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It’s the news story that’s gripped the attention of the whole world; a group of Redditors has been causing havoc on Wall Street.

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In this piece, I’ll tell you more about Wall Street Bets, what they have pulled off so far, and how you can potentially make money on the action.

What Is Wall Street Bets?

Wall Street Bets was unknown to all but a few million Reddit subscribers last week, but this week, its name is printed in every newspaper on the planet. It started as a group on the popular internet forum Reddit. The group discusses bets they’re placing on stocks and shares, but in the past week, it has evolved into a full-blown financial revolution.

I was curious to learn more about who’s behind Wall Street Bets and what they’re trying to do. Here’s what I found out.

1. They’re angry and want to make hedge funds bleed. The group seems to be composed of younger investors who use the app Robinhood to trade shares. This open letter suggests they have motives over and above profit for doing what they’re doing.
2. They specifically organized and started buying shares of GameStop (GME). This is one of the companies with the most short bets taken against it. I’ll explain what that means in the next section.
3. They are aiming to bankrupt hedge funds that have taken short positions against stocks. The idea is to cause these funds to go bust while making a killing in the process. They brought one fund, Melvin Capital, to the brink on Wednesday. They had to receive a $2.75 billion bailout from a key investor to remain solvent and had to close their short position today.

What’s a Short Position?

To keep it simple, a hedge fund borrows shares at today’s price from a brokerage. They then sell those shares at today’s price for cash. They hope doing so will drive the price down, and they can then buy back the shares lower, return them to the broker with interest, and pocket the difference.

It can destroy companies. Firms that are already struggling attract short-sellers, making matters worse for them.

Wall Street Bets learned that Melvin Capital had massive short positions on GameStop. They decided to push the price back up with a mass buying campaign. The idea was to force Melvin Capital to buy these shares back at much higher rates to cover their short positions. This would allow Wall Street Bets and retail investors to make lots of money and possibly bankrupt the hedge fund in the process.

If you’d like more clarification on how this all works, Nicholas Merten from Data Dash has made an excellent video explaining the current situation.

What Will Wall Street Bets Do Next?

If you’re a gambling man like me, you’re probably wondering how you can get in on this action. What companies will Wall Street Bets target next?

One way to go about it would be to buy stocks in companies with lots of short positions on them. These are the companies Wall Street Bets will probably target next. You can find a list of them here.

Another way would be to look for special wagers on current events on MyBookie.ag. While the Wall Street Bets props they had open yesterday are now closed, you can be 100% certain that this is only the beginning of a much larger movement.

The brokerages and trading apps have only drawn attention to how corrupt the system really is, gaining massive support for Wall Street Bets on social media.

Nobody likes a rigged game, and you can be sure that Wall Street Bets and their followers will grow larger as a result. If you don’t already have one, set up a MyBookie.ag account and be ready for the next prop bets when they go live.

Betting on Wall Street Stocks – Other Options

As well as following the latest trends like the Wall Street Bets movement, you can make regular wagers on Wall Street stock prices. These are available at all times on betting sites like BetOnline.ag.

Another way to bet on Wall Street action is by trading options. This is risky, but it can be profitable if you know what you’re doing. To bet with options, you buy a contract for a certain number of shares, and you can cash them in at the “strike price” any time between the day you open the contract and the contract close date.

• If you think the stock will drop, you buy put options.
• If you think it will go up, you buy call options.

I don’t recommend betting with options unless you have substantial financial trading experience.

Wall Street Bets – Other Questions Answered

Are Wall Street Bets legal?

That’s a good question, and it remains to be seen. It seems to be a group of random gamers and young investors simply sharing their stock tips. This is not illegal. However, insider trading is, and the SEC has already said it will investigate any correlation between comments made on Reddit and large buy or sell orders on popular trading apps. It’s possible that this was coordinated, and that would be illegal.

How can the brokerages and apps just shut down trading like that?

That’s another great question. Traders are already in the beginning stages of a class-action lawsuit against one popular trading app called Robinhood. Politicians on opposite ends of the spectrum, such as Ted Cruz and AOC, both expressed support for the retail investors in this case. Top businessmen like Mark Cuban, Elon Musk, and Chamath Palihapitiya all expressed support, too. It’s rare that the little guy gets one up on Wall Street, and most of the public appears outraged that they changed the rules so the big guys would win.

Can Americans bet on MyBookie.ag or BetOnline.ag?

Yes, these are both US-friendly betting sites. You can sign up and bet on them from most US states. They also offer free bets to get you started.

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LAS VEGAS, Sept. 11, 2020 /PRNewswire/ -- The 2020 NFLseason kicked off last night – with limited fans in the stands – asthe defending champion Kansas City Chiefs defeated the HoustonTexans.

To prime bettors for the upcoming season, MyBookie HeadOddsmaker David Strauss shares his last-minute Super Bowlprognostications for each NFL Team heading into this uniquepro-football campaign. Not surprisingly - the Chiefs, Ravens, andBuccaneers are among the favorites to come out on top.

'Without any preseason games to evaluate, it's a bizarrefeeling.' Says MyBookie Head Oddsmaker David Strauss.

For Championship Odds, Regular Season Wins, and Weekly Propsvisit,https://mybookie.ag/sportsbook/nfl/

Kansas City (+515)(O/U 11.5 wins): No team has repeated as Super Bowl champion sinceNew England in 2004, but the Chiefs have Patrick Mahomes and no one else does.

Baltimore (+600)(O/U 11.5 wins): The Ravens led the NFL with 14 wins last year andenter 2020 on a 12-game regular-season win streak. They also havethe reigning NFL MVP in LamarJackson.

Tampa Bay (+900)(O/U 9.5 wins): The Bucs won the offseason by getting Tom Brady, LeonardFournette, Rob Gronkowski andLeSean McCoy.

SanFrancisco (+1000) (O/U 10.5 wins): For about 3.5quarters last February, it looked like the Niners were going tobeat the Chiefs in Super Bowl 54 before San Francisco fell apart. Very rare to getback to the big game the season after losing it.

New Orleans (+1100)(O/U 10.5 wins): Probably the final season for QB Drew Brees,arguably the NFL's best ever in the regular season.

Seattle (+1300)(O/U 9.5 wins): Russell Wilson isthis oddsmaker's choice to win his first NFL MVP Award this season.He was in the running for much of 2020 before fading a bit at theend.

Dallas (+1400) (O/U10 wins): This oddsmaker believes the Cowboys will win the NFC Eastwith their most talented roster in many years.

Buffalo (+2100) (O/U 9 wins): Now that Tom Brady is no longer in the AFC East, theBills will win the division for the first time since 1995.

Pittsburgh (+2200)(O/U 9.5 wins): Will Coach Mike Tomlin be fired if the Steelersmiss the playoffs three years in a row? Success depends on ifBen Roethlisberger can remainhealthy.

Philadelphia (+2400) (O/U 9.5 wins):The offensive line already has lost two starters to season-endinginjuries, and quarterback CarsonWentz has finished the past 3 seasons banged-up. The injurybug may have already derailed the season.

Minnesota (+2400)(O/U 9 wins): The Vikings recently got much better by trading forexcellent young Jaguars defensive end Yannick Ngakoue. This will be a make-or-breakseason for quarterback KirkCousins.

Indianapolis (+2400) (O/U 9.5 wins):Colts upgraded at quarterback this offseason with Phillip Rivers who will benefit from theleague's best offensive line.

New England (+2500) (O/U 9 wins): With Tom Bradygone, now we find out how good of a coach Bill Belichick really is.

Tennessee (+3000)(O/U 9 wins): The Titans shocked everyone by riding Derrick Henry to the AFC title game last year,but can we really trust QB Ryan Tannehill?

Cleveland (+3500)(O/U 8.5 wins): One of the most talented rosters in the NFLoverall, but which Baker Mayfield shows up?

LA Rams (+3500) (O/U 8.5 wins): The Rams hardlyresemble the team that reached the Super Bowl two seasons ago. Canquarterback Jared Goff return toform? Jalen Ramsey is now thehighest paid DB in history – he needs to play like it.

Green Bay (+3900) (O/U 9 wins): They were more luckythan good in 2019 with an 8-1 record in one-score games.

Atlanta (+4200)(O/U 7.5 wins): Dan Quinn could wellbe the first coach fired this season.

Arizona (+5000)(O/U 7.5 wins): A chic sleeper pick to reach the NFC playoffs withrising star QB Kyler Murray and new WR DeAndre Hopkins.

Denver (+5300) (O/U8 wins): Sleeper playoff pick behind second-year QB Drew Lock.

Las Vegas (+6000)(O/U 7.5 wins): Still feels weird typing Las Vegas and not Oakland. This team got better in the offseasonwith the addition of LB Cory Littleton. Rookie Henry Ruggs needs to be a weapon forDerek Carr.

Houston (+6300)(O/U 7.5 wins) Coach/GM Bill O'Brienmade some really puzzling moves this offseason but still at leasthas Deshaun Watson.

LA Chargers (+6500) (O/U 7.5 wins): How long willTyrod Taylor start at QB until Coach Anthony Lynn goes with rookie Justin Herbert?

Chicago (+6500)(O/U 8 wins): Matt Nagy's job is onthe line with his choice of MitchellTrubisky as the starting QB.

Detroit (+6500)(O/U 7 wins): Following two consecutive last-place finishes in theNFC North, setting lofty expectations for the upcoming 2020 seasonmight seem crazy – but this team is a popular sleeper pick to makethe playoffs.

Cincinnati (+13000)(O/U 5.5 wins): The Bengals will be a lot better than last year'stwo-win team with Joe Burrow nowunder center.

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Carolina (+14000) (O/U 5.5 wins): This franchise isin full rebuild mode under new coach MattRhule. Perhaps no team was hurt more by the pandemic thanthe Panthers – the team lost the benefit of having the extraoffseason time with players allotted to new coaches.

NY Giants (+14000) (O/U 6 wins): This is still amostly young team that is learning to play within the new schemeson both sides of the ball and, more importantly, with each other.Most of the roster is 25 years old or younger. Guided by a rookiehead coach Joe Judge, expectationsshould be tempered.

NY Jets (+14500) (O/U 6 wins): Coach Adam Gase hopes the Jets can build off lastseason's 6-2 finish and make a push for the playoffs, a place thefranchise has not been in 10 years. Otherwise, it could cost himhis job.

Miami (+15500) (O/U6.5 wins): The Fins are on the right track but a year from AFC Easttitle contention.

Washington (+21500)(O/U 5 wins): This club doesn't even have a nickname and also noshot at a winning season. With a first-year coach, a youngquarterback, and new coordinators, Washington needed an offseason to worktogether – that didn't happen.

Jacksonville (+23500) (O/U 4.5 wins):The Jaguars say they aren't tanking, but entering the season with16 rookies on the roster suggests otherwise. This is certainly notthe year to have to rely on young, untested players.

About MyBookie:
Online gaming pioneers createdMyBookie in 2014, vowing to improve services where so many otherbrands failed. MyBookie's top priorities have always been theeasiest deposits, the fastest payouts and the absolute bestcustomer service. The company prides itself on providing analways-expanding selection of sports odds for players at alllevels. MyBookie has passed all compliance and are legallyauthorized to conduct gaming operations for all games of chance andwagering.

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