#553
Meme Stocks to Moneylines
Published:
Aug 17, 2024
Author:
Sarah Parsons Wolter
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As the thrill of meme stocking trading fades, a new temptation may be luring thrill-seekers away from Wall Street – sports betting. A newly published working paper titled Gambling Away Stability finds that every dollar spent on sports betting is associated with a $2 decrease in net deposits to traditional brokerage accounts.
This data comes to light after a fantastic summer of sport, featuring events like the Paris Olympics, Euro, Copa America, and Wimbledon. NBCU reported this week that the Paris Olympics averaged 30.6m viewers across their platforms, an 82% jump from the Tokyo Olympics. Now, as the Premier League kicks off and the NFL season approaches, sports fans are gearing up for another round of high-stakes action – both on the field and in their betting apps. But the excitement may come with a hidden cost: a shift away from sound financial planning toward the dopamine-driven highs of sports wagering.
While platforms like Robinhood are attempting to nudge users toward more responsible investments and retirement accounts, the lure of quick gains from sports betting continues to grow. In the end, whether on the pitch or the stock market, it seems some fans just can't resist a good gamble. But as with all games of chance, when the final whistle blows, will they find they've bet on the wrong horse?
Portfolio News
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Meme Stocks to Moneylines
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Industry News
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Select Financings
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