52% of Gen Z Investors Shifted Funds to Sports Betting; 26% Call It Long-Term Strategy

A survey of US retail investors found that more than half of Gen Z investors have moved money originally intended for stocks or other investments into sports betting over the past year. The online survey, conducted by investment platform Betterment from late March to early April, polled 1,000 US retail investors. It found that 52% of Gen Z respondents (born 1997-2007) said they had shifted funds earmarked for stocks or other investments to sports betting in the past year. Only about one-third of Gen Z respondents said they had not participated in sports betting at all, compared with 63% across all age groups. The survey also found that 26% of Gen Z respondents view sports betting as an intentional and sustained part of their wealth strategy. That share declines sharply with age: 14% for millennials, 6% for Gen X, and just 1% for baby boomers. Among Gen Z respondents who bet, about 11% regard betting as an investment strategy to pursue high returns, and 15% see it as a way to obtain cash in the short term. These figures reflect a shift in where young investors obtain financial information. Social media has become the most commonly cited financial news source for Gen Z, with the share rising from 45% in 2024 to 60% in 2026, while only 21% cite financial advisers. The US state-regulated sports betting industry has grown into a market worth nearly $170 billion in recent years. Prediction markets are also growing quickly, with Robinhood Markets — long known for democratizing stock trading — adding prediction market features to its app in 2025 and calling it its fastest-growing business line. The survey also examined how investors make decisions: 56% of respondents said they rely primarily on their own research and judgment, a share that rises with age, from 40% for Gen Z to 69% for baby boomers. Gen Z investors said they would be willing to use artificial intelligence for long-term financial planning at a rate of 41%, versus just 5% for baby boomers. The survey was conducted March 27 to April 3, with a sample of 1,000 US retail investors, about 250 from each of four generations. Participants were recruited through online paid questionnaires and all held at least one investment besides a 401(k). A separate Harris poll of 4,357 adults in January found that 80% of Gen Z respondents who have used or considered speculative investments said concern about falling behind financially was a factor.