But now Arnold Ventures, the foundation founded by the Arnolds, is going after an unsuspecting cause: sports betting. The foundation announced Tuesday it has awarded roughly $2.6 million in new research grants to 12 universities and think tanks studying the fast-growing sports betting industry.
The main motivation is figuring out what online sports betting is doing to the people who use it. The projects, which are housed at institutions including Princeton University, the University of Pennsylvania, and the University of Wisconsin, will examine how gambling affects financial well-being, household formation, mental health, and consumer behavior—and, in some cases, what policymakers can do to reduce harm.
Arnold Ventures is seeking a stronger evidence base to give policymakers more information and “better tools” to make decisions about sports betting legislation, a foundation spokeswoman told Fortune.
“Sports betting expanded rapidly across the country, yet policymakers often lack rigorous causal research on its effects and on which regulatory approaches are most effective,” she said. “These studies are designed to help fill that gap.”
The grants, first reported by CNBC, reflect Arnold’s growing conviction that betting has fundamentally changed since a 2018 Supreme Court decision opened the door to legalization.
