Watching sport and attending a sport event are generally considered popular, enjoyable, and valorized activities in our society. The last few years have seen a development in digital technologies (i.e. smartphones, tablets, computers), which now offers the possibility to gamble on almost every sport events, at every moment, e.g. before or during a game in play. Moreover, the level of exposure to sports betting advertisements is unprecedented. Promoted by this around-the-clock availability and ubiquity of cues, sports betting and gambling is becoming increasingly popular, in particular in adolescents and young adults, with a growing concern that this population could develop unprecedent levels of gambling-related problems. Our objective here is to elaborate on how the increased popularity of sports betting is currently reframing the way sport is experienced by young fans and student-athletes. After describing current levels of sports betting involvement and related problems among young people, we will review the available evidence documenting the growing normalization and popularity of gambling in sports and its impact on cognitive and affective processes in children and adolescents, including young athletes. The last section focuses on regulation strategies addressing current concerns on the consequences of sports betting in children and adolescents.