More than a quarter of GenZ investors see sports gambling as “their long-term financial strategy.” A majority (52%) of them have bet on sports at least once in the last year. A recent online survey should concern all of us and was the reason I published by booklet on A Biblical View on Gambling. 

This is a new phenomenon. We have always had gambling in one form or another, but this recent surge in young adults gambling illustrates the frustration the younger generation feels about the economy and affordability.

Why are they gambling their financial future on sports? Opportunity is one reason. The Supreme Court in a landmark ruling years ago overturned the federal ban on sports gambling. When you watch a football game this fall, you will see lots of ads for betting platforms. Users can wager minute-by-minute outcomes while watching games live. Payments are instant, and thus addictive.

Frustration is another reason. GenZ may be turning to sports betting because they have become convinced that the traditional ways of earning a living don’t work for them. They have a higher unemployment rate. Most cannot afford a home. And college graduates are smothering under unprecedented levels of student debt.

One writer for the Wall Street Journal referred to this attitude as “financial nihilism.” When conventional investment strategies seem hopeless, many in this generation choose the unlikely possibility of a quick return on investment.

Sports betting is not the way to build a financial future, especially when it is easier than ever to invest in stocks or buy gold or bitcoin. The idea of dollar-cost-average might not seem too exciting, but it is better than gambling away your life savings.