Dr. Daniel Crosby - The Psychology of Sports Betting and Investing: How Gambling Culture Reshapes Retail Investor Behavior and What Advisors Should Do About It

Tune in to hear: What did Betterment’s 2026 Retail Investor Survey uncover about Gen Z investors and sports betting and why is this finding so significant? Do Gen Z’s financial prospects look more promising than Gen X and the millennials, according to the data? Are they more or less likely to contribute to workplace retirement programs? Why is the dopamine hit of sports betting, and similar “financial entertainment,” so psychologically powerful? Also, why are variable reward schedules such strong reinforcers of behavior? How do the psychological principles of recency bias, near-miss effects, social proof and loss chasing reinforce the addictiveness of gambling? What are the important distinctions between an investor, a trader, a speculator and a gambler? What are the different questions each of these individuals are asking? Why is the gamification of investing so detrimental to investor performance? What are some effective ways advisors can start a healthy discourse around risky investment behaviors, like sports betting or day trading? Links The Soul of Wealth Connect with Us Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with Orion Disclosures: These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites. Compliance Code: 2501-U-26243