00:00This is a story that Bloomberg News wrote this week on our money platform. It's centered on how
00:03sports betting is entering wealth management plans, financial planning for Gen Z-ers.
00:09Zijia Song joins us now to discuss. So the idea here is that certain members of the Gen Z cohort
00:15see sports betting as a legitimate alternative to investing or see it as a form of investing?
00:21Yes, exactly. So one in four Gen Z investors actually consider sports betting as part of
00:26their deliberate ongoing component of their long term financial plans. And I think this really
00:31is related to how fast sports betting industry has grown. And along with it, it's the prediction
00:37markets, rapid expansion, where companies kind of brand themselves as investing platforms.
00:43And this is changing how Gen Z and younger Americans are thinking about wealth building
00:48and financial planning. Now, some of the people who do this say that they approach sports betting
00:53with kind of the dispassionate eye that they would look at investing, which I find really
00:58fascinating. Like they say they don't get let emotion get caught up in any of this.
01:02Yeah, that's what they say. And we talked to some long term sports bettors, actually. And they said
01:07they've gotten increasingly analytical in their approaches. They would do research on sports teams
01:12and then they would like maybe section off a part of their money to just put in sports betting.
01:18One person actually won some $2,500 this year and was able to fund their entire vacation
01:24to a bachelor party.
01:25Okay, but I just went to, you know, I went to AI and all that to look at this. How
01:30many people make
01:31money at Kelsey? How many people make money at FanDuel on the left field wall out at Field of Dreams
01:37last night?
01:38That's a really good question. It's actually over the long term, consistent profiters off these platforms
01:44are at the top maybe one or two, five percent. Okay, so let's be charitable. It's five percent.
01:49You're telling me 95 percent of people lose money and we're calling it a financial plan of our
01:54personal finance? Over the long term, yes, they are not profitable, 95 percent.
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