Credit card delinquencies among millennials and Gen Z have soared because of sports betting—even in states where it's illegal, new Fed study finds

Credit card delinquencies among millennials and Gen Z have soared because of sports betting—even in states where it's illegal, new Fed study finds

Credit delinquency rates are on the rise in states that have legalized sports betting, and it’s impacting Gen Z and millennials the most. A new working paper from the Federal Reserve Bank of New York found after sports betting was legalized in the U.S., delinquencies among the total population increased 0.3%. While that figure may appear small, when the Fed researchers analyzed the population of just those who participated in sports betting, del…

Federal Reserve Bank Report Shows Sports Betting Hurts Consumer Credit – Family Council

A new report from the Federal Reserve Bank of New York shows consumer credit health is suffering in the wake of sports betting’s legalization. Sportsbooks are now legal across most of the country, and financial data shows last year Arkansans wagered an average of nearly $1.8 million every day placing sports bets. But this type of gambling is taking a terrible toll on families’ finances. A new report from the Federal Reserve Bank of New York foun…