John Arnold awards $2.6M to study risks of booming online sports betting.

Billionaire philanthropist John Arnold is granting $2.6 million to universities for research on the risks of online sports betting, which has surged since legalization in 2018. The funds will support studies on gambling's impact on financial health, mental well-being, and consumer behavior amid concerns about addictive behavior and financial harm, especially among young men. Arnold urges lawmakers to recognize how mobile apps and prediction markets have transformed sports betting, increasing access and intensity. This move comes as states continue legalizing sports betting and lawmakers propose new regulations to address emerging risks.