Wall Street wants to turn sports betting into ETFs. Critics call it dangerous ‘nonsense.’

Financial firms are seeking to launch 32 exchange-traded funds linked to sports betting outcomes and related markets. The SEC has received applications for these funds, which would allow retail investors to trade positions on sports betting data and metrics. Some market participants have expressed concerns about the products, citing risks related to volatility and speculative trading. The funds would trade on standard stock exchanges during market hours.

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