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.