Nick Rockel
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Risk off
Institutional investors no longer trust the asset allocation strategy pioneered by Ray Dalio. Public pensions are among the players that have ona bet:pulled huge sums from risk-parity funds, which are offered by Dalio’s Bridgewater Associates and other hedge fund firms. On the heels of lackluster returns, such vehicles have ꦦseen their total assets plunge by ✨an estimated $70 billion since 2021. That still leaves them with a whopping $90 billion.
Sugar crash
For 25-year-old Mai Watanabe, scamming older guys turned out be an expensive mistake. The Japanese woman was ona bet:sentenced to nine years in jail for defrauding three “sugar daddies” out of roughly $1 million. Watanabe, who also sold a manual explaining how others could follow in he♔r footsteps, reportedly spent the cash on a man she lo🍸ved. Bittersweet, to say the least.
Virtual boss
Marco Zappacosta leaves no doubt where he stands in the return-to-office debate. The CEO of Thumbtack, an online home services directory, ona bet:told Fortune that knowledge work doesn’t need to happen IRL. So, trusting its 1,100 employees to get thᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚe job done remotely, Thumbtack has gone virtual-✤first. “We truly feel like one team,” Zappacosta said of this even playing field.
That’s the ticket
At long last, airline passengers will be able to trust they’ll get their money back. The Department of Transportation just unveiled ona bet:new rules spelling ou🐼t where people can expect refunds for air travel to, from, and inside the U.S. Carriers will owe passengers money if there’s a significa🍰nt flight change, as well as for lost and late checked bags. What’s next, more legroom?
TRUST EXERCISE
“Sports leagues are more immersed in the sports betting ecosystem than ever before, with the NFL in the middle of a $1 billion agreement with Caesars, DraftKings, and FanDuel while the NBA now allows active players to endorse sports betting or daily fantasy sports services, as long as the endorsement is general in nature and concerns betting on non-NBA action. Earlier this year, LeBron James signed a deal with DraftKings to promote gambling on football.
For sports leagues, it is easy to make assumptions about the public perception of sports betting. Given the omnipresence of gambling, from TV commercials and shows to billboards along the highway, one might assume that the overwhelming majority of Americans are familiar and comfortable with sports betting, if not enthusiastically supportive. The NBA, NFL, and other leagues are making a wager that a stronger alliance with sports betting outfits will bring millions of new fans into the fold and increase the engagement of existing fans, without the potential downsides coming to bear.”
Pro sports’ partnership with the betting industry is a gamble, ona bet:maintains Will Johnson, CEO of The Harris Poll. He’s got the numbers to back it up. As Johnson points out, sports betting remains divisive, 𓂃with just half of U.S. adults viewing it in a positive light. It doesn’t help that gambling addiction is at an all-time high. About three-quarters of American adults believe widespread 🌞legalization of sports betting will only make that problem worse.
A stark reminder of the controversy that pro sports is courting: Baseball star Shohei Ohtani's translator was recently charged with stealing some $16 million from his boss’s account to make illicit bets. While noting that people's perception can unfairly tarnish legal gambling, Johnson urges sports leagues to acknowledge the backlash and keep a close eye on public opinion. The last thing they want is a duel with their fans.