Welcome back to the Fintech Takes podcast. I’m Alex Johnson, joined by Jonathan Cohen, Policy Lead at the American Institute for Boys and Men and author of Losing Big: America’s Reckless Bet on Sports Gambling.
In keeping with a theme that we’ve been building on around here, today’s episode is about sports betting, gambling, prediction markets, and the infiltration of all of these activities into financial services apps.
We cover the 2018 Supreme Court ruling that had almost nothing to do with gambling and everything to do with states’ rights; the frictionless mobile nature of betting today and what that unlocked; the research on young men, loneliness, and financial nihilism that explains why this landed where it did; and the CFTC’s decision to classify sports prediction market contracts as swaps, which handed the industry a green light that may not survive the next Supreme Court term.
We also get into Robinhood’s role as backend infrastructure for Trump accounts, and what it means that young men may soon inherit a government-seeded investment account from the same company that’s pushing them toward sports betting.
Check out Jonathan’s book here: https://a.co/d/0bbrz0IR
This episode is brought to you by Persona.
The best fintechs expand what’s possible for users. Persona does that for fraud prevention. Their recently upgraded link analysis tool surfaces connections in real time, letting you spot deepfakes, identity farms, and fraud rings during onboarding and investigations.
They just published their Fraud Leader’s Guide to Link Analysis, a practical look at today’s top risk signals, automating decisions, and scaling link analysis for fraud prevention. Download it now: http://withpersona.com/ftt-fraud
Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/
And for more exclusive insider content, don’t forget to check out my YouTube page.
Follow Jonathan:
LinkedIn: https://www.linkedin.com/in/jonathan-cohen-6219b989/
Follow Alex Johnson:
YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos
LinkedIn: https://www.linkedin.com/in/alexhjohnson
X: https://www.twitter.com/AlexH_Johnson