Gambling is increasingly recognised as a public health issue with several developed governments and supranational bodies such as the EU developing legislation and policy measures to reduce gambling harms. This research examines data for over 4,200 young people from an Irish cohort study, finding that at 20 years of age, 7.2% were gambling weekly, while a further 7.6% gambled at least on a monthly basis; with males having approximately double the gambling rate than females. Multiple regression models, adjusting for socio-economic characteristics, number of friends, financial issues, and health behaviours such as alcohol consumption and physical activity, did not uncover a significant association between gambling activities and risk of depression, life satisfaction or stress scores. However, frequent, and online gambling at 20 years was associated with double the odds of reporting difficulties repaying loans. These findings underscore the potential for targeted support and advice addressing money-related issues among young people engaging in gambling behaviours.