The wealthy's new favorite sport is coming for pickleball's crown
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In today's big story, a racquet sport that starts with "P" is gaining steam, but it's not the one you're thinking of.
What's on deck:
Markets: Some baby boomers say relying on Social Security in retirement isn't enough.
Tech: Silicon Valley is over the drama the presidential election is causing their industry.
Tech: Silicon Valley is over the drama the presidential election is causing their industry.
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The big story
You say pickleball; I say padel
There's a new racquet sport on the block making noise, except this one's sound isn't driving people crazy.
Padel has gained steam this year as a more active alternative to the widely popular pickleball, writes Business Insider's Kathleen Elkins, who's already been won over.
Often described as a mix between tennis and squash, padel is played on a court smaller than tennis but bigger than pickleball. It's also surrounded by four glass walls with two openings, allowing players to chase shots outside the enclosure.
The larger court and the ability to play balls off or outside the four walls mean the game requires a higher level of athleticism than the more stationary pickleball. (Settle down, pickleballers. Your game requires quicker reflexes.)
While you might have heard of padel, there's a good chance you've never seen a court in person. The sport has been dominated by the ultrawealthy. Some elite have built courts in their backyards after catching the padel bug.
There's even a debate over the correct pronunciation of padel. While some opt for "paddle," others pronounce it "Pa-DEL," because the rich love nothing more than adding a bit of flair to what they are doing.
Padel has aspirations of growing beyond the 1% in the US and taking on pickleball.
The sport is already incredibly popular in Spain and Argentina. And padel's quick learning curve has some believing it has the potential to get big in the US. (The one exception in the US is Miami, where it has already taken off.)
But access to courts is arguably padel's biggest hurdle. Pickleball courts can really be set up anywhere, with four courts fitting inside one tennis court. Padel courts' size and walls don't offer the same luxury.
The scarcity of courts makes padel cost prohibitive. One spot near Kathleen's apartment runs about $38 per person for a 90-minute session.
But padel's exclusivity could be both its biggest limitation and greatest asset. After all, a status symbol doesn't remain one if everyone has it.
Sports can be restrictive. Paying for a country club is just as much about getting in as it is about keeping others out. Take golf, long a darling of the wealthy. The pandemic led to a surge in the sport, taking away some of its exclusive shine (and crowding courses).
It's not a zero-sum game. High-end padel courts could remain while more affordable options become available. But watching how the elite's interest in the sport evolves with mass adoption will be interesting.
News brief
Top headlines
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Harris is having a moment but Trump isn't out of the race yet.
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An unprecedented legal move could let Trump delay his hush-money sentencing until after Election Day.
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3 things in markets
Don't get your hopes up about the housing market. Economists expect an interest-rate cut in September, which has big implications for housing. Although lower rates would likely boost construction, they could also boost demand — sending home prices soaring.
Social Security isn't providing much security. More than 40 baby boomers spoke to BI about their financial struggles with retirement. Social Security, meanwhile, isn't helping them stay out of poverty in their post-work years.
Wall Street's bears haven't given up. From cracks in the job market to the Sahm Rule flashing, some strategists believe a recession is looming that could tank the market. Three experts share their bearish takes on where they see things headed.
3 things in tech
Politics-talk makes Silicon Valley a hot mess. Political advocacy used to be taboo in tech, but this year, VCs are getting vocal and taking sides on the presidential election. That's caused fighting between firms, annoyed partners, and a dealmaking slowdown.
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For promising young VCs, the path to partner is riddled with obstacles. Amid a funding slowdown for startups, it's getting harder for junior VCs to level up. Fewer deals mean they have fewer chances to prove themselves, and for some firms, the money to promote simply isn't there.
3 things in business
Generation Call-In-Sick. Americans are taking more sick days than they used to and Gen Z is at the helm of the shift. Despite just starting their careers, some are even taking sabbaticals. The trend highlights the work boundaries young workers are trying to establish early on.
RIP accountants. Fewer people than ever before are becoming accountants and it's putting the profession on the brink of extinction. The lack of accountants endangers the entire financial ecosystem — but rebranding America's most boring profession is no easy feat.
A bleak outlook for "silver squatters." Gen X may be even less prepared for retirement than boomers, wealth advisors say. A large cohort of adults in their mid-50s have less than $50,000 in retirement savings; many expect to work part-time or rely on family help after retiring.
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What's happening today
The US Open begins in New York.
Federal court hearing in the FTC's attempt to block Kroger's acquisition of Albertsons.
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