Armed with digital prowess, Gen-Z is at risk of gambling addiction

Generation Z, also known as iGeneration, is the demographic of those born from 1997 to 2012. Known for their entrepreneurial acumen, risk-taking tendencies and digital proficiency, Gen-Z have grown up in a world where money and technology are abundant. However, each generation also has its vices. The most common ones are alcohol, tobacco, drugs and gambling. For Gen-Z, gambling has quickly become the biggest vice and is only becoming more accessible through online sports betting.

While an alcohol addiction greatly impacts physical and mental health, gambling leads to financial crisis and mental health issues. Gambling can cause a person to go into debt, which they may have trouble paying for. Especially amongst the younger generation, going into debt at a young age can strip educational pathways, job opportunities, credit scores and the ability to build wealth. Gambling also establishes bad financial habits at a time when teens and young adults should be building a financially stable future. Although the uncertain outcome and temptation of a jackpot win is very alluring, only 13.5% of casino gamblers and a mere 3% of sports gamblers profit. The joy, riskiness and unpredictability that come from gambling can quickly develop into addiction that can take over one’s quality of life. New York saw a 26% increase in gambling-related calls to the Office of Addiction Services and Supports from 2021-22. Furthermore, technology has transformed gambling to a more seamless and curated format with continuous wagers, tracking of personalized data, gambling apps and cryptocurrency. States that have legalized sports gambling also saw overall decreases in credit scores, an 8% increase in debt collections, and a 28% increase in bankruptcies. Although more than 39 states in the U.S. have legalized sports betting, California is not one of them.