Read our full analysis for a more in-depth look at these trends.
Online betting platforms: What’s the money line?
Online betting adoption is rising, especially among Gen Z and Millennials, while participants show lower financial cushion.
September 2026
Key takeaways
- Online betting adoption is accelerating. According to Bank of America consumer account data, the number of online betting users rose sharply this summer, with first-time users in June and July more than triple January levels. Activity is concentrated among younger consumers, with Gen Z and Millennials accounting for 88% of online betting activity in July.
- Based on observed inflows and outflows to these platforms, customer inflows averaged less than three-quarters of outflows during the period analyzed. While these figures may not capture winnings that remain on platforms, they suggest online betting is not currently functioning as a meaningful source of income for most bettors.
- In 2026, the median deposit account balance of households that participated in online betting was 59% of households that did not. With prediction markets rapidly expanding alongside traditional sports betting, this has prompted some to blur the lines between entertainment and investment, according to a Bank of America proprietary survey.
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