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Sports betting growth rates 'speak for themselves': Analyst

The 2024 Women's NCAA National Championship game set a record as the most bet-on female sports event, highlighting the rapid expansion of the sports betting industry. Needham & Co. Managing Director Bernie McTernan and Oppenheimer Equity Research Analyst for Consumer Internet Jed Kelly join Market Domination to discuss growth predictions for this sector. Kelly notes that the sports betting industry has the potential to grow over 30% this year alone, emphasizing that the numbers "speak for themselves." He explains that sports betting is being "widely adopted," with the audience starting to expand to a broader demographic as mobile apps make it easily accessible. Kelly says prominent industry players, such as DraftKings (DKNG), are beginning to demonstrate their ability to achieve profitability by "using the internet to get scale advantages," allowing them to quickly outpace traditional brick-and-mortar betting institutions like casinos. McTernan states that as sports betting and sports media become "more mainstream," he foresees continued growth in the sector. While some states have yet to fully embrace sports betting, he believes that "over time," widespread adoption will occur, as it is "something consumers want to be able to do." McTernan notes the NCAA game reflects the sports betting industry's focus on catering to consumer demand and expanding the range of sports available for wagering. However, he raised concerns about whether the industry's tactics, such as pre-made parlays, may be "bleeding customers dry". For more expert insight and the latest market action, click here to watch this full episode of Market Domination. Editor's note: This article was written by Angel Smith


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Here's how JPMorgan is giving ex-criminals a second chance

Nearly one in three Americans with an arrest record or conviction are struggling to find a job, according to JPMorgan Chase data. JPMorgan is working in conjunction with organizations like the Second Chance Business Coalition — which is co-founded by JPMorgan and the Eaton Corporation — and the University of Pennsylvania's Wharton School to co-host the Second Chance Conference to examine employment trends and discuss sustainable solutions for formerly incarcerated workers. JPMorgan Chase Head of Research, Policy & Insights for Corporate Responsibility Heather Higginbottom joins Yahoo Finance to outline the objective of breaking down barriers that keep ex-offenders from effectively rejoining the US workforce, from state legislation to re-examining companies' hiring practices. "One of the biggest priorities we have is increasing the number of states who have enacted or have passed what we call 'clean slate legislation,' and what that means is that states pass laws, and they say after a certain period of time, for certain sets of crimes, your record can be expunged," Higginbottom says. "Unfortunately, the process to do so is incredibly lengthy, bureaucratic, time-consuming, and expensive. And even in those states where there have been efforts to enact these expungement opportunities, it isn't taken up." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.


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