Business
How a surge in legal betting fueled an ugly fight: The battle for 1-800-GAMBLER
The booming business of betting across America has led to soaring concerns over problem gambling.
Generally, ads for legitimate, licensed casinos and sportsbooks carry some kind of disclaimer that gambling is supposed to be for entertainment. The small print might offer: “Gambling problem? Call 1-800-GAMBLER.”
That number is about as memorable and sticky as you can get. And it prompted a brief but intense legal battle over who has the right or the moral imperative to operate the closest thing the U.S. has to a national gambling hotline.
The National Council on Problem Gambling (NCPG) has been running the helpline since 2022, leasing it for $150,000 annually from the Council on Compulsive Gambling of New Jersey (CCGNJ), which had previously operated it since 1983.
Since the national organization took over, monthly call traffic has increased 34% and media mentions have soared more than 5,000%, leading to a third of Americans recognizing 1-800-GAMBLER as a national hotline, according to the NCPG.
Now the CCGNJ wants its number back.
The contract between the two groups ends Tuesday. The national group notified the New Jersey group of its intention to exercise its right of renewal and extend for another five years. CCGNJ refused.
“It’s our property, ” Luis Del Orbe, CCGNJ’s executive director, told CNBC. The group also owns 800gambler.org.
The National Council sued for an emergency stay this summer to prevent the New Jersey council from taking back operations, arguing that the local group doesn’t have the resources to staff or operate the hotline around the clock.
NCPG has significant financial backing from the NFL — more than $12 million over six years — and major sportsbook operators. The council spends $1.5 million annually providing infrastructure and connection for callers in 10 states and serving as a kind of call-in way station for dozens of other jurisdictions.
Lawyers for the national council argued that reverting it back under New Jersey’s operation would have devastating consequences.
“Thousands of individuals and families could suddenly find themselves without access to the only national lifeline for problem gambling,” said Amanda Szmuc, an attorney with Offit Kurman.
Del Orbe of the New Jersey organization said his staff is prepared for an increase in calls. When calls come into his office after-hours, they’re forwarded to a 24-hour call center in Louisiana — the same one that services many states and local jurisdictions that funnel through 1-800-GAMBLER, he said.
Del Orbe told CNBC his organization felt NCPG was “weaponizing the number,” demanding data on problem gambling from local councils and threatening to bar them from the hotline if they refused.
The NCPG collects and analyzes data from problem gambling calls, often to illustrate the danger of addiction to betting. But not every state that uses 1-800-GAMBLER shares its statistics with the national council.
The national council said, “Despite repeated outreach and offers of consultation, training, and stipends, two state councils declined to participate, and one failed to meet requirements.” It said it began rerouting calls from those states to the call center in Louisiana.
“Our greatest fear is that people in crisis will pick up the phone, or send a text, and find no one on the other end,” said Jaime Costello, director of programs at NCPG.
The NFL said in a statement to CNBC, “Under NCPG’s stewardship, 1-800-GAMBLER has been transformed into a vitally important national resource—making it easier for anyone, anywhere in the country to get quality care when they need it. Any disruption or degradation of that service is deeply concerning.”
On Monday, the New Jersey Supreme Court denied NCPG’s request for an emergency stay, a last ditch effort to keep the number from reverting to the local council.
The National Council on Problem Gambling says for now it will revert to using its old number, 1-800-522-4700, which isn’t quite as easy to remember.
Kevin PeacheyCost of living correspondent
Getty ImagesAs the new year got into its stride, so did the UK’s index of leading shares.
The FTSE 100 climbed above 10,000 points for the first time since it was created in 1984, cheering investors – and the chancellor, who wants more of us to move money out of cash savings and into investments.
The index tracks the performance of the 100 largest companies listed on the London Stock Exchange and rose by more than a fifth in 2025.
But with many people still struggling with everyday costs, and with talk of some stocks being overvalued, does the FTSE’s success really make it a good time to encourage first-time investors?
Investing v saving
People can invest their money in many different ways and in different things. Various apps and platforms have made it easy to do.
Crucially, the value of investments can go up and down. Invest £100 and there is no guarantee that the investment is still worth £100 after a month, a year, or 10 years.
But, in general, long-term investments can be lucrative. The rise of the FTSE 100 is evidence of that. Shareholders may also receive dividends, which they could take as income or reinvest.
For years, the advice has been to treat investments as a long-term strategy. Give it time, and your pot of money will grow much bigger than if it was in a savings account.
In contrast, cash savings are much more steady and safe. The amount of interest varies between account providers, but savers know what returns will be. Savings rates have held up quite well over the last year, but interest rates are generally thought to be on the way down.
Savings accounts are popular when putting money aside for emergencies, or for holidays, a wedding or a car – for one predominant reason: you can usually withdraw the money quickly and easily.
“It is important that everyone has savings. It gives you access when you need it,” says Anna Bowes, savings expert at financial advisers The Private Office (TPO).
“It means you do not need to cash out your investments at the wrong time.”
Getty ImagesEvangelists for investing agree that savings are an important part of the mix for everyone managing their money.
“People starting out should have a cash buffer in case of emergency before going into investing,” says Jema Arnold, a voluntary non-executive director at the UK Individual Shareholders Society (ShareSoc).
One in 10 people have no cash savings, and another 21% have less than £1,000 to draw on in an emergency, according to the regulator, the Financial Conduct Authority (FCA).
But Arnold and others point out that cash is not without risk either. As time goes on, the spending power of savings is eroded by the rising cost of living, unless the savings account interest rate beats inflation.
Risk and reward
Our brains make a judgement about risk and reward thousands of times every day. We consider the risk of crossing the road against the reward of getting to the other side and so on.
With money, those who are more risk-averse have tended to stick with savings, while others have moved into investments. It also helps if you have money you can afford to lose.
It is worth remembering that millions of people already have money for their pension invested, although it is often managed for them and they may not pay much attention to it.
The FCA says seven million adults in the UK with £10,000 or more in cash savings could receive better returns through investing.
Chancellor Rachel Reeves has advocated more risk-taking from consumers. For those with the money, she says the benefit of long-term investing for them, and the UK economy as a whole, is clear.
She is altering rules on tax-free Isas (Individual Savings Accounts) in a much-debated move aimed at encouraging investing.
It is also why, in a couple of months’ time, we are all going to be blitzed with an advertising campaign (funded by the investment industry) telling us to give investing some thought.
It will be a modern version of the Tell Sid campaign of the 1980s, which encouraged people to invest in the newly privatised British Gas.
British GasBut is this a good time for such a campaign? Back then, lots of people invested in British Gas for a relatively quick profit.
Invest now, and there is a chance the value of your investment could take a short-term hit.
A host of commentators have suggested an AI tech bubble is about to burst. In other words, they say there is a chance the value of companies heavily into AI has been over-inflated and will plunge – meaning anyone investing in those companies will see the value of those investments plunge too.
It isn’t only commentators. The Bank of England has warned of a “sharp correction” in the value of major tech companies. America’s top banker Jamie Dimon, the chief executive of US bank JP Morgan, said he was worried, and Google boss Sundar Pichai told the BBC there was “irrationality” in the current AI boom.
In truth, nobody really knows if and when this will happen.
New rules on getting investment help
All of this may leave people keen for some help, and the regulator has come up with plans to allow banks to offer some assistance.
Currently financial advice can be expensive, and regulated advisers may not bother with anyone who hasn’t got tens of thousands of pounds to invest.
Financial influencers have tried to fill the gap on social media. Some have been accused of promoting financial schemes and risky trading strategies with glitzy get-rich-quick promises in front of fancy cars – but without authorisation or any explanation of the risks involved.
Some first-time investors have turned to AI for tips. Some are vulnerable to fraudsters offering investment opportunities that are too good to be true.
Nearly one in five people turned to family, friends or social media for help making financial decisions, according to a survey by the FCA.
So, from April, registered banks and other financial firms will be allowed to offer targeted support, preferably for free. It will stop short of individually tailored advice, which can only be provided by an authorised financial adviser for a fee. But it will allow them to make investment and pensions recommendations to customers based on what similar groups of people could do with their money.
It is a big change in money guidance but, as with investments, no guarantees that it will be successful.
Business
Budget 2026: Punjab, Telangana flag higher fiscal burden under VB-G RAM G; seek more central funds – The Times of India
Opposition-ruled states Punjab and Telangana on Saturday sought additional fiscal support from the Centre in the Union Budget 2026-27, arguing that the proposed Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) will place a heavier financial burden on states due to its revised cost-sharing formula, PTI reported.The demands were raised at the pre-Budget meeting chaired by Union Finance Minister Nirmala Sitharaman, which was attended by finance ministers of states and Union Territories, along with Union Minister of State for Finance Pankaj Chaudhary. The meeting also saw participation from the Governor of Manipur, chief ministers of Delhi, Goa, Haryana, Jammu and Kashmir, Meghalaya and Sikkim, and deputy chief ministers of several states, including Telangana.Opposition-ruled states said the changes to the rural employment framework weaken the employment guarantee and go against the spirit of cooperative federalism.Parliament last month passed the VB-G RAM G Bill, replacing the two-decade-old Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). Under the new scheme, the Centre will bear 60 per cent of the cost and states 40 per cent, compared with the 90:10 funding pattern under MGNREGA.Punjab Finance Minister Harpal Singh Cheema strongly opposed the proposed changes, saying the new framework dilutes the employment guarantee while shifting a significant financial burden to states.“Proposed MGNREGA changes weaken employment guarantee and burden states,” Cheema said at the meeting, calling for the restoration of the original demand-driven structure and funding pattern of the scheme.Telangana Finance Minister Mallu Bhatti Vikramarka said the Union government had replaced MGNREGA with VB-G RAM G without consulting states. He noted that the shift from a 90:10 to 60:40 funding ratio would further strain state finances.He also pointed out that any additional man-days beyond the normative allocation would now have to be borne by states, which would create a serious obstacle in providing demand-based work to job seekers.“This is entirely against the spirit of cooperative federalism and starving them of funds for capital outlay, which is essential for maintaining growth momentum,” Vikramarka said.The Telangana finance minister also suggested that surcharges on income tax and corporation tax be credited to a non-lapsable infrastructure fund, from which states could receive grants for infrastructure development. Alternatively, he said, surcharges should be merged with basic tax rates to expand the divisible pool of central taxes.On GST reforms, Vikramarka said GST 2.0 may boost demand but questioned its sustainability, warning that states’ revenues could fall due to rate reductions. He called for a suitable mechanism to compensate states for any revenue loss.Punjab also sought a special fiscal package, citing the “double whammy” of border tensions and floods in 2025. On GST, Cheema said Punjab is facing an annual revenue loss of nearly Rs 6,000 crore following GST 2.0 and pressed for a predictable GST stabilisation or compensation mechanism for states.
Shares of 324 companies were traded. At the end of the day, 90 stocks closed higher, 211 declined and 23 remained unchanged. PHOTO: FILE
KARACHI:
Pakistan’s equity market opened the new year on a strong footing as the benchmark KSE-100 index extended its bullish momentum in the second week, climbing 5,375 points, or 3% week-on-week (WoW), to close at 184,410.
The rally was triggered by renewed buying in heavyweight stocks amid improved market participation, supportive macroeconomic indicators, and positive company-specific developments, while easing yields in the latest T-bill auction and robust remittances further strengthened investor sentiment. On a day-on-day basis, the bullish momentum at the Pakistan Stock Exchange (PSX) continued unabated on Monday as the KSE-100 index surged past 182k, closing at 182,408, up 3,373 points (+1.88%).
On Tuesday too, the market’s surge continued, when the index gained 2,654 points (+1.45%) to close at 185,602. The powerful and sustained bullish trend remained intact on Wednesday as well, with the bourse maintaining its full strength and closing at a fresh all-time high of 186,518. In the initial five sessions of CY26, the index added a massive 12,464 points (+7.2%).
However, following the sharp rally, the PSX witnessed its first profit-taking session on Thursday, where the index closed at 185,543, down 976 points (-0.52%). On Friday, the PSX took a breather and the KSE-100 remained volatile, swinging in both directions before closing at 184,410, down 1,133 points (-0.61%). Despite the decline, the CY26-to-date gains stood strong at 5.95%, equivalent to a rise of 10,356 points.
Arif Habib Limited’s (AHL) weekly report noted that the KSE-100 index climbed from 179,035 points last week to 184,410 in the outgoing week, gaining 5,375 points (+3%), supported by a rally in heavyweight stocks driven by new year buying, and positive company-specific news and updates.
Among economic developments, the government through a T-bill auction raised Rs979.3 billion against the target of Rs850 billion. Yields were down across all tenors by 28.6 to 33.8 basis points. Participation remained strong at Rs2,554.6 billion.
Worker remittances reached $3.6 billion in Dec’25, marking a 17% year-on-year (YoY) increase. Cumulatively, 1HFY26 remittances clocked in at $19.7 billion, up 11% YoY.
AHL mentioned that tariff rebasing, following shift from financial year to calendar year, was likely to pull the power purchase price down by Rs0.51 per kilowatt-hour (kWh) in CY26 versus FY26. Cotton arrivals in factories remained stable as of end-Dec’25. In Punjab, cotton arrivals declined 4% in CY25, while Sindh arrivals improved by 4% YoY. However, total production are estimated at 6.8 million bales in FY26, representing a significant 33% shortfall against projections.
Meanwhile, the central government debt stood at Rs77.5 trillion as of Nov’25 compared with Rs70.4 trillion in Nov’24, up 10.2% YoY and 0.7% month-on-month, AHL added.
JS Global’s Syed Danyal Hussain, in his report, said that the benchmark KSE-100 index extended its bullish run in the second week of the year, closing at 184,410, up 3% WoW. The rally was largely led by banks, which contributed 57% to index gains, while cement stocks (8%) and auto shares (5%) provided limited support. Market participation improved notably, with average daily traded volumes rising 25% WoW.
On the macro front, he said, Pakistan recorded monthly remittances of $3.6 billion in Dec’25, reflecting a 17% YoY increase. Meanwhile, total public debt declined by Rs345 billion to Rs77.5 trillion in 5MFY26, largely supported by the transfer of State Bank’s profits to the government.
In policy developments, the government was exploring options to seek relaxations from the IMF ahead of the FY27 budget, with key proposals including a phased reduction in super tax over the next four years and lower power tariffs to enhance competitiveness.
Separately, the gas-sector circular debt climbed to Rs3.2 trillion, driven mainly by a sharp rise in late payment surcharges (Rs1.45 trillion). In the T-bill auction, the government raised Rs979 billion against the target of Rs850 billion, with yields falling by 29-33 basis points across different tenors. SBP’s reserves rose $141 million to $16 billion.
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