Big risk or small thrill? Break down how Gen Z and Millennials play differently

Online gambling has long ceased to be just a game of chance. It serves completely different functions for different generations. When some seek a quick emotional rush, others choose it as a controlled way to unwind. Casinos Analyzer data shows that Gen Z and Millennials seek excitement, risk, and a sense of control in different ways. 

Key findings: 

• 46% of Gen Z choose larger bets to try to win big.
   
• 36% of Gen Z describe gambling as a quick dopamine hit moment of excitement rather than a way to pass the time.
   
• 45% of Millennials prefer small bets for quick excitement, avoiding big risks.
   
• For 25% of Millennials, gambling is primarily a way to pass the time, rather than a serious attempt to make money.

Gen Z chooses high stakes

For Gen Z, online gambling is a chance to change their emotional or financial situation drastically. Research data show that almost half (46%) of this generation is more likely to place larger bets because they view gambling as an opportunity to hit the jackpot rather than simply filling their time. They see it as a chance to turn the session into an event that can change the day. 

Gambling doesn’t hook people on outcomes alone. It conditions attention around anticipation. Scientific reviews of gambling and reinforcement describe how variable rewards make behavior particularly sticky.

It’s not the winning that matters, but the dopamine rush 

36% of Gen Z often perceives the moment of placing a bet more important than the final result. Online gambling works for them like a short emotional burst. It goes along the lines of scrolling through TikTok or an intense gaming session. They treat winning as a bonus, when the experience itself remains the most important, what they feel in the very moment. 

Neuroscience studies on gambling often show the role of dopamine in the urge to repeat the action. There is a "near-miss" feeling when the result is objectively a loss, but subjectively feels like "it was close." You can experience it as a desire to raise your bet in the next round. 

Millennials choose small bets to stay in control

Unlike Gen Z, nearly half (45%) of Millennials are more likely to view gambling as a way to control the process. Research shows that they prefer smaller bets that allow them to stay in control and not risk more than they are comfortable with.

This generation grew up in a reality of financial crises and instability, so caution has become part of their approach to money. Gambling here is an enjoyable moment for them. In this moment, it’s important for them that the excitement doesn’t consume the day and doesn’t require recovery afterwards.

Treating gambling as a way to relieve stress, not to make money

25% of Millennials are less likely to gamble with the expectation of a big win. For them, online gambling is a way to distract themselves or get out of a rut. Gambling is often on par with other everyday entertainment, where there are high stakes and intense emotional swings. It becomes similar to scrolling or watching a TV show. 

When you have instant results and everything on your phone, it becomes easier to reinforce the habit because repetition is easier than planning. The more often you come into contact with the stimulus, the easier it is for the brain to reinforce the behavior.

Online gambling has become a case in point of interacting with emotions

It would seem to be the same mechanism, but we see that it works differently depending on the generation`s needs. We can see that Gen Z is eager to make bold moves and seek short bursts of dopamine, while Millennials seek control and predictability.

And that is why gambling today is not only about money, but about the psychology of the time in which generations live. If you fill your life mostly with short stimuli, you start valuing strong stimuli more.

There is no longer a universal approach to online gambling. Different generations play by rules that cater to their needs.

Methodology

To create this study, researchers from Casinos Analyzer surveyed 1,200 participants aged 21–40 of all genders in January 2026.