A REDEMPTION AND A ROTATION FOR U.S. EQUITY MARKETS. LIFE HERE AT BLOOMBERG HEADQUARTERS IN NEW YORK, I'M ROMAINE BOSTICK. KATIE: WE ARE KICKING OFF THE CLOSING BELL.IT IS A FRIDAY AND STOCKS ARE GREEN. HIGHER BY ABOUT 1.7% PERCENT. BIG TECH SLIGHTLY BETTER, BUT LOOKS PEDESTRIAN COMPARED TO WHAT WE ARE SEEING IN THE SMALL CAPS RIGHT NOW.WHAT A BOUNCE BACK FOR THE LITTLE GUYS, HIGHER BY 3.4%. IT HAS BEEN A BIT OF A BRUTAL WEEK, SO A BIT OF GREEN TO FINISH OUT THE WEEK. LET'S TALK ABOUT BITCOIN.WE WERE ABOUT ...

[music] Welcome to Market Catalyst. I'm Julie Hyman and we are 30 [music] minutes into the US trading day. So, let's get to the three market catalysts we're watching this hour.First off, crypto plunging nearly 50% [music] from its October peak. What investors need to know amid the selling and when it could hit a bottom. [music] Plus, fear could be costing investors.Here's why one financial adviser says to avoid emotional behavior [music] during volatility and what you should do instead. And $1.7% billion ex ...

The countdown is on and the bets are flowing in. CNBC's Contessa Brewer joins us right now with more on this. And Contessa, here we go. >> Here we go.Yeah, the sports books are gearing up for their biggest single moneymaking event of the year. Becky, if you look only at the handle, the amount wagered on legal licensed sports books in the United States, the industry is looking to set another new record on this Super Bowl, $1.7% billion. FanDuel is the nation's market leader.And I asked CEO Amy Amy how about ...

Industry Overview - The sports betting industry in the United States is preparing for a record-breaking Super Bowl, with an expected handle of $1.7 billion in wagers on legal licensed sports books [1] - FanDuel is identified as the market leader in this sector [1] Company Insights - FanDuel's CEO, Amy, highlighted that their prediction platform serves as a complementary offering to their daily fantasy sports product, especially in states where sports betting is not yet legalized, such as California [2] - The company does not anticipate significant cannibalization of their offerings in legalized states, as they provide a wide range of betting options, including live betting and social betting [3] Regulatory Environment - The NFL is cautious about the impact of prediction markets on game integrity and is willing to wait and observe the situation [4][11] - There is a significant concern regarding potential regulatory crackdowns due to past betting scandals in other leagues, which could affect the industry's growth [5] - A $675 billion black market exists for sports betting, indicating a substantial amount of unregulated activity [6] Market Dynamics - The industry is facing backlash against prediction markets, with calls for regulation from former governors, emphasizing the need for oversight to ensure revenue generation and responsible marketing [9] - Some companies, like Khi, are taking steps towards transparency by forming independent committees to address insider trading concerns [10] Tax Implications - Companies in states like New York are subject to high tax rates (51%), which could impact their profitability compared to prediction platforms that do not incur such taxes [13]

Core Insights - Boyd Gaming Corporation reported record revenues for the full year 2025, driven by strong performance from core customers and operational discipline [2][4] - The company achieved a net income of $1.8 billion for 2025, significantly up from $578 million in 2024, largely due to a $1.4 billion after-tax gain from the sale of its equity interest in FanDuel [4][5] - Boyd Gaming plans to continue capital investments, including a $750 million resort in Virginia, and has returned over $800 million to shareholders through share repurchases and dividends in 2025 [2][4] Financial Performance - For Q4 2025, Boyd Gaming reported revenues of $1.1 billion, up from $1.0 billion in Q4 2024, with net income of $140.4 million or $1.79 per share [3][4] - Full-year revenues for 2025 reached $4.1 billion, an increase from $3.9 billion in 2024, while total adjusted EBITDAR was $1.4 billion, consistent with the previous year [4][5] - Adjusted earnings for Q4 2025 were $173.5 million or $2.21 per share, compared to $174.7 million or $1.96 per share in Q4 2024 [3][5] Operational Review - The Las Vegas Locals segment experienced growth in gaming revenues, although there was softness in destination business [6] - The Midwest & South segment benefited from strong customer play, despite being impacted by severe winter weather in December 2025 [6] - The online segment saw growth due to the online casino gaming business and changes in revenue-sharing agreements following the FanDuel transaction [7] Shareholder Returns - Boyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15, 2026, and repurchased $185 million in shares during Q4 2025 [8] - As of December 31, 2025, the company had approximately $362 million remaining under its share repurchase authorization [8] Balance Sheet - As of December 31, 2025, Boyd Gaming had cash on hand of $353.4 million and total debt of $2.1 billion [9]

RT CryptoBizzle (@CryptoBizzle)Schwab CEO Rick Wurster says prediction markets can help investors gauge risks, but sports betting and contracts aren't something the firm plans to touch.“We’ll leave it to the FanDuels and the Robinhoods and others that are positioning themselves as gambling firms,” he said.“People generally don’t get better off in their financial life via gambling.”Read more below 👇 ...

FanDuel and DraftKings, official partners of the NFL, are front and center here at Radio Row. Even though gamblers can't place wagers on their sportsbook apps, but their prediction platforms are up and running. The sports betting giants entered this prediction freight in the fourth quarter of last year, unwilling just to, you know, sit on the sidelines as Koshi, Poly Market, Robin Hood, and others entered sports the prediction markets. Um, and and Koshi made a big splash with its advertising before last yea ...

Core Viewpoint - Charles Schwab remains cautious about the gamification of trading, opting not to engage in gambling-related activities, unlike fintechs such as Robinhood and FanDuel [1][4] Group 1: Company Strategy and Growth - Schwab's focus on financial planning and live coaching has attracted younger investors, with Gen-Z clients being 41% more likely to start investing before age 21 compared to previous generations [2] - The average client age at Schwab has decreased by 10 years over the last decade due to its strategic initiatives [2] - Schwab's stock has gained approximately 27% over the past year, outperforming the S&P 500, which increased nearly 14% in the same period [5] Group 2: Market Position and Analyst Insights - JPMorgan analyst Kenneth Worthington has maintained an Overweight rating on Schwab's stock, raising the price target to $128, citing a strong finish to 2025 with $164 billion in core new assets in Q4 [6] - Schwab's cautious approach to the prediction market landscape includes plans to integrate insights into event probabilities into its platform, while distinguishing between legitimate economic hedges and pure gaming aspects [3][4]

Group 1 - New York Attorney General Letitia James warns consumers about the risks associated with unregulated prediction markets, emphasizing the lack of consumer protections compared to regulated platforms [2] - Prediction platforms like Kalshi and Polymarket are anticipated to generate billions in trading volume during the Super Bowl, with event contracts that resemble bets [2] - Consumers can trade on game events and predetermined outcomes, similar to online sportsbooks such as DraftKings or FanDuel [3]

Bitcoin Market Dynamics - The 1-year+ holding wave of Bitcoin indicates that long-term holders are distributing their coins, consistent with historical patterns observed in post-halving years [1] - Investor expectations significantly drive Bitcoin's value, making its price highly reflexive and reinforcing the four-year cycle pattern, which has historically led to price peaks in Q4 of post-halving years [3][4] - The introduction of spot Bitcoin ETFs and increased institutional investment is changing the demand structure, providing a more stable bid for Bitcoin compared to retail-driven flows [5] 2026 Market Outlook - The outlook for 2026 suggests that while it may not resemble a traditional bear market, heightened volatility and range-bound trading are expected due to structural support from institutional capital [8] - The four-year cycle expectation continues to influence market timing and sentiment, despite the evolving market conditions [8] Ethereum's Evolution - Ethereum has solidified its position as a dominant platform for decentralized finance and tokenization, but its monetary narrative as "Ultra-Sound Money" has weakened due to reduced transaction fees and inflationary supply dynamics [10][12] - The divergence between Ethereum's strength as a network and ETH's performance as an asset raises questions about its current narrative, with two emerging perspectives: "Digital Oil" and "Yield-bearing productive asset" [13][17] Layer-1 Blockchain Competition - The Layer 1 blockchain market has become increasingly competitive, with new entrants optimizing for compliance and performance, while Ethereum maintains advantages in decentralization and developer ecosystem [18][19] - The economic value of Layer 1 blockspace is trending toward its marginal cost of operation, reflecting a highly competitive environment [20][25] Privacy Coins Resurgence - Privacy coins like Zcash and Monero have seen a resurgence, driven by ongoing demand for privacy amid increasing regulatory scrutiny in the crypto space [26][30] - Zcash is positioned favorably due to its opt-in privacy model and compatibility with regulatory requirements, unlike Monero, which faces greater scrutiny [28][30] Perpetual DEX Growth - The Perp DEX sector has experienced significant growth, with weekly volumes increasing from $81 billion in 2024 to $314.7 billion in 2025, attracting institutional interest [36] - Despite rapid expansion, the capital base of Perp DEXs remains shallow, with a leverage ratio of approximately 2.0x, indicating limited risk absorption capacity [37] Prediction Markets Development - Prediction markets have transitioned from fringe experiments to significant components of financial infrastructure, with platforms like Polymarket demonstrating superior accuracy compared to traditional polling methods [48][49] - The sector is expected to mature further in 2026, with increasing institutional interest and the development of solutions to address existing structural challenges [52]