From the archives of Mr. Wolfline
As of the posting of this blog, June 7, 2021, the author (Mr. WolfLine) believes "sports betting investment contracts to be Securities and not Commodities. This is made abundantly clear in the SEC vs WJ Howey Supreme Court decision of 1946 and especially apparent in the extra language provided by Justice Frank Murphy in the majority opinion of the decision, as well as the Federal Securities Act of 1933, obvious Means and Instrumentalities of inter-state commerce, and additional existing Federal and State statutes and case law. Indeed, a better example than the players mentioned as constituents of tradeable commodities would be as stocks that are part of a broader sector ETF or index with weighting and beta components (this references the analogy of Daily Fantasy Sports markets relative to "Traditional Sports Betting Markets"). A good contemporary example would Be LeBron James is Amazon Stock and the L.A. Lakers are the Spider ETF called XLY (Consumer Dis...