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A Bank of America study released on 1 September found that the median deposit account balance of households that participated in online betting was 59% higher than households that avoided the activity. As prediction markets rapidly expand alongside traditional sports betting, the findings have prompted “some to blur the lines between entertainment and investment”, according to a proprietary study undertaken by BofA.
The ongoing battle between states’ rights advocates and those who support federal regulations in sports trading is not black and white. Carton indicated in his monologue that engaging in the trading of sports-event contracts amounts to unregulated gambling. Designated Contracts Markets, better known as prediction markets, are regulated on the federal level by the US Commodity Futures Trading Commission.
On Wednesday, a CFTC deputy general counsel posted an ad on LinkedIn for a senior position with the commission. It appears that the attorney is seeking assistance in crafting formal rules for event contracts, a set of regulations he described as the “most impactful” the commission has written “in decades”.
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Researchers conducted a rapid desk review of 53 relevant sources, three deliberative focus groups segmented by gambling product type (sports betting, online casino/slots and land-based gambling) and four in-depth interviews with people identified as being at higher risk of harm (Problem Gambling Severity Index (PGSI) score of 8 or more).
A total of 22 participants were purposely recruited to provide detailed insights.
Participants broadly accepted the principle that gambling information should be transparent and accessible, but many reported difficulty interpreting or using it effectively in practice.
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The $1 million win in the UK comes shortly after a lucky player in New York won a similar prize after matching the five white numbers for the Saturday, September 19, drawing. The same drawing also saw 30 players win tier-three prizes. Of these, 23 won $50,000 each, while the remaining 7 won $100,000 each thanks to Power Play.
A week before that, Powerball awarded not one, but two Match 5 prizes. One of these incredible payouts was a $1 million win in Georgia, while the other one was a $2 million windfall in Ohio.
In other lottery news, a $3-million winning ticket was just sold in South Park Township, Pennsylvania. As of the time of this writing, the winner has yet to come forward to redeem the sum.
