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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.
That’s according to the Financial Times, 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.
Three US brokerages, Charles Schwab, ETrade and Interactive Brokers together added 780,000 new customers in either March or April.
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.”
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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.

That’s according to the Financial Times, 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.

The coronavirus has brought economic and leisure activity to a standstill, with virtually all major sporting events postponed, and the few that have returned being played behind close doors.

High profile cancellations and postponements include the 2020 Tokyo Olympics, which will now take place in July 2021, and the Euro 2020 soccer tournament, which will also be held next year.

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.

Read more: BANK OF AMERICA: 5 main themes will shape the post-coronavirus investing landscape. Here are strategies for playing the winners and losers of each.

Rich Repetto, senior research analyst at Sandler O’Neill, told the FT: “People are staying at home, there’s no sports on — so people are trading for fun with the backdrop of improving markets.”

The increase in new customers comes at an important time as Charles Schwab, TD Ameritrade and ETrade all slashed charges for individual stocks, ETFs and option trades end of last year, making casual trading cheaper than before.

Big players like Ameritrade followed the lead of newer entrants like Robinhood, which was one of the first brokerages slash trading fees to zero.

Notable entrants into the markets in recent weeks include Dave Portnoy, the CEO of sports news and betting website Barstool Sports. According to the FT, Portnoy poured …read more

Source:: Business Insider

      

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Thousands of sports fans who can’t gamble on their favorite teams are reportedly flocking to the stock market instead

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