
The US market had already expected a substantial World Cup effect. Separate projections published before the tournament put legal US sportsbook wagering on the event at about $3.1 billion.
Betting and Investing Begin to Overlap
Bank of America also found signs that some consumers view wagering through a financial lens. In its survey, 20% of respondents described sports betting as a form of nontraditional investing. Gen Z respondents were twice as likely as the wider sample to hold that view.
The account data points in a different direction when actual money flows are considered. Across the period studied, money received by customers from online betting platforms averaged less than 75% of the amount sent to them. Bank of America noted that the calculation may miss winnings that remain inside betting accounts.
There was also a gap in household cash reserves. Median deposit balances among households using online betting platforms in 2026 were 59% of the level recorded among households that did not participate.
Summer Growth Leaves a Retention Test
The summer data gives operators a strong acquisition story, but it does not yet show whether the change is permanent. A World Cup can bring occasional users into sportsbook apps quickly, especially younger customers already comfortable with mobile financial products.
The next few months should provide a more useful signal. If Gen Z remains the most active group after the tournament, the summer of 2026 will look less like an event-driven spike and more like a lasting shift in the US betting audience.