Arnold Ventures funds sports betting research with $2.6 million in grants
The philanthropy backed by John and Laura Arnold is funding 12 studies on online sports betting’s effects on consumers and households.
By Hana Yoshida · Markets Reporter
3 min read
Arnold Ventures said Tuesday it has awarded about $2.6 million to 12 universities and think tanks to study sports betting. The foundation said the work is intended to give lawmakers stronger evidence as online wagering spreads and states weigh how to regulate it.
The grants will support research at institutions including Princeton University, the University of Pennsylvania and the University of Wisconsin, according to Arnold Ventures. The foundation said the studies will examine the effects of gambling on financial health, mental health, household formation and consumer behavior, with some projects also looking at policy responses that could reduce harm.
A spokeswoman for Arnold Ventures told Fortune the foundation wants policymakers to have better information and better tools when they consider sports betting laws. She said sports betting has grown quickly across the country while legislators often lack rigorous causal research on its effects and on which rules work best.
CNBC first reported the new grant program. John Arnold told CNBC that sports betting changed after a 2018 Supreme Court decision allowed wider legalization, especially because bettors can now wager by phone.
Arnold told CNBC that mobile betting has widened access and reduced barriers. He said bettors can wager on individual pitches and at speeds that were unavailable when placing a bet required a phone call.
Justin Milner, Arnold Ventures’ executive vice president of evidence and evaluation, described the project to CNBC as an effort to provide independent data for lawmakers. He said anyone with a smartphone could, in effect, carry a casino in a pocket.
Prediction markets left out
The 12 studies will not examine prediction markets such as Kalshi and Polymarket, according to Arnold Ventures. The foundation’s spokeswoman told Fortune that independent researchers have limited access to betting data from those platforms, making rigorous causal evaluations difficult.
The spokeswoman told Fortune that many funded studies will compare states based on when they legalized online sports betting. She said that design can help researchers identify the effect of state legalization decisions, while federally regulated prediction markets overseen by the Commodity Futures Trading Commission do not offer the same state-by-state variation.
Arnold told CNBC that many states moved to legalize sports betting in 2018 because lawmakers were drawn to possible tax revenue. He said a voluntary tax can appeal to state legislatures more than a mandatory one.
The Arnold Ventures spokeswoman told Fortune the foundation is not approaching sports betting through one argument, such as financial harm, mental health, athlete integrity or tax revenue. She said the goal is to make sure policymakers understand the range of consequences and have evidence available if they decide to act.
The spokeswoman also told Fortune the grants are not meant to support a predetermined legislative position or a specific outcome on legalization.
Arnolds’ broader giving
The sports betting grants are a small part of John and Laura Arnold’s philanthropy. Forbes reported in February that the couple had donated more than $2.3 billion, largely to criminal justice and education causes.
Fortune reported that the Arnolds have given away about half of their net worth. A 2025 Institute for Policy Studies report said they were the only signers of the Giving Pledge technically meeting its promise to donate at least half of their wealth.
Melinda French Gates criticized other Giving Pledge signers in a Wired interview published in late 2025. Asked whether they had given enough, French Gates said, “No.”
This story draws on original reporting from Fortune.