90%
75%
USA
Canada
Australia
UKGen Z & Millennials Accounted for 88% of July Online Betting Activity
Key Highlights
- Gen Z made up 48% of online betting activity in July, according to a Bank of America study.
- Millennials accounted for another 40%.
- The study also tracked betting activity by income levels.
The sports betting demographic in the United States is shifting, according to a recent Bank of America Institute (BOAI) study. The study tracked payments to and from sports betting, horse racing, and prediction market platforms, revealing that Gen Z and Millennials had the highest share of betting activity.
Younger Adults Lead Online Betting
Together, Gen Z and Millennials accounted for 88% of online betting activity among Bank of America customers in July 2026. Gen Z had the biggest share at 48%, while Millennials made up 40%. Older age groups had much smaller shares, with Gen X at 9% and Baby Boomers at just 3%. That concentration among younger adults stands out in a market where sports betting eclipsed traditional entertainment spending in 2025.
The BOAI study counted Gen Z as anyone born after 1995 and Millennials as those born between 1978-95. Therefore, players 48 and under accounted for nearly 90% of Bank of America customer betting activity during the month. This aligns with a TransUnion 2025 US Betting Report, which found a 34% and 42% year-over-year increase in betting activity for Gen Z and Millennials, respectively.
Gen Z Moves Ahead of Millennials
A notable shift emerged in the balance between the two youngest groups. Millennials led online betting activity earlier in 2026, but Gen Z steadily closed the gap before overtaking them by the summer. That change made Gen Z the largest age segment in the market by July and marked a clear shift from earlier in the year.
The FIFA World Cup appears to have helped accelerate that change. Younger adults showed especially strong betting activity during the event, which contributed to Gen Z accounting for a larger share by the summer. The report also noted that Gen Z tends to adopt digital and app-based services quickly, which can increase gambling options at 18, and could help explain why its share of online betting has grown so rapidly.
That pattern fits a broader rise in betting among younger adults. A 2025 TransUnion report found year-over-year betting activity increased 34% for Gen Z and 42% for Millennials, showing that both groups continue to expand their presence in the market. Gen Z’s move into the top spot suggests the youngest adult bettors are becoming a larger part of overall online betting activity.
Betting Activity is Split Evenly by Income
The online betting split was much closer when bettors were grouped by income. Lower-income households made up 37% of July betting activity, middle-income households made up 34%, and higher-income households made up 29%. BOAI also looked at the cash recovery ratio of each generation and income class, finding that higher-income Gen Z players had the most success at about 82%.
The report also found that betting households had lower bank balances than those that didn’t engage in online betting. In 2026, their median deposit account balance was 59% of the balance held by households that did not take part in online betting.
