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Dave Ramsey has publicly criticized FanDuel and DraftKings, arguing that online sports betting is pulling money away from savings and long-term investing for younger adults.
The comments, highlighted in a recent TheStreet report, landed alongside fresh data showing how heavily Gen Z and Millennials are participating in online betting. For readers in New York, where mobile sports betting is widely available, the story adds to the broader debate around responsible gambling and what sportsbook spending may be replacing in household budgets.
Data points to growing financial pressure on younger bettors
According to the report, Bank of America Institute data found households that bet online had 41% less money in their bank accounts than households that did not. It also said Gen Z and Millennials accounted for 88% of all online betting activity in July 2026, while first-time users in June and July were triple the January 2026 level. Gen Z alone represented 48% of all bettors in that data.
A Betterment Retail Investor Survey of 1,000 investors found 52% of Gen Z investors redirected money set aside for investing into sports betting in the past year. Another 14% said they made that switch more than once per month.
TheStreet also cited data saying bettors across every generation recovered less than 75 cents for every dollar sent to online betting platforms each month during 2026, and that two in five Gen Z adults view sports betting as a legitimate form of investment.
Ramsey was especially blunt, calling FanDuel “a portal to hell” and saying online sports gambling was destroying young men faster than anything he had seen. The report said Ramsey Solutions is seeing more people seek financial counseling after sportsbook-related losses, including cases involving bankruptcy and marital strain.
Operator results show pressure beyond the consumer debate
The article also tied the responsible-gambling discussion to recent operator performance. DraftKings reported a 4.6% decline in second-quarter revenue to $1.44 billion and a $67.6 million net loss, while sales and marketing spending rose to $322.5 million from $233.2 million.
Flutter Entertainment, FanDuel’s parent company, posted a 15% decline in U.S. sportsbook revenue and a 70% drop in U.S. adjusted EBITDA to $119 million. The company also said an additional second-half investment to strengthen FanDuel’s offering would reduce adjusted EBITDA by about $270 million.
For players, the takeaway is less about stock performance and more about budgeting. As quoted in the report, financial commentator Michael Ryan said money redirected to betting may be money that never reaches a Roth IRA, 401(k), brokerage account, or emergency fund — and may never get the chance to compound.
Anyone gambling in New York should treat sportsbook spending as entertainment, not an investment strategy, and use available responsible-gaming tools if betting starts to affect savings or bills.
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Source: As reported by Damilola Esebame.
