Business Insider that TD Ameritrade is already conducting focus groups to test customers’ interest in sports gambling.
While still in very early stages, with no specific products yet in the works, the focus groups were “very engaged” and results indicated that sports gambling “may be a space we can play in,” SankaranThe sports gambling market is rapidly growing, and could be a prime opportunity for TD Ameritrade to offset lost revenue fromCompletely nixing commissions on trades resulted in a revenue impact of $220 million to $240 million per quarter, or around 15% of overall revenue,Steve Boyle, TD’s chief...
It’s not the first time brokerages have explored tapping into sports gambling or fantasy sports: TD Ameritrade earlier this year collaborated with ESPN to provide fantasy football players with a digital tool to assess team performances, while rival firm Interactive Brokers“Sports gambling is an emerging market—it’s a big revenue opportunity if played the right way,” says Jake Williams, vice president of legal and regulatory affairs...
. “With the state by state set up, there are a lot of legal and regulatory challenges that do exist and could make it challenging,” he points out.“We’re in the early stages of exploring this space, and although we won’t comment on any specifics, we are always evaluating potentially innovative products and services that may attract new customers,” TD’s Sankaran told
Good stuff. Thanks!
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