Everyone's a winner: The market impact of technologically advantaged agents

- There is a consistent transfer of wealth from early to late bettors.
- The utility of early bettors is improved by the late bettors' price impact.
- Investor utility should be considered before regulatory intervention.

Using betting data, we show that a market with agents having heterogeneous utility can include a net transfer of wealth to technologically advantaged agents (TAAs) from non-TAAs with the transaction proving beneficial to both in terms of their realized utility.