Thousands of sports fans who can't gamble on their favorite teams are reportedly flocking to the stock market instead
Thousands of sports fans who can't gamble on their favorite teams are reportedly flocking to the stock market insteadWith no sport to watch live and bet on, gamblers are resorting to playing the stock market for a quick fix during the coronavirus pandemic.
Rich Repetto, senior research analyst at Sandler O'Neill, said:"There's no sports ... so people are trading for fun with the backdrop of improving markets."With no sport to watch live and bet on, gamblers are resorting to playing the stock market for a quick fix during the coronavirus pandemic.which reported on Wednesday that brokerages are seeing a sharp increase in account openings as sport fans seek new ways to gamble in the absence of any live sporting action.
Against this backdrop, three of the four biggest brokerages in the US, Charles Schwab, ETrade and Interactive Brokers, added a cumulative 780,000 new customers in March or April, the FT said.BANK OF AMERICA: 5 main themes will shape the post-coronavirus investing landscape. Here are strategies for playing the winners and losers of each.
Big players like Ameritrade followed the lead of newer entrants like Robinhood, which was one of the first brokerages slash trading fees to zero. Now that's not possible, Goodwin said he opened a ETtrade account, paid in a few thousands of dollars, and started buying stocks a few weeks ago.
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