A majority of idiots in Gen Z have moved money out of investments and into a sports betting account. Twenty-six percent of Gen Z say “they treat sports betting as a deliberate, ongoing component of their financial plans,” according to a Bloomberg report.
That 26 percent compares to 14 percent of Millennials, just six percent of Generation X, and one percent of Boomers.
“Sports betting is increasingly competing with traditional investing for younger Americans’ attention,” adds Bloomberg, “with more than a quarter of Gen Z investors saying they see gambling on sports as part of their long-term financial strategy.”
Gambling as a “long-term strategy.” The stupid; it hurts.
The report is based on a survey from the personal finance outlet Betterment and also shows that only 36 percent of Gen Z does NOT participate in sports gambling.
One person interviewed said he only wagers $100 at a time and netted about $2500 so far this year. “I think I’m just smarter about it,” he said of his gambling. “I’m not just doing it as a hobby.”
This is pure idiocy.
Gambling is nothing more or less than a tax for being retarded.
You want to piss away your money? Gamble.
You want to build a foundation of financial peace of mind? Invest it wisely in a diversified stock portfolio. Sock away as much money as you can every year. Right your mind that this money is about long-term growth. Leave it there. Leave it alone.
Another form of gambling is day trading stocks.
Do people not understand that gambling outlets are specifically designed to make money and that the only way they make money is when you lose money? Same with casinos. Same with slot machines. The system is legally rigged so the house wins.
A recent survey of 700,000 online gamblers found that only four percent came out ahead.
“Of the more than 700,000 gamblers that we studied, 96 percent appeared to lose money to online gambling,” the survey revealed. “Only 4 percent made money from online betting. That is by design. Online gambling platforms often ban or throttle frequent winners’ accounts. There is no right to gamble.”
“In short,” a second study revealed, “only a very small minority [of online sports gamblers] — often cited around 3-5 percent — are consistently profitable. That means roughly 95 percent (or more) of bettors lose money over the long haul.”
“In 2023 alone, Americans wagered about $119.84 billion on sports, and sportsbooks kept $10.9 billion in revenue (house profit),” the study adds. “Those profits are essentially the sum of bettors’ losses — a hold of roughly 9 percent of all money wagered. This is the ‘house edge’ at work, grinding away at bettors’ bankrolls.”
The problem is that dumb people believe they are in that golden four percent who come out ahead, but let me assure you that those lucky four percent are not the same people year after year.
Recreational gambling is one thing. Sure, I’ve gone to Vegas a couple of times with a specific amount of money I was willing to lose (and then lost it). But to use gambling as an income generator, an investment strategy? To loot the investment accounts that actually do pay off over time… Pure idiocy.
The ultimate endorphin rush is reaching retirement age and knowing that over a lifetime of grinding, you have saved enough to live on comfortably.
Read the full article here