Aaron Brown, Columnist

Wager on the NFL or Invest? It’s Not About Morality

The challenge from sports betting should be met with better, more innovative financial solutions for retail investors.

August 20, 2024 at 10:30 AM UTC

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

What’s the game?
Photographer: Spencer Platt/Getty Images North America

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

Does legalized online sports betting strain family finances? A recent study, “Gambling Away Stability: Sports Betting's Impact on Vulnerable Households,” argues yes, but the conclusion reflects the moral assumptions of the authors rather than the statistical evidence.

That’s not to say this is a bad study. It is a good and useful one, but it would be better if its conclusion were more neutral and laid out the importance of making investing a more compelling proposition for retail investors. Also, there are some significant issues with the data that argue for treating the results more cautiously than the authors do, and far more cautiously than media reports suggest.