Sports Gambling, Prediction Markets Could Lead To New Credit Risks For Young Men And Low Earners, Bank Warns [Forbes]
Bank of America Corporation (BAC)
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Source: Forbes
A note from Bank of America Global Research identified, “easy access and gamified interfaces” as factors encouraging frequent and impulsive wagers, “which can lead to overextension of credit and rising loan defaults.” The note characterized the boom of prediction and betting markets as a “convergence of entertainment and speculative finance,” saying it indicates risks that could impact consumers' credit qualities, raise delinquencies and affect earnings for issuers and subprime lenders. Credit scores fall by an average of 2.75 points when online and mobile phone sports gambling is available, according to Bank of America, which noted low-income consumers and young men are particularly susceptible to the gambling credit risks. Subprime borrowers have a higher potential for revolving debt spikes, accelerated defaults and higher charge-off rates, the note said. Young men, especially those in low-income areas, “could exhibit limited financial literacy and constrained liquidity mak
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