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“Markets now exhibit far more casino-like behavior than they did when I was young. The casino now resides in many homes and daily tempts the occupants,” Buffett wrote, noting that extreme volatility makes identifying sound, long-term investments vastly more difficult.

“One fact of financial life should never be forgotten. Wall Street–to use the term in its figurative sense–would like its customers to make money, but what truly causes its denizens’ juices to flow is feverish activity. At such times, whatever foolishness can be marketed will be vigorously marketed–not by everyone but always by someone,” Buffett warned.

Buffett was not always entirely anti-gambling. Before commercial sports betting expanded across the United States, he regularly offered $1 million annually to any Berkshire Hathaway employee who submitted a perfect NCAA March Madness men’s basketball bracket.

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The mystery surrounding who won the $1.04 billion Powerball jackpot drawn on Aug. 12, 2026, has been solved—sort of. The Illinois Lottery announced that the winner came forward this week to claim the prize but chose to remain anonymous.

The big Powerball winner took advantage of Section 7.2 of the Illinois Lottery Law, which governs disclosure rules regarding winners’ identities.

Under Section 7.2, a winner of a prize of $250,000 or more can request to keep their name and municipality of residence confidential while completing their Illinois Lottery Winner Claim Form.

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FDJ United Director of Casino and Gaming David Robertson was similarly pleased with the opportunity to see his company strengthen its content offering with brand-new types of content. 

“We’re delighted to launch Relax Gaming’s Dream Drop jackpot product, and the initial response from our players has been fantastic. Our ethos is all about creating moments that really matter for players, and Dream Drop does just that,” Robertson said, adding that the company cannot wait for the first Dream Drop millionaire to materialize in Denmark. 

Dream Drop has been a massively popular system with operators, offering companies a way to enhance the experience and retain and engage customers. The Dream Drop jackpot operates just like any other progressive jackpot system, where players get a chance to randomly trigger a massive million(s)-worth payout.