John Arnold commits $2.6 million to study online sports betting risk
Philanthropist John Arnold is donating $2.6 million to fund academic research into the societal and financial impacts of online sports betting. The study aims to provide data to help lawmakers establish better regulatory guardrails for the rapidly growing industry.
Billionaire philanthropist and former energy trader John Arnold says online sports betting has changed immeasurably since it became legal in the U.S. in 2018, thanks to the rise of online prediction market platforms Kalshi and Polymarket and mobile apps like DraftKings and FanDuel . To better understand the potential risks, he and his wife Laura are awarding $2.6 million to researchers studying the evolving world of gambling on sports.
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