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Billionaire philanthropists John and Laura Arnold are investing $2.6 million to fund independent research examining the effects of legalized online sports betting on Americans’ financial well-being, mental health and consumer behavior.
Arnold Ventures backs nationwide research into online sports betting
The funding, awarded through Arnold Ventures, will support 12 research projects over the next three years. Researchers will study how expanded access to online sportsbooks has influenced individuals and households since sports betting rapidly spread across the United States following the Supreme Court’s 2018 Murphy v. NCAA decision.
CNBC first reported the announcement and it was later detailed by Arnold Ventures in its official release.
John Arnold, the former Enron energy trader who co-founded Arnold Ventures, said mobile technology has fundamentally changed sports betting by making wagering faster and more accessible.
“Being able to bet over the phone has dramatically increased access and lowered friction,” Arnold told CNBC. “You can bet on every pitch. You can bet with a speed that was never possible when you had to place a call to put a bet down.”
Studies will examine financial, health and policy outcomes
The grants will support researchers at several institutions, universities and policy organizations, including:
- Princeton University
- The University of Pennsylvania
- UCLA
- Vanderbilt University
- The University of Wisconsin-Madison
According to Arnold Ventures, the projects will examine topics including:
- Gambling-related financial distress
- Housing insecurity
- Mental health outcomes
- Sports betting advertising and consumer decision-making
- State tax revenue and the effectiveness of potential harm-reduction measures
Several studies will use quasi-experimental methods designed to isolate the causal effects of legalized sports betting.
Arnold Ventures said the research is intended to help lawmakers evaluate how legalization and regulation affect consumers as more states continue to expand legal wagering.
Sports betting industry welcomes additional research
The Sports Betting Alliance, an advocacy group representing legal sportsbook operators, welcomed additional research while emphasizing the consumer protections available in regulated markets.
Joe Maloney, the organization’s president, said legal sportsbooks provide transparency, responsible gambling tools and tax revenue while helping combat illegal operators.
“Better data leads to better policy,” Maloney said in a CNBC news statement. “We welcome new research that acknowledges the important role legal sportsbooks play in protecting consumers and combating the harms of the persistent and predatory illegal market.
