Jersey City — When was the last time you made a bet? With sports betting applications like FanDuel and mobile lottery apps on the market, it has become easier than ever to make a wager with the tap of our fingerprints.
Last year, the amount of money spent on gambling in the United States hit a record high. Forbes reported that casinos and mobile gaming apps racked up a whopping $54.93 billion in revenue during the first 11 months of 2022 which was up 13.5% from the year prior.
One of the largest contributors to capital going into gambling in the U.S. is Gen Z, in which a majority of the cohort partakes in gambling more than older generations.
It’s safe to say that the intersection of technology, social media and gambling has indeed created a breeding ground for pursuing community amongst them.
In fact, Hashtag Sports reported that 53% of the generation’s bettors gamble as a social interaction, with friends or family, while only 34% of Millennials reported the same act.
Through online platforms, Gen Z is able to forge friendships to discuss betting decisions and trends. Moreover, media platforms also serve as a place for them to engage with influencers who analyze sports to lay out prediction tips for wagers.
What’s particularly interesting to me is that social media platforms have become the new casino floors.
Our generation is known to crave interactive, unique, #Instagram or #TikTokWorthy experiences. Traditional casinos with lingering scents of cigarettes don’t necessarily match the Gen Z vibe check.
However, what has become an interactive entertainment experience to Gen Z is digital wagering, even in the smallest amounts, according to Mark Beal, the author of “Engaging Gen Z”.
Technology without a doubt is the catalyst that propelled Gen Z’s interest in gambling. Over the COVID-19 pandemic, Gen Z fostered community over platforms Zoom, Instagram Live, Club House and Twitter Spaces.
There, Gen Z realized there was room to adapt to a hybrid lifestyle in which interactive experiences can be just as engaging online as they would be in-person.
Keeping it gee, as sports betting continues to legalize nationwide and digital waging continues to grow as a trend, it will be interesting to see the impact Gen Z dollars have on the economy.