In 2018 the U.S. Supreme Court struck down the 1992 Professional and Amateur Sports Protection Act (PASPA), which prohibited states from authorizing sports gambling, concluding:
“The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own.”
In March 2019 the governor of Virginia signed Senate Bill 1126, setting the stage for legalized sports betting in the Commonwealth under oversight jurisdiction of the Virginia Lottery Board.
Once legal, are such markets “efficient”? If not, what strategies might profitably exploit market inefficiencies? Are participants in such markets gambling or investing? What’s the difference? Is there a rational position for us common fish among a few market sharks and many minnows?
Whether you choose to remain a passive observer of DFS markets, participate for entertainment with low stakes, or aggressively engage with lofty ambitions, you will benefit from understanding how these markets operate and how various recommendation systems are derived. You benefit further from developing your own recommendation system by systematically blending your prior experiences and knowledge with insights from data-derived empirical models. We can help.
This workshop builds on the foundation laid in “A Hands-on Overview” to explore DFS topics:
Jason Platt, MBA, CFP, is a retired professional hockey player who currently serves as Vice President of Wealth Management at Citizens Securities, based in Providence, RI.