Betting activity rose slightly in Q4 2024, with 26% of consumers participating compared to 24% in the same period in 2023. This increase was fueled by a surge in engagement among Baby Boomers and Gen X, offsetting a decline in activity from Millennials and high-value bettors, according to TransUnion’s latest US Betting Report.
While Millennials have consistently led in all forms of betting activity over recent years, their engagement dropped by 5% year-over-year in Q4 2024. In contrast, Baby Boomers and Gen X saw respective increases of 7% and 4% in participation. Gen Z’s engagement remained steady, contributing to the generational shift in betting trends.
“The demographic shift in betting activity serves as a good reminder that the best predictor of engagement is not age but rather increased earnings and liquidity,” said Declan Raines, head of TransUnion’s Gaming business. “Those who have a sudden influx of disposable income are more likely to participate in betting, and operators should keep that in mind when developing their marketing strategies.”
Decline in High-Value Bettors
In addition to the dip in Millennial participation, high-value bettors—defined as those spending more than $500 per month—also showed decreased engagement. This group’s activity dropped 8% with land-based operators and 9% with online operators.
Healthier Finances Among Bettors
Despite the decline in high-value bettors, those that remained active demonstrated improved financial health. In Q4 2024, 54% of bettors spending $500 or more per month reported having good or excellent credit combined with middle or high income, compared to 50% in Q4 2023. Meanwhile, bettors with the riskiest financial profiles—defined as low income and fair or poor credit—fell from 7% in Q4 2023 to just 4% in Q4 2024.
Research also reveals that bettors overall have a more resilient financial profile than non-bettors. More than half of bettors, whether land-based or online, noted an increase in income over the past three months. In contrast, only 21% of non-bettors reported a similar improvement in income.
Credit Scores of Bettors vs Non-Bettors
Consumers who engage in betting tend to have stronger credit scores compared to non-bettors. A significant 59% of land-based bettors and 54% of online bettors boast good or excellent credit scores, compared to just 47% of non-bettors. Non-bettors are also more likely to have lower scores or unknown credit ratings, with 33% falling into poorer credit quality ranges.
Increased Regulatory Pressure
The betting industry faced mounting scrutiny in 2024 as regulatory bodies and consumer advocacy groups called for stronger measures to protect personal finances. Studies from Northwestern and UCLA highlighted the financial risks associated with gambling for certain players, increasing pressure on operators to implement responsible gaming practices.
In response, the industry formed the Responsible Online Gaming Association (ROGA) to establish standards for responsible gaming while supporting research and education on safe betting practices.
“As the industry matures, new tools have emerged to help operators assess players’ financial resilience and promote responsible gaming,” said Raines. “Adopting these measures will help build on the significant investments made by the industry in responsible gaming to date as well as demonstrate good faith efforts to regulators and consumers while protecting profitability for operators in the long run.”
TransUnion’s US Betting Report also highlighted the financial volatility experienced by bettors compared to non-bettors, signaling a challenge for operators when conducting responsible gaming assessments. As betting activity grows, it is imperative for operators to ensure that their most active players can maintain financial stability while sustaining their betting habits.