Arnold Ventures, a foundation created by American John Arnold, is funding 12 universities to study the financial and psychological impact of online betting.
Billionaire John Arnold, founder of the investment fund Centaurus, announced on Tuesday, July 7, a new round of research grants, approximately $2.6 million distributed to 12 universities and research centers in the United States, aimed at studying the effects of online sports betting, according to Fortune magazine.
The funds come from Arnold Ventures, a foundation created by him and his wife, Laura Arnold.
The projects will be carried out at institutions such as Princeton University, the University of Pennsylvania, and the University of Wisconsin, and will study the effect of betting on financial well-being, family formation, mental health, and consumer behavior.
A spokesperson for Arnold Ventures told Fortune that the foundation is seeking a more consistent evidence base to provide lawmakers with information and tools for decisions on sports betting legislation.
“Sports betting has expanded rapidly across the country, but authorities often lack rigorous causal research on its effects and on which regulatory approaches are most effective,” said the spokesperson.
The goal, according to her, is to ensure that “lawmakers understand the full range of consequences associated with sports betting, so that when they are ready to act, the evidence is available to support them.”
The foundation also stated that it is not funding the work “to support a predetermined legislative outcome or a position on legalization.”
It is worth noting that none of the 12 studies will examine prediction markets, such as Kalshi and Polymarket. According to the spokesperson, the omission is a matter of research design.
“Access to betting data from prediction market platforms is extremely limited, which makes it difficult for independent researchers to conduct rigorous causal evaluations.”
Arnold and his wife joined the Giving Pledge, a public commitment made by a group of billionaires to donate the majority of their fortunes to philanthropic causes.
According to Forbes, the couple had already donated more than $2.3 billion by February, mainly to projects related to criminal justice and education.
The grants come at a time of expansion for the sports betting industry in the United States, driven by the 2018 U.S. Supreme Court decision, which paved the way for legalization in several states.