What are the odds you’re gambling instead of investing?

As seen in The Oakland Press

October 4th, 2026

What are the odds you’re gambling instead of investing?

by Ken Morris

Last month, during the somber remembrance of the 9/11 attacks, I watched the footage originally televised by CNBC. Much has changed in the financial world since that horrific day. Technology at the Stock Exchange has virtually replaced the runners and bidders on the Exchange floor. Many U.S. companies that are household names didn’t even exist back then.

Likewise, the attitudes and lifestyles of many Americans have also changed significantly. Including their views on investing.

One reason is that what they consider to be investing has changed. When I entered the financial services industry, the “traditional” method of financial planning consisted of budgeting, saving and investing, all while living within your means. That meant establishing a budget and paying your bills. With anything left over, you could put it in the bank and, hopefully, start investing for the future. Anything left could be used for recreation and entertainment.

At the time, the difference between investment and entertainment was clear. For example, you could deposit a paycheck or go to a casino. But, in recent years, the line between finances and recreation is somewhat foggy. Forms of gambling are ingrained in our society and the line between gambling and investing has become blurred.

Years ago, if you wanted to bet on sports, you needed a bookie. Today, we have state sponsored lotteries and multiple companies advertise to solicit your sports betting. There is actually an Official Sports Betting Partner of the Detroit Tigers. In addition to sports betting, there are also prediction markets. You can bet on virtually anything, from upcoming elections to how many days until we land on the moon. You can even play casino games for money on your mobile phone. And that’s where the line between investing and gambling has become blurred.

According to a recent Betterment study, about one in four Generation Z investors, (born between 1997-2007), believe that sports bets should be considered part of a long-term financial strategy. More than half have redirected money from investments toward sports betting. I’m not saying gambling is bad, but some people apparently see little or no distinction between the two.

When you own a stock, there is ownership. It may increase or decrease in value, but you own it. And you have voting rights. When you make a bet, there is the “house.” With lotteries, the state is house. With sports betting it’s the casino. Technically, with prediction markets there is no house. Nor is there ownership.

In today’s world there’s no shortage of information. There are shows and podcasts for both investors and gamblers. Research is available for sports betting and traditional investments. As stated, the line is blurred.

As a financial advisor, I hope that people of all ages don’t put the world of investing on the back burner. Over my career as an advisor, I have seen couples disagree on spending habits and investment strategies. Occasionally, it has led to divorce.

In the years to come, I suspect there will be more relationships that crumble as a result of gambling. And traditional nest eggs will be smaller because investment dollars were diverted toward gambling. Winning money may be exciting, but building a long-term nest egg is far more rewarding. The line between gambling and investing may be blurry, but the ultimate result is clear.