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Fortune
Fortune
Sasha Rogelberg

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

US Federal Reserve Millennials United States Fanduel
Bobby Witt Jr. throws a baseball. He is standing in front of a FanDuel sign on a baseball field. (Credit: Scott Winters/Icon Sportswire—Getty Images)

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, delinquency rates rose by 10%. 

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