Bank of America Institute Report Finds Online Betting Users More Than Tripled Since January

A Bank of America Institute report released on September 1 said first-time users of online betting platforms rose by more than three times from January to June and July, with about 5% of bank customers participating in betting activity in July. According to ChainCatcher, the report said users recovered less than 75 cents for every $1 wagered on average, suggesting betting is not a stable source of income. The report said activity was heavily concentrated among younger users, with Gen Z and millennials accounting for 88% of July transaction volume. It also found that the median deposit-account balance of households that participated in betting was only 59% of that of non-participating households, indicating weaker financial conditions. On the regulatory side, the U.S. Commodity Futures Trading Commission has issued new rules for prediction market contracts and incentive programs, while lawmakers from both parties have introduced several bills aimed at clarifying the federal regulatory framework and strengthening consumer protection.