Monthly Musings About Golf, Lottery Tickets, the Dogist

Golf Spending Is Slightly Above Par

After three years of declining golf participation, from the 2021 pandemic peak, Bank of America payments data shows a modest rebound in 2025. At the same time, average annual spend per golfer has increased for four consecutive years, suggesting a smaller but more enthusiastic group of participants. 

Gen Z has continued to gain share in golf participation, likely driven by lower cost, more accessible formats like driving ranges and simulators. At the same time, participation among younger millennials has declined, potentially reflecting competing life priorities and tighter budgets – though those who remain active appear to be spending more. 

Regionally, the West has recorded the strongest golf spending growth by region in 2025, supported by domestic migration, destination-style "stay to play" courses, and expanded offerings. Other regions are seeing new players enter the sport, but typically through lower-cost golfing options.

Bank of America said golf began climbing out of the rough in 2025, reversing a three-year decline in the proportion of households paying for golf activities (e.g., golf courses, driving ranges, mini golf, and simulators but not country club dues), according to Bank of America aggregated credit and debit card data. And data suggests that, despite the pullback from the pandemic peak, participation remains above 2019 levels.

Furthermore, most people who play golf seem to be deepening their relationship with the sport. Bank of America internal data found that per household spending continued to grow over the past four years, although it slowed to around 1 percent year-over-year (YoY) in February 2026.

According to the National Golf Foundation, the number of rounds played has increased for the past three years, despite a decrease in the actual number of golf courses nationwide. Golf has also potentially received a boost from the ease and accessibility of driving ranges and indoor simulators. Overall, while the share of U.S. households that play golf has held fairly steady over the past two years, the households that do play seem to be playing a bit more often.

Looking at golf spending by age, there’s been a substantial drop in the share of younger millennials participating in the sport, along with a smaller decrease among older millennials since 2019. Some in this generation may be pulling back as they take on more life responsibilities, such as starting families or building their careers. Other may be pulling back on discretionary spending as they took on more financial responsibilities during a period of elevated costs – driven by inflation and higher-than-usual interest rates.

Conversely, there’s been a significant increase in the share of Gen Z households spending on golf. “In our view, this could reflect the somewhat recent popularity of driving ranges and indoor simulators, as well as their desire to participate in more healthy experiences. It could also be that Gen Z came of age during a period of heightened social distancing, which may have encouraged adoption of outdoor sports like golf.”

Furthermore, looking just at households that spent on golf in 2025, golf spending growth was faster among Gen Z but still slower than Gen X, likely reflecting the latter’s stronger overall financial position, allowing more spend and more time on the course.

Looking across the U.S., the West is clearly above par for golf. Spending increased around 7 percent and 9 percent YoY per customer in the Mountain (Arizona, Colorado, Utah) and Pacific (California, Washington, etc.) divisions, respectively. The picture was mixed in all other regions.

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Sales of Lottery Tickets Nearly Doubled and Prizes More Than Doubled From 2008 to 2024

State lottery ticket sales nearly doubled nationally from $52.8 billion to $104.7 billion between fiscal years (FY) 2008 and 2024, according to the U.S. Census Bureau’s Annual Survey of State Government Finances (ASFIN).

During the same period, state lottery prizes jumped 118 percent, from $32.2 billion to $70.2 billion, and net lottery revenue increased 68 percent, from $20.6 billion to $34.5 billion. The amounts weren’t adjusted for inflation. 

States gradually paid out larger prizes and kept a smaller portion of revenues for themselves between fiscal years 2008 and 2024.

Virginia paid out 80 percent of its lottery ticket sales in prizes in FY 2024, the biggest share of any state. It was followed by Kentucky at 75 percent, and Missouri, Massachusetts and Idaho tied at 74 percent.

South Carolina paid out a 71 percent share of total ticket sales.

California, New York, Florida and Texas had the most lottery ticket sales revenue of the 45 states that operate a lottery. Each sold over $8 billion in tickets in fiscal year 2024. 

Arkansas, Wyoming, and Mississippi — the most recent states to create lotteries (in fiscal years 2010, 2015 and 2020, respectively) — collected a total of $1.1 billion in ticket sales in FY 2024.

The five states without a lottery? Alabama, Alaska, Hawaii, Nevada, and Utah.

The ASFIN is the primary source of nationwide, comprehensive data on the revenues, expenditures, debt, and assets of all 50 state governments.

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The Dogist Named Closing Keynote Speaker for NAPHIA Engage 2026

The North American Pet Health Insurance Association (NAPHIA) announced that Elias Weiss Friedman, the acclaimed photographer, author, and creator behind The Dogist, would serve as the closing keynote speaker at NAPHIA Engage 2026, the association's biannual conference focused on the future of pet health insurance.

It is set to be held May 26-28 at the Francis Marion Hotel in Charleston, South Carolina.

This year's conference theme was to focus on the human-animal bond, exploring the deep connection between pets and their people at a time when pet owners increasingly view their animals as true members of the family.

As expectations for pet care continue to rise — from pet insurance and preventive health coverage to wearable insights and emerging technologies — pet parents are seeking new ways to provide the best possible care throughout their pets' lives.

The theme reflects NAPHIA's role as a leader in the pet health ecosystem, convening the industry to help shape solutions that protect and strengthen that bond.

Friedman is to close the conference with reflections drawn from over a decade of documenting dogs and their stories around the world, offering a powerful, people‑first perspective on why pets matter so profoundly in our lives.

"Elias has a remarkable ability to capture the emotional truth of the human–animal bond," said Sammi‑Jo Nevin, president of NAPHIA. "Through The Dogist, his simple and honest storytelling reminds us that love for our pets is universal, unconditional, and deeply human. Closing NAPHIA Engage with Elias's perspective reinforces our shared responsibility as an industry to lead with empathy, innovation, and a long‑term vision for the future of pet health and care."

Friedman launched The Dogist in 2013 as a playful take on street‑style photography. It has since evolved into a global storytelling platform, sharing real, moving stories about dogs and the people who love them.

Over the past 11 years, he has photographed more than 50,000 dogs, building a community of millions who turn to The Dogist for connection, comfort, and optimism.

Said Friedman: "Dogs love us simply and completely, and that bond deserves to be protected. I'm excited to be part of a conversation about how this industry can help ensure pets and their people have access to the care, security, and peace of mind they need.”