Stock Market Winners & Losers: S&P 500 Nears 5,000 Level | Sports Betting Apps are Exploding
Winner: S&P 500 nears 5,000 level
The S&P 500 approached 5,000 for the first time, but Tom Lee predicts a pullback once it reaches that level. Snap's stock dropped over 33% due to missed revenue and weak guidance. Despite this, a strong earnings season and positive guidance have boosted market confidence, reassuring investors.
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Taylor Swift Prop Bets . . . new album announcement, kiss Travis Kelce and more. You can place a wager on the predominant color of Swift's shirt. Red, for obvious reasons, is the heavy favorite at -300, which is an implied probability of 75%.
Loser: Sports betting apps are exploding
Between January and November 2023, Americans wagered over $106 billion on sports, legal in 38 states, with the minimum betting age typically set at 21, sometimes 18. Eight of the top 10 sports apps in the App Store are gambling-focused, some using virtual currency with in-app purchases and wagers. TV ad spending for betting sites increased to $305 million in 2023 from $197 million in 2021. The prevalence of pathological gambling is higher among college students, with one out of 10 affected compared to 2%-5% of the general population.
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