Rick Wurster

And in terms of where we're finding them, it's interesting.

I went to our marketing department and said, hey, I don't see enough about our advertising to young people.

And they said, Rick, it's because you're not cool and in the places where young people go.

It hurt a little, but we're the number one.

followed financial services company on YouTube.

We're all over TikTok.

We're on all these different places where young people are, and they're attracted to the breadth of the Schwab value proposition and how different it is than other offers they see in the market.

Well, I think prediction markets started out with financial services companies with the best of intentions.

They wanted their investors to be able to bet on what was going to happen with the inflation report, what's going to happen with the job report, or what the Fed's going to do.

And they realized that there's not a lot of volume and interest in those events in the general public, and that there's already ways in financial markets to invest around those activities.

And then the election happened.

And the volume in prediction markets skyrocketed.

And these companies got a windfall of money.

And then they said to themselves, a presidential election only comes one out of every four years.

How do we generate this level of interest on more of an ongoing basis so we can see this windfall more regularly?

And then they migrated from things that were tangentially related to financial markets to pure sports gambling.

Because every Saturday and Sunday, there's lots of activities that the nation cares about.

And now I think we're in a world where what's driving all the volume in prediction markets is pure sports gambling.

That's something we've got to keep an eye on.

We're not actively considering it.