Name: “Gambling Is A Great Way to Destroy Wealth,’ Says Charles Schwab CEO
Uploaded: 2025-12-19T17:59:00Z
Duration: 4 min 47 s
Description: Rick Wurster, CEO of Charles Schwab, tells Barron’s Andy Serwer why he is concerned with the rise of online betting.

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Rick Wurster, CEO of Charles Schwab, tells Barron’s Andy Serwer why he is concerned with the rise of online betting.

https://m.wsj.net/video/20251219/fc7ccb07-450f-4f24-acb5-bad4704fb88e/1/hls/manifest-hd-wifi.m3u8

“Gambling Is A Great Way to Destroy Wealth,’ Says Charles Schwab CEO

There's a lot of new investing vehicles out there, Rick. There's crypto, there's alts, and there's all kinds of new options, zero days to expiration options. Some people liken that to gambling or suggest that gambling is sort of akin to investing. And I want to go back and we'll talk about some of those other vehicles, but what about this whole notion that gambling and investing are really just the same thing?

Well, I think they're really different and we've been trying to get the message out as loudly as we can about the merits of investing and how over time, if you are an investor, if you save and you invest, over time, your wealth will accumulate. Over a 10 year period, a balanced strategy of bonds and equities has never gone down, and very rarely have equities gone down over a 10 year period. Over a 20 year period, equities have never gone down. And so the reason I go into that is because the payoff to investing, you're gonna generate wealth over time. It's a great way to generate wealth. If you compare that to gambling, gambling is a great way to destroy wealth. Less than 5% of people that sign up for gambling apps take more money out of the gambling app than they put into it. Our client's wealth is at an all time high at Schwab. And the reason for that is because over time their wealth has grown. And so I think there's really stark lines between the two. Now certainly there's some products and some trading strategies that may blur the lines, but in general, I think there's a really strong line between betting on the Monday night football game, which is gonna have a probability of payoff below 50% and investing in stocks, which over the long run are gonna go up.

But is there a concern, I guess, that people have their phones, they've got this app, they've got that app. It's kind of the same thing. I'm going from, you know, my sports betting app to my stock trading app. And is there a sense that things are blurring a little bit in that way? Is that why you're concerned about it partly?

I have a lot of concern about that. I think the messages that are being sent in particular to young investors that investing is a race and you gotta win it quickly. And you know, you go into your investing app and if it's a Monday morning, the first thing that's gonna pop up is not your balance or you know, what happened to some of the investments you were in, but do you wanna bet on the Monday night football game? I don't think that's a great development for young investors. And as a father of three, I would really not want my children to be in an app where the money that they had earned, perhaps money that, you know, I've given them over time. I wouldn't want them to be able to put $10,000 into Nvidia and then be able to take that and invest it in a Monday night football game. To me that's really dangerous. And equating those two, I think is a real disservice to younger investors. Now that all said, I wanna be clear, people are gonna gamble. And I think a lot of people do that thoughtfully. They treat it as entertainment. They, you know, that pool of money they keep to a certain amount of money, they treat it like going to a movie or going out to dinner and they expect to lose some of it. That's totally fine and maybe that's a great form of entertainment for some people, but that shouldn't be conflated with a way of generating wealth like investing can.

And just a quick follow up, there's another leg to that stool perhaps, which is the prediction markets. Betting on say political races, et cetera. What is your take on that?

Well, I think prediction markets started out with the best of intentions. When people started prediction markets, the idea that you could take a position on employment or you know, what the Fed was gonna do and all those kinds of things, that was tied into the portfolio. You could make the case that this is a hedge against my portfolio if something happens in one of these reports. And so that made sense to me. And then the election came along and people began to bet on the election and the volume skyrocketed. And I think these firms that had launched prediction markets thought to themselves, "Well, isn't this great? Look at this volume and this engagement we're getting around this election. Wouldn't it be nice if we had that kind of interest all the time?" And they thought to themselves, "Well, the way to do that, there's things every Saturday and Sunday that America really cares about and that's college and professional football. And if we go into that, we'll see the kind of engagement we did with the election." And that's exactly what's happened. And now if you look at prediction markets, it's 95% sports gambling and it's a way of arbitraging the state gambling rules. And so I think prediction markets have really changed. I think the original intent of prediction markets was a fine one and now it's become sports gambling.