TransUnion: Gen Z and Millennials Drive U.S. Betting Surge to 30% of Consumers

“Though gambling is up across almost all generations, younger adults have returned to being the most active consumer segment,” said Declan Raines, head of TransUnion’s Gaming business. “This report helps operators better understand these consumers so they can optimize their marketing efforts.”

How and Where They’re Betting

TransUnion’s report looked at consumers spending $50 or more per month on betting. Land-based casinos remain the top venue overall, but online sports betting has closed the gap, particularly for Gen Z, whose increased activity is almost entirely online. Millennials boosted their play across all channels, from retail sportsbooks to online casinos.

The data also show that these segments skew urban and mobile. Gen Z bettors are mostly renters without children, while Millennials in the same group are more likely to own their homes and have families. Both generations show higher use of cryptocurrency apps than the general population, a sign they’re comfortable funding bets or trades in nontraditional ways.

Raines said TransUnion’s TruAudience Customer Intelligence Platform revealed a pattern of financial speculation beyond gambling. “These segments were also more likely to invest for big payoffs in the stock market, go on adventure vacations, and make impulse purchases,” he noted. That crossover presents opportunities for operators to tailor products and marketing—but also underscores the need for caution.

Rising Debt Signals Risk

While younger adults are the fuel for betting growth, they’re also taking on more financial strain. The report found total monthly debt payments up 20% for Millennials and 27% for Gen Z, far outpacing wage growth and inflation. Student loan repayments and economic uncertainty could easily curb betting engagement, making sustainability a priority.

“The most important takeaway from these trends is for operators to prioritize long-term sustainability over short-term profits,” the report concludes. Implementing robust responsible gaming measures, especially those popular with Gen Z, can protect consumers and show regulators good faith.

“Operators must be sensitive to the precarious nature of bettors’ finances and utilize a robust responsible gaming platform to help protect them,” Raines emphasized. “Such measures are especially popular among Gen Z bettors, who are on track to become the dominant consumer segment, spending more per capita than any other generation.”