Adam has worked as a writer and editor for five years on sites such as CasinoBeats, OddsChecker, Esports.net, CoinTelegraph and Gambling Industry News. Adam uses his experience in the gambling and gaming adjacent industries to focus on emerging stories at the intersection of esports, culture and gambling.
Olivia Richman is a seasoned esports journalist who has worked with Inven Global, Esports Illustrated, Esports.gg, and more. As an editor and writer at Esports Insider, she loves telling unique esports stories, especially within the FGC. When not working and gaming, Olivia loves collecting Kirby plush, eating sushi, and driving her cars at the track.
Image Credit: Riot Games Gen Z, which includes those born between 1997 and 2007, is increasingly turning to sports betting for income, according to a recent survey. The rise coincides with increased esports wagering, particularly driven by greater opportunities to gamble on prediction markets.
According to a survey conducted by wealth and savings platform Betterment, 26% of Gen Z investors treat sports betting as a deliberate part of their long-term financial strategy.
Over half (52%) have redirected money originally intended for investing towards sports wagers in the past year.
“When a prediction market or sportsbook starts to feel like a retirement strategy, we have a problem,” said Sarah Levy, CEO of Betterment, in a press release .
“These products are designed to keep people seeking the next quick score, not to help them build toward the next decade. Younger investors deserve access to the tools and information that meet them where they are, but the industry also has a responsibility to be clear about the difference between participating in a trend and building lasting wealth.”
Compared to other generations, Gen Z is far more likely to see prediction markets or sports betting as an investment strategy.
Compared to the 52% of Gen Z that have directed investment funds towards sports wagers, millennials (born between 1981 and 1996) are the next highest at 31%, followed by Gen X (1965-1980) at 10% and Boomers (1946 and 1964) at only 4%.
Gen Z is the largest group of esports fans, accounting for 42% of viewers, according to SQ Magazine data.
The rise of prediction markets, which allow users across the US to wager on esports events, has further blurred the line between investing and gambling.
Kalshi previously ran an ad campaign encouraging users to see trading on the platform as a way to pay rent. A Gen Z girl featured in the TikTok ad claimed she earned two years’ rent through Kalshi’s predictions.
Image Credit: Kalshi / TikTok Trading on esports at Kalshi has almost tripled since April, with volume rising from $115 million to $308 million in July. Over the last 30 days, it has reached $330 million.
While Counter-Strike 2 previously dominated trading, accounting for 57% of volume in June , League of Legends has now overtaken it. Over $134 million was traded on LoL markets over the past 30 days, more than the $113 million on CS2.
As ever, there has been movement in legal battles between states and prediction markets this week. Washington state ordered Kalshi to stop accepting users by next week, but it may face a CFTC challenge to the court order.
The prediction market regulator exercised its emergency authority to require that Kalshi continue operating normally in New York this week. The agency previously opposed a Michigan court order req…