Gen Z & Millennials Drive US Gambling Growth, Says TransUnion

TransUnion’s latest US betting report shows that Millennials and Gen Z consumers were the primary drivers of growth in gambling participation in Q2 2025.

The report points out that gambling has gone up across almost all age groups. However, Declan Raines, head of TransUnion’s Gaming business, explained that: “…younger adults have returned to being the most active consumer segment.”

Beyond their higher participation rate, the report indicates that Millennial bettors are open to experimenting with different platforms, including land-based and digital casinos, sportsbooks, and lotteries. In contrast, online sportsbooks were the only format to see an increase in year-over-year spending among Gen Z, specifically those wagering at least $50 per month.

Younger Consumers Fuel Year-Over-Year Growth

According to TransUnion’s Consumer Pulse Survey, 30% of adults in the US said they had participated in some form of betting during Q2 2025, a 25% increase over last year.

A considerable amount of that growth was concentrated among younger demographics, with 42% of Millennials and 34% of Gen Z respondents saying they’d engaged in betting activity. At the same time, participation among Gen X and Baby Boomers showed little movement.

Based on these results, the authors of the report said: “Ultimately, recent trends among younger consumers underscore the need for operators to reassess their responsible gaming practices to ensure sustainable engagement with these segments.”

These recommendations come as sports betting addiction surges in the US, raising concerns about the long-term impact on younger gamblers.

Financial Speculation & Risk Appetite

In the report, most Millennial and Gen Z bettors are described as “financial speculators,” who combine mobile betting with other high-risk or high-reward behaviors, like investing in volatile stocks, making impulse purchases, and using cryptocurrency apps.

“We used TransUnion’s marketing solutions to better understand the profile of regular bettors, and a pattern of financial speculation emerged,” Raines said. “These segments were also more likely to invest for big payoffs in the stock market, go on adventure vacations, and make impulse purchases.”

Signs of Financial Strain

Even as they drive industry growth, younger betters are dealing with financial pressures. The TransUnion study found that since 2023, Gen Z debt balances have risen 22%, while Millennial balances have increased 10%, compared to a 1% rise for Gen X and a 3% decline for Baby Boomers.

Along with these increases, average monthly debt payments for both groups rose sharply, outpacing inflation and wage growth, with the report noting that “the total monthly debt payment for consumers was up 27% and 20% among Gen Z and Millennial consumers, respectively.”

TransUnion points out that, in the coming years, as young people continue to feel the financial squeeze, they may cut back on betting, as rising debt makes it harder for them to keep playing.

The report concludes by stressing the need for responsible gaming, given the pressure economic uncertainty and rising debt are placing on consumers’ entertainment budgets.

“For Gen Z consumers in particular, operators should see responsible gaming as an opportunity to build a lasting relationship with those who are expected to spend more per capita than any prior generation,” it said.