The research suggests the majority of those experiencing excessive or problem gambling were young males.
Nearly half of those who bet on sport or animal racing also engaged in heavy episodic drinking at least once, while a quarter had experienced trouble with gardaí.
There was also a link between smoking and gambling, as those who smoked or used e-cigarettes were twice as likely to gamble for money.
The report gathered data from nearly 2,000 16-year-olds attending Irish secondary schools.
It examined whether teens had used slot machines, played cards or lotteries, or bet on sports and animals, while also looking at their behaviours while gambling.
Nearly a quarter of those polled said they gambled, but the rate was higher among boys (28.2pc) than girls (17.9pc).
Of the teenagers who had gambled for money during the previous year, 10.3pc experienced excessive gambling, while 5.6pc met the criteria for problem gambling.
Children were considered to be experiencing problem gambling if they reported feeling the need to lie to people about how much they spent and if they felt the need to bet increasing amounts.
Gambling was found to be more common among boys who had lower academic performance, lived in homes where parents were less aware of their whereabouts and who used substances such as tobacco, alcohol or cannabis.
Betting on sports was the most common form of gambling, followed by lotteries, playing cards and slot machines.
Almost a quarter (23.1pc) of those who gambled for money said that they did so online.
The report, ‘Children and gambling – evidence to inform regulation and responses in Ireland’, presents data collected through the European School Survey Project on Alcohol and Other Drugs (ESPAD).
The joint report published by the Institute of Public Health (IPH) and Tobacco Free Research Institute (TFRI), asked Irish students about their gambling activities in 2019. The Europe-wide survey runs every four years.
It found that boys exhibited different gambling behaviours than girls and had a higher chance of becoming involved in excessive gambling.
Around 80pc of 16-year-olds who gambled in the previous year and were experiencing excessive or problem gambling were boys.
Of the 16-year-olds who gambled in the last 12 months, it was more common for boys to gamble online, bet on sports or animals, and gamble excessively.
Among those who gambled in the previous year, excessive gambling was around three times more common among boys than girls, and problem gambling was more than two-and-a-half times more common among boys than girls.
Dr Helen McAvoy, director of policy with the IPH, said the report shows that a number of 16-year-olds are getting into difficulty with gambling.
“Gambling rates among this age group in Ireland are around the European average, highlighting the need for a public health approach to reduce gambling harms,” she said.
Dr Ciara Reynolds, public health development officer with the IPH, said: “We hope the report findings will help to inform ongoing gambling reform in Ireland.
“The report highlights the need for further research on children and gambling in national surveys to build on our evidence and produce more focussed approaches to protect children from gambling-related harm.”