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Legal sports betting is still not offered in California or Texas, the countrys two most populous statesand in Florida, the third most-populous, its largely controlled by the Seminole Tribe. But a new venture from Crypto.com and fantasy-sports provider Underdog Sports could open new doors for fans. The companies announced Tuesday they are teaming up to launch a sports prediction market in 16 states. Fans will be able to buy and sell outcomes of sporting events, similar to how prediction markets are used to bet on elections, Bitcoin prices, or pop culture events. Odds shift with market movements rather than a bookmakers call. “Prediction markets are one of the most exciting developments weve seen in a long time,” said Jeremy Levine, Underdog’s founder and CEO, in a statement. “While still new and evolving, one thing is clearthe future of prediction markets is going to be about sports.” The field is already getting crowded. Robinhood, Polymarket, and Kalshi currently offer prediction markets, and FanDuel announced this month it would partner with CME Group to create sports event contracts. Sports betting itself is a massive business. Last year, Americans wagered $150 billion in legal sportsbooks, a 22.2% jump from 2023, according to the American Gaming Association. The growth of online gambling has also brought more casual players into the fold. Prediction markets, however, exist in a legal grey zone, with courts and the Commodity Futures Trading Commission (CFTC) still determining their status. Even so, sites continue to expand and develop loyal users. Polymarket, one of the largest players, shut down its U.S. operations in 2022 over licensing issues and concerns about manipulation. It relaunched in July of this year after acquiring QCX, a CFTC-licensed derivatives exchange, and QC Clearing, a $112 million clearinghouse. Earlier this summer, the Justice Department and CFTC closed their investigations into the platform. “Demand is greater than evernot just in user growth and trading volume, but in how mainstream audiences are turning to Polymarket,” said founder and CEO Shayne Coplan at the time. The Crypto.comUnderdog market will try to sidestep those problems by offering contracts through Crypto.com’s Derivatives North America, a CFTC-registered exchange. Underdog will host the platform and continue to run its fantasy sports business. Users will be able to predict outcomes for the NFL, college football, the NBA, and Major League Baseball, with more leagues expected. The companies plan to first target states without legal sports betting, but described the platform as “federally compliant,” hinting at ambitions for nationwide expansion. Citizens analyst Jordan Bender estimates the sports prediction market could generate $555 million in revenues for participating companies. Thats small compared to the $13.71 billion sportsbooks made last year, but still significant.
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E-Commerce
Cindy Eggleton has always believed in the power of a story. But the CEO and co-founder of Brilliant Cities, a Detroit-based early childhood development nonprofit that supports learning in underserved communities, never expected someone to tell hers. And definitely not in a sleek documentary with a slick soundtrack and plenty of images of other Detroit institutions, such as General Motors, Diana Ross, and the historic Fox Theatre. Its never been about me, said Eggleton, adding that participating in the Nevertheless: The Women Changing the World documentary series on YouTube was her way of honoring her late mother, Geraldine, who inspired her to speak out and help others in their community. However, as they face an increasingly uncertain funding landscape, nonprofits are focusing more on storytelling in outreach to donors both big and small and raising production values for videos and podcasts. Storytelling is how were able to draw people in and get them to connect to a deeper truth about themselves or about the world or a problem that needs to be solved, said Elevate Prize Foundation CEO Carolina Garcia Jayaram. Its connecting those issues back to you as a human and not saying, Well, thats their problem. Thats all the way over there. The story allows it to be human. Elevate Prize Foundation launches its own storytelling arm The foundation launched the production house Elevate Studios earlier this year to tell more of those stories, Garcia Jayaram said. Nevertheless: The Women Changing the World, Elevate Studios first series, has already generated more than 3 million views on YouTube and will debut its second season in the fall of 2026. Its been incredible to see the growth weve had on YouTube and how its resonated so quickly with so many people, Garcia Jayaram said. We know were on to something here. Philanthropic support of storytelling has been ongoing for decades, mostly through donors funding documentary projects. Open Society Foundations created the Soros Documentary Fund in 1996 before the Sundance Institute took it over in 2002, with the George Soros-backed nonprofits continued monetary support. The Ford Foundation formalized its funding plans in 2011, creating its JustFilms program that still supports 25-30 documentary films annually. Earlier this month, Firelight Media, a New York-based nonprofit supporting documentary filmmakers of color, launched the Firelight Fund, which will offer directors $50,000 grants for their projects. But Lance Gould, founder and CEO of media strategy firm Brooklyn Story Lab, says what Elevate Prize Foundation and others are doing is different. He says it reflects both technological improvements that have lowered the cost of documentary storytelling and the rise of social media, which allows nonprofits to interact with donors directly. Being able to tell your story well is paramount, said Gould, whose firm works with nonprofits to help them produce their own story-driven content. But storytelling is not only about reaching viewers, its also about having the right message for the right viewers. He suggests that nonprofits connect their work to larger initiatives like the United Nations Sustainable Development Goals an ambitious list of 17 efforts from eliminating extreme poverty and hunger to guaranteeing every child a quality secondary education by 2030 to attract more attention and support. How storytelling can strengthen connection Gould, who was previously executive editor of The Huffington Post and editor in chief of The Boston Phoenix, said everyone can be their own media company at this point. Thats a point Nicole Bronzan, vice president of communications and content for the Council on Foundations, hopes is not lost in the push for more storytelling. We dont want people to feel that they have to make big technological investments in order to tell better stories, Bronzan said. We wouldnt want anyone to feel like they have to have a big fancy studio, but certainly the news that folks are investing in storytelling is great for us and for the whole sector. In a Council on Foundations report released last year, A New Voice for Philanthropy: How Deeper Stories and Clearer Language Can Build Trust, researchers, including Bronzan, reported that people had positive attitudes toward foundations, but most didnt really understand how foundations worked. Bronzan said stories that provide more transparency about how donations are used and how those decisions are made help connect people to a nonprofit and its work. If youre telling those stories, she said, I can only imagine that people will be more inclined to open up their pocketbooks and say, Oh, OK, these are causes that need my support. Documentary sparks donations So far, that has been the case for Brilliant Cities, which saw an increase in donations after Eggletons episode debuted on YouTube. We have a funder who wants to increase his gift from $7,000 to $100,000, said Eggleton, whose nonprofit turns a neighborhoods vacant homes into community centers with family services ranging from tutoring to mental health support groups. She said new donors have also reached out. Its kind of incredible. Though Brilliant Cities doesnt rely on federal funding for its services, Eggleton said government aid cuts have made a tough funding environment even tougher because the competition for non-governmental donations becomes even tougher. Everybodys being told whats being taken away, she said. People are pulling at grant officers and individuals with stock market gains. I think its more than the funding, though. I think its about really recognizing how the world already feels so disconnected and now feels even more so. Storytelling, Eggleton said, helps reduce that. By focusing on female changemakers, Elevate Studios makes an even stronger point, she said, adding shes been quoting Spanish poet Antonio Machado There is no path/We make the path by walking as she explains the power of the series. This is the time that we really do need to figure out how we build empathy through stories and not necessarily saying, Youre wrong or youre right, she said. You just show the world what can be and what should be. Glenn Gamboa, AP business writer
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E-Commerce
Precious metal investors who hold gold assets are having a good day today. The king of precious metals, gold, has broken through an all-time high and is currently trading at over $3,551 per ounce as of the time of this writing. The milestone highlights a terrific year for gold so far. Heres what you need to know and why gold just hit an all-time high. Whats happened? The price of one ounce of gold hit an all-time high on Tuesday. One ounce of the precious metal passed $3,551 this morning, a new record. Golds rise post Labor Day is just the latest bit of good news for investors in the precious metal this year. Since the beginning of 2025, golds value has increased by more than 36%. Over the past year, gold has surged more than 42%. Golds previous milestone was only six months ago in March, when the metal surpassed the $3,000 mark for the first time. It has since surged more than $500 per ounce, hitting todays price of more than $3,550. Why is gold surging? There are several factors likely influencing the record-busting price of gold as of late. The first is that gold is often regarded as a safe-haven asset during times of economic uncertainty. Theres a good chance that when stock markets are falling, gold is rising. Thats because investors seek safe-haven assets that are less volatile than stocks. This year has been marked by uncertainty. Since President Trump took office for the second time in January and unleashed his tariffs upon the world in the spring, geopolitical tensions and economic uncertainty have spread across the globe, worrying investors. Such uncertainty has prompted some investors to seek safe-haven assets, such as gold. A potential crisis for the Fed But gold is likely also rising thanks to more recent Trump-fueled events, too. Specifically, President Trump has recently intensified his attacks on the Federal Reserve, increasing his criticism of the central bank and its monetary policies, particularly regarding interest rates, which the president believes are too high. In his war with the Fed, Trump has vocalized his desire to see Fed Chair Jerome Powell replaced, and, most recently, has announced the firing of Fed Governor Lisa Cooksomething Cook is challenging through the courts. Many economists fear Trump is trying to destroy the Feds independence and staff it with loyalists who will do his bidding, which would put the faith that global institutions and governments have in Americas central bank. This fear has already impacted the value of the U.S. dollar, which is also considered a traditional safe-haven asset. The Fed is widely expected to reduce interest rates by 0.25% on September 17. The rate cut, if it happens, would likely lead to a further decline in the dollars value. As Reuters notes, non-yielding gold often performs well in a low-interest-rate environment. Tariff uncertainty A final likely reason gold is up in recent days is Trumps tariffs. Not his imposition of them, but the possibility that most of the tariffs Trump has levied against countries since the spring are illegal and thus unenforceable. A U.S. appeals court vote of 74 on August 29 against the Trump Administration leaves open the possibility that the U.S. government may have to repay most of the tariffs it has collected so far. The ruling casts further uncertainty over the U.S. and global economiesand is a significant factor in why U.S. markets are down on their first trading day after the Labor Day holiday. As noted by Reuters, the court has allowed the tariffs to remain in place until October 14, and the Trump Administration has already said it will appeal the ruling to the U.S. Supreme Court, setting up a significant courtroom showdown that could greatly curtailor reinforceTrumps power. Until then, investors seem to believe that gold may be one of the best bets as a hedge against the ongoing economic uncertainty.
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