Arnold Ventures commits $2.6 million to study online sports betting risks in the U.S.

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Arnold Ventures sports betting study

Highlights

Arnold Ventures commits $2.6 million over three years to Princeton, University of Pennsylvania, and University of Wisconsin for research into online sports betting risks.
The U.S. online sports betting market reaches record $16.96 billion revenue in 2025, with 27% of Americans holding active accounts, up from 19% in 2024.
Legislation targeting prediction market contracts tied to sports and government actions is introduced in 2025 amid surging trading volume on platforms like Kalshi and Polymarket from $5 billion to $24 billion.

Research funding targets gambling harms

As reported by CNBC, the grants support previously unreported research into how online sports betting affects financial well-being, household formation, mental health and consumer behavior. John Arnold, co-founder of Arnold Ventures with his wife Laura, says the spread of mobile betting apps and prediction market platforms has fundamentally changed how people gamble on sports.

Arnold says betting by phone has sharply increased access and reduced friction for users, allowing multiple wagers during a single game. He argues the product itself has changed as platforms such as DraftKings, FanDuel, Kalshi and Polymarket expand the speed and frequency of betting opportunities.

Princeton University, the University of Pennsylvania and the University of Wisconsin are among the institutions receiving support over the next three years, Arnold Ventures says in a press release. Arnold has recently focused more of his philanthropy on the risks tied to prediction markets and sports betting apps after earlier work on criminal justice reform and higher education.

Growth of the market draws policy scrutiny

The U.S. sports betting market continues to grow after a 2018 Supreme Court decision clears the way for legalization. Thirty-nine states and the District of Columbia have legalized sports betting since then, while an April survey by Siena University's Research Institute finds 27% of Americans have an active online sports betting account, up from 19% in 2024.

The industry reaches a record $16.96 billion in revenue in 2025, according to the American Gaming Association. Pew Research Center analysis also shows trading volume on Kalshi and Polymarket rises from less than $5 billion in September to roughly $24 billion in April, with sports representing the largest category of event contracts.

That expansion is drawing attention on Capitol Hill and in statehouses. Proposals introduced this year include legislation from Sen. Jeff Merkley and Rep. Jamie Raskin that would ban prediction market event contracts tied to sports, elections, war and government actions, while Arnold says most of his advocacy is focused on states, where sports betting is regulated.

Our earlier article covered the U.S. Supreme Court’s split ruling on presidential removal power and why the Federal Reserve was treated as a special case among independent agencies. We noted that the decision temporarily protected Fed Governor Lisa Cook and preserved the central bank’s near-term policy autonomy, but left lingering uncertainty over the Fed’s constitutional status and the broader implications for monetary-policy independence and market stability.

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