1 00:00:00,880 --> 00:00:03,520 Speaker 1: This is Bloomberg Business of Sports. 2 00:00:03,600 --> 00:00:06,680 Speaker 2: Aaron Rogers is the biggest story in the twenty twenty 3 00:00:06,720 --> 00:00:07,800 Speaker 2: three NFL season. 4 00:00:07,920 --> 00:00:10,320 Speaker 3: People who carry us every time we studied, your live 5 00:00:10,360 --> 00:00:13,200 Speaker 3: event could be one across ten different sports that we promote. 6 00:00:13,280 --> 00:00:14,040 Speaker 1: That's our product. 7 00:00:14,080 --> 00:00:17,599 Speaker 4: Four point six million women are already sports starting in 8 00:00:17,680 --> 00:00:21,480 Speaker 4: the US. Digitization of ticketing has made things more transparent 9 00:00:21,520 --> 00:00:23,599 Speaker 4: in some ways and less transparent than others. 10 00:00:23,600 --> 00:00:26,120 Speaker 2: One of the coolest things about rugby it's the same 11 00:00:26,200 --> 00:00:28,080 Speaker 2: rules for men and women. Golf is a sport you 12 00:00:28,120 --> 00:00:29,880 Speaker 2: can play well beyond your years. 13 00:00:30,080 --> 00:00:32,920 Speaker 1: Unlike any other sports. You don't have college athletics anymore. 14 00:00:33,000 --> 00:00:36,360 Speaker 1: You have young people playing professional sports. Bloomberg Business of 15 00:00:36,400 --> 00:00:38,040 Speaker 1: Sports from Bloomberg Radio. 16 00:00:39,360 --> 00:00:42,120 Speaker 3: This is the Bloomberg Business of Sports Show, where we 17 00:00:42,200 --> 00:00:44,320 Speaker 3: explore the big money issues in the world of sports. 18 00:00:44,360 --> 00:00:47,599 Speaker 3: I'm Damian Sasaur. Michael barr is off this week and 19 00:00:47,640 --> 00:00:50,600 Speaker 3: we'll hear from Scarlett fu later in the program, but 20 00:00:50,640 --> 00:00:53,200 Speaker 3: here to lend a hand our two friends of the show, 21 00:00:53,600 --> 00:00:59,480 Speaker 3: Bloomberg Originals Chief Correspondence Jason Kelly and Vanessa Perdomo. Jason, Vanessa, 22 00:00:59,600 --> 00:01:01,040 Speaker 3: thank you for joining us here. 23 00:01:00,880 --> 00:01:02,360 Speaker 1: On the Bettle Business Sports How. 24 00:01:02,400 --> 00:01:05,039 Speaker 3: You doing. Coming up on the show, we'll talk with 25 00:01:05,120 --> 00:01:08,000 Speaker 3: two gentlemen who are looking to change the world of 26 00:01:08,080 --> 00:01:12,960 Speaker 3: sports betting, Zach Doctor, co founder and CEO of wager Wire, 27 00:01:13,280 --> 00:01:16,400 Speaker 3: and Dean Sisson, CEO of Profit Exchange. 28 00:01:16,600 --> 00:01:18,640 Speaker 2: It's kind of like the equivalent of buying Apple stock. 29 00:01:18,760 --> 00:01:21,000 Speaker 2: Right You're betting on the Patriots minus seven or the 30 00:01:21,080 --> 00:01:23,840 Speaker 2: Jets plus seven, and you can trade in and out 31 00:01:23,959 --> 00:01:27,640 Speaker 2: out of that position on market exposure on profit. 32 00:01:28,000 --> 00:01:30,520 Speaker 3: That's on the way, But first we want to touch 33 00:01:30,520 --> 00:01:33,280 Speaker 3: on some headlines, starting with the US Open, which is 34 00:01:33,440 --> 00:01:36,440 Speaker 3: just getting underway. Here to help set the scene for 35 00:01:36,560 --> 00:01:40,280 Speaker 3: us is Molly Smith. She's Bloomberg Economics editor and our 36 00:01:40,360 --> 00:01:44,200 Speaker 3: resident in house tennis expert. Molly, Welcome to the Bloomberg 37 00:01:44,200 --> 00:01:46,960 Speaker 3: Business of Sports. Thanks for having me, wonderful. Well, listen, 38 00:01:47,080 --> 00:01:51,040 Speaker 3: let's get right into it. Molly, the US Open, Flushing 39 00:01:51,120 --> 00:01:54,000 Speaker 3: Meadows Queens. Talk to us a little bit about what's 40 00:01:54,040 --> 00:01:55,920 Speaker 3: going on there. What makes this year so special? 41 00:01:56,240 --> 00:01:58,960 Speaker 5: Oh, it's tough to pick out just one reason I've 42 00:01:59,000 --> 00:02:01,600 Speaker 5: been there for I went the first three days of 43 00:02:01,640 --> 00:02:03,840 Speaker 5: this week, so I like to call it the Molly Special. 44 00:02:03,880 --> 00:02:06,640 Speaker 5: Three days in a row and I and I'll be 45 00:02:06,760 --> 00:02:09,200 Speaker 5: back out there again for a couple more times throughout 46 00:02:09,200 --> 00:02:12,920 Speaker 5: the tournament, and it's just, I mean, each year for me, 47 00:02:13,000 --> 00:02:15,440 Speaker 5: it's just a new reason to love the game. I 48 00:02:15,440 --> 00:02:17,680 Speaker 5: grew up playing tennis in high school, in college, I 49 00:02:17,720 --> 00:02:20,240 Speaker 5: play in the city in a few different leagues, and 50 00:02:20,440 --> 00:02:23,520 Speaker 5: it's just amazing to see it played at the pro level. 51 00:02:23,560 --> 00:02:26,200 Speaker 5: And you know, the TV just really doesn't do it justice. 52 00:02:26,240 --> 00:02:29,440 Speaker 5: It's incredible to see just how physical and athletic this 53 00:02:29,560 --> 00:02:30,560 Speaker 5: game is in person. 54 00:02:31,040 --> 00:02:34,160 Speaker 6: It feels like kind of a catalytic important year right 55 00:02:34,200 --> 00:02:37,880 Speaker 6: now post Serena. Obviously, you have a great story that's 56 00:02:37,880 --> 00:02:39,880 Speaker 6: on the Bloomberg, one of the most read that talks 57 00:02:39,919 --> 00:02:42,720 Speaker 6: about this women's field. Talk to us about that and 58 00:02:42,720 --> 00:02:45,040 Speaker 6: what it means to the business of tennis going forward, 59 00:02:45,160 --> 00:02:47,639 Speaker 6: because any I was talking to a colleague about this 60 00:02:47,639 --> 00:02:51,760 Speaker 6: this morning. Any worries about like a post Serena world 61 00:02:51,840 --> 00:02:55,280 Speaker 6: on the women's game in terms of fan interest obliterated. 62 00:02:55,320 --> 00:02:58,079 Speaker 5: It feels like completely and I think this is where 63 00:02:58,400 --> 00:03:00,200 Speaker 5: for me, a lot of the people who I tak to, 64 00:03:00,240 --> 00:03:03,240 Speaker 5: who I would describe as casual tennis fans, you know, 65 00:03:03,320 --> 00:03:05,280 Speaker 5: maybe they watch the US Open, maybe a little bit 66 00:03:05,320 --> 00:03:07,880 Speaker 5: of Wimbledon, not much else, don't follow the sport the 67 00:03:07,880 --> 00:03:10,799 Speaker 5: rest of the year, and they kind of they view 68 00:03:10,840 --> 00:03:12,520 Speaker 5: this as a negative. They're like, I couldn't tell you 69 00:03:12,560 --> 00:03:14,840 Speaker 5: any of the top three women's players right now, never 70 00:03:14,919 --> 00:03:18,880 Speaker 5: heard of them, can't pronounce their names, and just you know, 71 00:03:18,880 --> 00:03:21,639 Speaker 5: these are American people, and like these these players are 72 00:03:22,280 --> 00:03:23,000 Speaker 5: from Europe. 73 00:03:23,600 --> 00:03:25,000 Speaker 1: Americans we're talking about. 74 00:03:25,320 --> 00:03:25,799 Speaker 3: Yes they could. 75 00:03:25,880 --> 00:03:28,040 Speaker 5: Yeah, so just to keep that in mind here, but 76 00:03:28,639 --> 00:03:30,120 Speaker 5: and they kind of look at it as like, oh, 77 00:03:30,240 --> 00:03:32,519 Speaker 5: you know, that's just I don't really have the time 78 00:03:32,560 --> 00:03:34,480 Speaker 5: for this, and it's just for me. I think that's 79 00:03:34,560 --> 00:03:36,600 Speaker 5: just like the biggest loss to view it that way. 80 00:03:36,640 --> 00:03:39,119 Speaker 5: I think it's just the game is just so interesting 81 00:03:39,160 --> 00:03:42,480 Speaker 5: and unpredictable right now. The depth of the field is incredible. 82 00:03:43,320 --> 00:03:43,520 Speaker 7: You know. 83 00:03:43,680 --> 00:03:47,040 Speaker 5: Marquette van Trusova winning Wimbledon is the first ever unseated 84 00:03:47,120 --> 00:03:50,040 Speaker 5: player to do so this summer. You know, people look 85 00:03:50,040 --> 00:03:51,880 Speaker 5: at that and think, oh, you know, the top seeds, 86 00:03:51,960 --> 00:03:54,320 Speaker 5: they really can't be that great if like these relative 87 00:03:54,400 --> 00:03:57,120 Speaker 5: nobody's are winning at the highest level. But I think 88 00:03:57,160 --> 00:04:00,520 Speaker 5: it just shows that there are so many people who 89 00:04:00,520 --> 00:04:03,360 Speaker 5: could arguably win every tournament and it really just as 90 00:04:03,400 --> 00:04:04,560 Speaker 5: an open field. 91 00:04:05,320 --> 00:04:07,640 Speaker 4: All right, does that just make it more interesting. I 92 00:04:07,680 --> 00:04:09,280 Speaker 4: feel like it's the similar thing that we saw with 93 00:04:09,320 --> 00:04:12,680 Speaker 4: the Women's World Cup. When it's that competitive, unpredictable, it 94 00:04:12,760 --> 00:04:17,000 Speaker 4: actually gives the game way more of an element, almost 95 00:04:17,040 --> 00:04:19,440 Speaker 4: like a March madness kind of a feel, right totally. 96 00:04:19,680 --> 00:04:22,680 Speaker 5: I think from a fan experience, it's very exciting, you know, 97 00:04:22,800 --> 00:04:26,279 Speaker 5: just being at the Open this week, seeing you know, 98 00:04:26,320 --> 00:04:29,520 Speaker 5: the crowds for some of these women's matches. It really 99 00:04:29,600 --> 00:04:32,320 Speaker 5: is incredible. And I'll say this admittedly as somebody who 100 00:04:32,680 --> 00:04:35,280 Speaker 5: doesn't follow a whole lot of other sports men's or 101 00:04:35,320 --> 00:04:38,440 Speaker 5: women's throughout the rest of the calendar year, but I 102 00:04:38,440 --> 00:04:41,080 Speaker 5: would have a hard time imagining that many other women's 103 00:04:41,120 --> 00:04:44,279 Speaker 5: sports on a global stage get the kind of attention 104 00:04:44,440 --> 00:04:46,839 Speaker 5: and viewership that women's tennis does. I think it really 105 00:04:46,960 --> 00:04:50,680 Speaker 5: is that's so exceptional in that way, the the you know, 106 00:04:50,720 --> 00:04:53,119 Speaker 5: the way that these athletes are paid, when you stack 107 00:04:53,160 --> 00:04:56,160 Speaker 5: it up against other female athlete athletes, would you know, 108 00:04:56,240 --> 00:04:58,200 Speaker 5: just stand as a testament to that that they really 109 00:04:58,279 --> 00:05:01,200 Speaker 5: are recognized that highest global stage. 110 00:05:01,279 --> 00:05:04,320 Speaker 6: Well there's an and yet though, and Damien, I think 111 00:05:04,320 --> 00:05:08,080 Speaker 6: we've talked about this before. You know, tennis is closer 112 00:05:08,080 --> 00:05:11,640 Speaker 6: than most and US Open is notable because it is 113 00:05:11,720 --> 00:05:14,080 Speaker 6: equal prize money. Thank you, Billy. Jene King named the 114 00:05:14,080 --> 00:05:18,760 Speaker 6: Tennis Center after you, rightly so. But Cincinnati, just a 115 00:05:18,800 --> 00:05:23,640 Speaker 6: couple of weeks ago, you have Cocoa goff, a huge 116 00:05:23,640 --> 00:05:28,000 Speaker 6: hope for Americans tennis making half of what less than half, 117 00:05:28,120 --> 00:05:32,360 Speaker 6: less than half of what Joker makes, I mean, come on, man. 118 00:05:32,680 --> 00:05:35,960 Speaker 5: So it's a little tough, I think to people who 119 00:05:36,000 --> 00:05:38,919 Speaker 5: don't under who are not familiar with how the prize 120 00:05:38,960 --> 00:05:42,800 Speaker 5: money is, you know, how it's decided. Because the thing is, 121 00:05:42,839 --> 00:05:44,760 Speaker 5: you kind of have to view this as like you're 122 00:05:44,800 --> 00:05:48,120 Speaker 5: getting two products in one package. Like the men's and 123 00:05:48,160 --> 00:05:51,400 Speaker 5: women's tour are organized by two different bodies. You've got 124 00:05:51,440 --> 00:05:56,240 Speaker 5: the WTA Women's Tennis Association and the ATP Association of 125 00:05:56,240 --> 00:05:59,039 Speaker 5: Tennis Professionals on the men's side, so they are governed 126 00:05:59,080 --> 00:06:02,839 Speaker 5: completely separate. The you know, they schedule their own events. 127 00:06:03,080 --> 00:06:06,800 Speaker 5: There are some joint events, notably the Grand Slams Cincinnati 128 00:06:06,839 --> 00:06:09,159 Speaker 5: being another big one, and some others that are at 129 00:06:09,200 --> 00:06:12,039 Speaker 5: the higher level of the tournaments, but they are on it. 130 00:06:12,080 --> 00:06:16,120 Speaker 5: They're scheduled completely separately. They have different sponsors, they have 131 00:06:16,240 --> 00:06:20,320 Speaker 5: different you know, viewership, so that really dictates why the 132 00:06:20,360 --> 00:06:23,760 Speaker 5: prize money is disparate between the two. So it may 133 00:06:23,839 --> 00:06:26,800 Speaker 5: seem like, wow, you go to the Cincinnati tournament and 134 00:06:26,839 --> 00:06:29,520 Speaker 5: like whoever the organizers are have decided that the winner 135 00:06:29,760 --> 00:06:31,560 Speaker 5: on the women's side is going to get less than 136 00:06:31,560 --> 00:06:33,880 Speaker 5: half of the men's That's not the case. It's that 137 00:06:33,960 --> 00:06:37,320 Speaker 5: there are two different bodies who have different pools of 138 00:06:37,360 --> 00:06:39,960 Speaker 5: prize money and they are allocating them separately. 139 00:06:40,440 --> 00:06:44,080 Speaker 3: Our thanks to Bloomberg Economic editor Molly Smith joining us 140 00:06:44,080 --> 00:06:46,720 Speaker 3: to get us rolling on the US up and here 141 00:06:46,760 --> 00:06:49,800 Speaker 3: in Flushing Meadows, Queens. Now we stick with women's sports 142 00:06:49,800 --> 00:06:52,479 Speaker 3: and turn to a few recent headlines, starting with the 143 00:06:52,640 --> 00:06:56,760 Speaker 3: controversy surrounding the president of the Royal Spanish Football Federation. 144 00:06:57,120 --> 00:06:58,960 Speaker 3: For audience, you know this is just give you a 145 00:06:59,040 --> 00:07:02,960 Speaker 3: quick background here. Spanish football Federation is really run by 146 00:07:03,160 --> 00:07:06,840 Speaker 3: and just the way it's orchestrated by this man, Luis Vialis, 147 00:07:06,880 --> 00:07:10,440 Speaker 3: and he refuses to leave after this embarrassment, and so 148 00:07:10,600 --> 00:07:14,760 Speaker 3: much of an emment, embarrassment that Prime Minister Pedro Sanchez 149 00:07:14,800 --> 00:07:17,000 Speaker 3: is even calling for this man's Rexit regination. I mean 150 00:07:17,240 --> 00:07:21,080 Speaker 3: it's crazy so effectively, Jason, I mean, we shouldn't even 151 00:07:21,120 --> 00:07:23,160 Speaker 3: be talking about it. But here we are, you know, 152 00:07:23,200 --> 00:07:24,840 Speaker 3: with all the good that's going on here in Flushing 153 00:07:24,840 --> 00:07:27,040 Speaker 3: Meadows with the US open and equal pay for women 154 00:07:27,080 --> 00:07:28,560 Speaker 3: and all that stuff, and then you have something like 155 00:07:28,600 --> 00:07:29,480 Speaker 3: this grabbing headlines. 156 00:07:29,680 --> 00:07:33,360 Speaker 6: Absolutely agree and VP, you and I were talking about this. 157 00:07:33,520 --> 00:07:37,160 Speaker 6: I mean, what's your take as a former Division one 158 00:07:37,160 --> 00:07:40,440 Speaker 6: soccer player, someone who follows the game more closely than 159 00:07:40,560 --> 00:07:43,360 Speaker 6: anyone I know and understands the business of the game, 160 00:07:43,600 --> 00:07:46,240 Speaker 6: what do you think this does for you know, we 161 00:07:46,280 --> 00:07:48,360 Speaker 6: talk about these catalytic moments. What do you think it 162 00:07:48,400 --> 00:07:50,679 Speaker 6: does for women's soccer at this moment. 163 00:07:51,720 --> 00:07:55,200 Speaker 4: It's interesting because I actually think that this could have 164 00:07:55,920 --> 00:07:59,840 Speaker 4: end up having almost a reverse good effect on what 165 00:08:00,120 --> 00:08:03,320 Speaker 4: in's soccer in Spain, the global game as it is, 166 00:08:03,720 --> 00:08:06,640 Speaker 4: because you see things that happen like in the US. 167 00:08:06,720 --> 00:08:09,040 Speaker 4: Take it for you know, everybody knows the US was 168 00:08:09,080 --> 00:08:11,000 Speaker 4: fighting for equal pay in twenty nineteen, and then they 169 00:08:11,040 --> 00:08:15,320 Speaker 4: won and they had to go through this giant fight, right, 170 00:08:15,840 --> 00:08:18,120 Speaker 4: and that was what finally got. 171 00:08:17,960 --> 00:08:18,600 Speaker 7: Them equal play. 172 00:08:18,640 --> 00:08:21,440 Speaker 4: It wasn't just winning you just win. As a woman, 173 00:08:21,480 --> 00:08:25,080 Speaker 4: you have to do a lot more so Spain, just 174 00:08:25,200 --> 00:08:29,880 Speaker 4: winning wasn't gonna push them far enough. You know, to 175 00:08:30,120 --> 00:08:34,360 Speaker 4: get equality in you know, as you know Barcelona as 176 00:08:34,880 --> 00:08:37,800 Speaker 4: League Lega F or the Champions League. It wasn't going 177 00:08:37,880 --> 00:08:39,840 Speaker 4: to get them there, and it wasn't going to get 178 00:08:39,840 --> 00:08:42,160 Speaker 4: them the eyes that they probably should have had. This 179 00:08:42,400 --> 00:08:45,280 Speaker 4: shouldn't have happened, of course, and it shouldn't be what 180 00:08:45,280 --> 00:08:48,240 Speaker 4: we're talking about, right, But I actually do think if 181 00:08:48,280 --> 00:08:52,720 Speaker 4: this doesn't happen, then people would have forgotten about Spain already. 182 00:08:52,760 --> 00:08:56,400 Speaker 4: They wouldn't have talked about it anymore. It would have been, yeah, oh, 183 00:08:56,480 --> 00:08:57,560 Speaker 4: when's their victory tour? 184 00:08:57,640 --> 00:08:58,880 Speaker 8: Good for them, you know whatever. 185 00:08:59,320 --> 00:09:02,719 Speaker 4: But now I think you have it. Now everyone has 186 00:09:02,800 --> 00:09:06,280 Speaker 4: to look at the Spanish football Federation what they've been doing, 187 00:09:06,320 --> 00:09:10,000 Speaker 4: because in reality, this team went to the World Cup 188 00:09:10,480 --> 00:09:15,800 Speaker 4: protesting their manager, and the federation said, we don't really care, 189 00:09:16,240 --> 00:09:17,439 Speaker 4: We're gonna keep this guy. 190 00:09:18,080 --> 00:09:19,080 Speaker 1: We are who we are. 191 00:09:19,760 --> 00:09:21,440 Speaker 4: And now everyone has to take a look at this 192 00:09:21,480 --> 00:09:24,200 Speaker 4: federation and say, now the world is looking at this 193 00:09:24,240 --> 00:09:28,760 Speaker 4: federation saying you are wrong, So now it has to change. 194 00:09:28,840 --> 00:09:30,720 Speaker 3: Well, Vanessa, I'll do you one up there. I mean, 195 00:09:31,200 --> 00:09:33,760 Speaker 3: let's put it this way. Spain wasn't the only storylines 196 00:09:33,800 --> 00:09:36,520 Speaker 3: that come out of women's football around this World Cup, 197 00:09:36,640 --> 00:09:39,640 Speaker 3: I mean South Africa, Jamaica, Nigeria. Some of these women's 198 00:09:39,640 --> 00:09:42,480 Speaker 3: teams didn't have the funding, I mean Nigeria. In the 199 00:09:42,480 --> 00:09:44,880 Speaker 3: case of Nigeria, they were promised, you know, to be 200 00:09:44,920 --> 00:09:47,920 Speaker 3: paid something. But then when they assented as far as 201 00:09:47,960 --> 00:09:50,920 Speaker 3: they did, you know, their own federation isn't paying them anymore. 202 00:09:50,920 --> 00:09:53,600 Speaker 3: I mean, these storylines about women's pay for you know, 203 00:09:53,679 --> 00:09:57,480 Speaker 3: for women's football, it's just unbelievable. But our thanks to 204 00:09:57,600 --> 00:10:01,559 Speaker 3: Jason Kelly and Vanessa Perdomolomerg Originals for joining us on 205 00:10:01,640 --> 00:10:04,120 Speaker 3: the show this week. They'll be back a bit later 206 00:10:04,160 --> 00:10:07,000 Speaker 3: in the program to help preview the NFL regular season. 207 00:10:07,280 --> 00:10:10,120 Speaker 3: But up next on the Bloomberg Business of Sports, we'll 208 00:10:10,120 --> 00:10:13,040 Speaker 3: take a look at sports betting and two companies looking 209 00:10:13,080 --> 00:10:14,600 Speaker 3: to help change the game. 210 00:10:15,120 --> 00:10:18,600 Speaker 2: Our cost to acquire a customer is a lot lower, 211 00:10:19,360 --> 00:10:22,559 Speaker 2: five times lower on average than a typical sportsbook, because 212 00:10:22,679 --> 00:10:25,640 Speaker 2: the users that are coming to our site are coming 213 00:10:25,640 --> 00:10:27,559 Speaker 2: to our site because we have a different product and 214 00:10:27,640 --> 00:10:31,400 Speaker 2: we are providing them an actual unique selling prop as 215 00:10:31,400 --> 00:10:34,719 Speaker 2: opposed to a sportsbook, which is like stock trading in 216 00:10:34,760 --> 00:10:37,400 Speaker 2: the nineties. So the demand is starting to pick up. 217 00:10:37,400 --> 00:10:40,199 Speaker 3: That straight ahead on the Bloomberg Business of Sports from 218 00:10:40,240 --> 00:10:42,800 Speaker 3: Bloomberg Radio. Around the world. 219 00:10:59,200 --> 00:11:03,360 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 220 00:11:04,800 --> 00:11:07,120 Speaker 3: This is the Bloomberg Business of Sports show, where we 221 00:11:07,200 --> 00:11:09,720 Speaker 3: explore the big money issues in the world of sports. 222 00:11:10,120 --> 00:11:13,280 Speaker 3: I'm Damian sas Hour. Michael barr is off this week 223 00:11:13,800 --> 00:11:16,280 Speaker 3: with football and a lot of sports kicking into high 224 00:11:16,320 --> 00:11:17,920 Speaker 3: gear for the fall. We wanted to take a look 225 00:11:17,960 --> 00:11:21,880 Speaker 3: at the sports betting landscape. Scarlett Foo and I spoke 226 00:11:21,920 --> 00:11:24,000 Speaker 3: with two gentlemen who are taking a bit of a 227 00:11:24,000 --> 00:11:27,400 Speaker 3: different approach to the gaming industry. Zach Doctor is co 228 00:11:27,480 --> 00:11:31,000 Speaker 3: founder and CEO of wager Wire and Dean Sissun is 229 00:11:31,080 --> 00:11:34,280 Speaker 3: CEO of Profit Exchange. Let's take a listen to our 230 00:11:34,280 --> 00:11:37,439 Speaker 3: conversation about their companies and how things are shaping up. 231 00:11:37,760 --> 00:11:41,520 Speaker 9: You guys are both in the sports betting business, but 232 00:11:41,760 --> 00:11:43,600 Speaker 9: you kind of come at it from different angles. So 233 00:11:43,600 --> 00:11:46,040 Speaker 9: why don't I have each of you explain what your 234 00:11:46,040 --> 00:11:47,920 Speaker 9: company does. Zach, do you want to get us started? 235 00:11:48,080 --> 00:11:51,560 Speaker 8: Yeah, So, wager Wire is a secondary market for sports bets. 236 00:11:51,720 --> 00:11:53,960 Speaker 8: So what we really allow you to do is to 237 00:11:53,960 --> 00:11:56,560 Speaker 8: treat your bet as an asset that could be bought 238 00:11:56,559 --> 00:11:59,320 Speaker 8: and sold at any time and tracked in a portfolio. 239 00:11:59,440 --> 00:12:02,720 Speaker 8: And we're really kind of bringing this financialization of sports 240 00:12:02,720 --> 00:12:05,160 Speaker 8: betting that it's really been a trend that I think 241 00:12:05,200 --> 00:12:08,760 Speaker 8: Dean Is is tapping into with profit as well. And 242 00:12:08,800 --> 00:12:10,600 Speaker 8: what this allows you to do, if you think about it, 243 00:12:10,640 --> 00:12:14,800 Speaker 8: is really, you know, unlock all sorts of new trading strategies. 244 00:12:14,880 --> 00:12:17,320 Speaker 8: You can now buy low and sell high on on 245 00:12:17,360 --> 00:12:19,760 Speaker 8: a sports bet. Your team doesn't actually have to win 246 00:12:19,840 --> 00:12:21,960 Speaker 8: the game for you to make money. You can just 247 00:12:22,559 --> 00:12:25,600 Speaker 8: you know, ride the team, ride the bet for a period. 248 00:12:26,080 --> 00:12:28,400 Speaker 8: If your team gets a lead, you can start managing 249 00:12:28,440 --> 00:12:30,200 Speaker 8: around that you want to sell half of your bet 250 00:12:30,280 --> 00:12:32,800 Speaker 8: lock in a profit let the rest ride. This really 251 00:12:32,880 --> 00:12:35,840 Speaker 8: unlocks all this sorts of new optionality that really that 252 00:12:35,960 --> 00:12:38,720 Speaker 8: just hadn't been in sports betting industry, you know, it 253 00:12:38,800 --> 00:12:39,720 Speaker 8: had been bottled. 254 00:12:39,480 --> 00:12:40,160 Speaker 7: Up for so long. 255 00:12:40,240 --> 00:12:42,760 Speaker 8: And now this this this is kind of a new concept, 256 00:12:42,760 --> 00:12:45,520 Speaker 8: even though it's something that has been super familiar for 257 00:12:45,600 --> 00:12:48,320 Speaker 8: people in other industries and finance for for a very 258 00:12:48,360 --> 00:12:48,920 Speaker 8: long time. 259 00:12:49,679 --> 00:12:50,960 Speaker 7: And then I think what sets us a. 260 00:12:50,960 --> 00:12:53,920 Speaker 8: Little bit apart, you know from when when you hear 261 00:12:53,960 --> 00:12:56,880 Speaker 8: about profit and their exchange model. We're taking this B 262 00:12:56,960 --> 00:12:59,960 Speaker 8: to B so we're actually partnering with sportsbook operators. We're 263 00:13:00,080 --> 00:13:03,280 Speaker 8: technology platform and we integrate right into their systems and 264 00:13:03,280 --> 00:13:06,240 Speaker 8: allow this trading functionality as a layer on top of 265 00:13:06,280 --> 00:13:08,440 Speaker 8: the normal bets that you would already have, you know, 266 00:13:08,480 --> 00:13:11,880 Speaker 8: with your sportsbook operators. So we're really trying to basically 267 00:13:12,160 --> 00:13:14,840 Speaker 8: just drive this evolution and be part of this you know, 268 00:13:14,880 --> 00:13:17,400 Speaker 8: betting and two point zero that that's coming out and 269 00:13:17,440 --> 00:13:19,439 Speaker 8: as we're seeing kind of five years into the industry 270 00:13:19,520 --> 00:13:20,319 Speaker 8: develop here. 271 00:13:20,480 --> 00:13:21,960 Speaker 3: Zach, I have so many questions for you, but I 272 00:13:22,000 --> 00:13:23,400 Speaker 3: got to give Dean a little bit of a chance 273 00:13:23,440 --> 00:13:25,319 Speaker 3: here to tell us a little bit about Profit to change. 274 00:13:25,360 --> 00:13:26,280 Speaker 3: Dean take it away, but. 275 00:13:26,480 --> 00:13:26,800 Speaker 7: I don't know. 276 00:13:26,800 --> 00:13:28,120 Speaker 2: I don't know if I can match that. That was 277 00:13:28,120 --> 00:13:32,240 Speaker 2: a pretty good intro. But Profit is a peer to peer, 278 00:13:32,480 --> 00:13:36,439 Speaker 2: high frequency betty exchange full stop. We were the first 279 00:13:36,480 --> 00:13:39,560 Speaker 2: fully regulated betty exchange to launch in the US. This 280 00:13:39,760 --> 00:13:44,360 Speaker 2: is a popular concept overseas. If I'm speaking to a 281 00:13:44,440 --> 00:13:49,480 Speaker 2: more financial enthusiastic audience, it is quite similar, if not 282 00:13:49,520 --> 00:13:55,079 Speaker 2: almost identical, to an options exchange. So on our betty exchange, 283 00:13:55,080 --> 00:13:58,120 Speaker 2: we're matching peers to either peers or matching peers to 284 00:13:58,240 --> 00:14:02,599 Speaker 2: market makers. Market makers to market making just like on 285 00:14:02,679 --> 00:14:06,040 Speaker 2: an options exchange with let's take actually one of our investors, 286 00:14:06,120 --> 00:14:10,360 Speaker 2: Chicago Trading Company. If they're market making on an options exchange, 287 00:14:10,480 --> 00:14:17,560 Speaker 2: they're having to list certain quotes for certain prices within 288 00:14:17,640 --> 00:14:21,280 Speaker 2: certain time intervals, at certain liquidity intervals, and it works 289 00:14:21,360 --> 00:14:24,680 Speaker 2: just like that for sports betting outcomes on our exchange. Dean, 290 00:14:24,840 --> 00:14:26,160 Speaker 2: I'm so I'm excited to get into all this. 291 00:14:26,560 --> 00:14:28,080 Speaker 3: I mean, yeah, so let's get into it. I mean 292 00:14:28,160 --> 00:14:30,320 Speaker 3: the Jets, you know, going before they traded for Aaron Rodgers, 293 00:14:30,360 --> 00:14:32,080 Speaker 3: the Jets were what twenty to one? They were in 294 00:14:32,120 --> 00:14:34,040 Speaker 3: twenty to one to win the Super Bowl? Right now 295 00:14:34,080 --> 00:14:36,320 Speaker 3: they're what eight to one? So are you telling me 296 00:14:36,440 --> 00:14:38,280 Speaker 3: that if I had locked in that twenty to one 297 00:14:38,320 --> 00:14:39,760 Speaker 3: and now we're at eight to one, I could have 298 00:14:39,960 --> 00:14:40,880 Speaker 3: extracted a profit. 299 00:14:41,120 --> 00:14:43,200 Speaker 8: That's exactly right, That's exactly the kind of use case 300 00:14:43,240 --> 00:14:44,560 Speaker 8: for going forward with wager wires. 301 00:14:44,640 --> 00:14:46,600 Speaker 7: You you know, you placed that bed early. 302 00:14:46,640 --> 00:14:48,000 Speaker 8: Maybe you had a feeling they were going to make 303 00:14:48,000 --> 00:14:49,840 Speaker 8: a move, maybe you didn't, maybe you just stumbled into 304 00:14:49,880 --> 00:14:52,000 Speaker 8: a lucky bet. But now you're sitting on something that 305 00:14:52,120 --> 00:14:53,440 Speaker 8: you know, if you went from twenty to one to 306 00:14:53,480 --> 00:14:55,160 Speaker 8: eight to one and you actually have more than doubled 307 00:14:55,160 --> 00:14:56,320 Speaker 8: your money already. 308 00:14:56,000 --> 00:14:57,720 Speaker 3: So then talk to me. I mean, because I love 309 00:14:57,760 --> 00:14:59,360 Speaker 3: this and this is all about timing, This is all 310 00:14:59,400 --> 00:15:01,600 Speaker 3: about stated this is optionality. I mean, boys, this is 311 00:15:01,640 --> 00:15:04,000 Speaker 3: exactly where this market's going to go, hopefully. I mean, 312 00:15:04,000 --> 00:15:07,520 Speaker 3: once you start securitizing these cash flows, how are you 313 00:15:07,520 --> 00:15:09,920 Speaker 3: guys pricing that? I mean it? I mean, I mean, 314 00:15:10,000 --> 00:15:11,600 Speaker 3: I mean, there's got to be so much that goes 315 00:15:11,640 --> 00:15:14,000 Speaker 3: into it, and on top of it, you know, there's 316 00:15:14,040 --> 00:15:16,280 Speaker 3: a I mean still, I mean, I'm probably you know, 317 00:15:16,320 --> 00:15:18,560 Speaker 3: they're consoliding. There's a ton of sports books out there, 318 00:15:18,600 --> 00:15:20,840 Speaker 3: so to pipe into them and get that data and 319 00:15:20,960 --> 00:15:23,200 Speaker 3: have those you know, different bets in those different trades 320 00:15:23,400 --> 00:15:25,280 Speaker 3: sort of be fungible. I mean, take us through that 321 00:15:25,320 --> 00:15:26,040 Speaker 3: whole process. 322 00:15:27,280 --> 00:15:30,280 Speaker 2: I'll let Zach talk about the pricing and what they're 323 00:15:30,320 --> 00:15:32,640 Speaker 2: doing on that, but what I will say is where 324 00:15:32,680 --> 00:15:36,240 Speaker 2: sports betting is right now is kind of where stock 325 00:15:36,280 --> 00:15:38,600 Speaker 2: trading was, and let's call it the late nineties early 326 00:15:38,640 --> 00:15:42,080 Speaker 2: two thousands, where the mission was a much larger part 327 00:15:42,120 --> 00:15:45,360 Speaker 2: of people's profits. If you're betting on a sports book, 328 00:15:45,600 --> 00:15:48,760 Speaker 2: it's just like that experience right now. If you're cashing 329 00:15:48,800 --> 00:15:50,800 Speaker 2: out of a position, which I'm sure Zach will get into. 330 00:15:50,840 --> 00:15:52,880 Speaker 2: It's just like that right now, and that's where profit 331 00:15:52,920 --> 00:15:55,920 Speaker 2: and wager WHI are really capitalize on this. We're bringing 332 00:15:55,960 --> 00:15:59,960 Speaker 2: this financial productization over to sports betting, which the fine 333 00:16:00,280 --> 00:16:02,000 Speaker 2: industry saw twenty some odd years ago. 334 00:16:02,200 --> 00:16:04,120 Speaker 9: So let me ask a little bit. Oh I'm sorry, 335 00:16:04,160 --> 00:16:05,120 Speaker 9: go ahead. 336 00:16:04,880 --> 00:16:06,480 Speaker 8: Oh sorry, I was just going to build on that too, 337 00:16:06,640 --> 00:16:09,800 Speaker 8: is that yeah? Kind of addressing the pricing question a 338 00:16:09,800 --> 00:16:11,640 Speaker 8: little bit too. Is Look, at the end of the day, 339 00:16:11,680 --> 00:16:14,240 Speaker 8: this is an open market. The buyers and the sellers 340 00:16:14,280 --> 00:16:17,560 Speaker 8: determine the clearing price for an asset. But there's we 341 00:16:17,640 --> 00:16:20,560 Speaker 8: do have in house data science teams. We're crunching numbers, 342 00:16:20,600 --> 00:16:23,720 Speaker 8: we're suggesting prices for people. We're guiding the market so 343 00:16:23,760 --> 00:16:25,800 Speaker 8: that we can tell someone, look, we think that it 344 00:16:25,840 --> 00:16:28,440 Speaker 8: would clear the market at X price, but they can 345 00:16:28,440 --> 00:16:30,280 Speaker 8: put a limit price in of whatever they want to 346 00:16:30,280 --> 00:16:33,000 Speaker 8: sell it for. And it's you know, it's a little 347 00:16:33,000 --> 00:16:36,640 Speaker 8: bit different in than the stock market. And that look, 348 00:16:36,960 --> 00:16:38,960 Speaker 8: someone could go to place that same bet. Someone could 349 00:16:38,960 --> 00:16:41,280 Speaker 8: go place the Jets bet with the sports book directly 350 00:16:41,360 --> 00:16:43,120 Speaker 8: right now. So they're going to buy it on the 351 00:16:43,120 --> 00:16:45,600 Speaker 8: secondary market because they're getting a little bit of a discount. 352 00:16:45,920 --> 00:16:47,760 Speaker 7: So where we think that where we see the. 353 00:16:47,680 --> 00:16:50,200 Speaker 8: Bets training on the secondaries is basically with a little 354 00:16:50,200 --> 00:16:53,240 Speaker 8: bit of a sharper price, a more efficient pricing engine 355 00:16:53,320 --> 00:16:55,960 Speaker 8: than what the sportsbooks are offering right now directly. 356 00:16:56,400 --> 00:16:58,720 Speaker 3: So talk to us about what parts of the you know, 357 00:16:59,200 --> 00:17:02,080 Speaker 3: sports benning market are our most yeah, I guess most 358 00:17:02,080 --> 00:17:04,159 Speaker 3: profitable to you. I mean like, for example, you know, 359 00:17:04,280 --> 00:17:06,560 Speaker 3: is it the NFL futures market on who wins the 360 00:17:06,600 --> 00:17:08,600 Speaker 3: Super Bowl? Is it you know, major League Baseball? Is 361 00:17:08,600 --> 00:17:10,680 Speaker 3: it the NBA? And further to that, is it really 362 00:17:10,760 --> 00:17:13,959 Speaker 3: the futures market where you guys are are are are 363 00:17:14,520 --> 00:17:16,760 Speaker 3: making the most I guess of your revenue and your profits? 364 00:17:17,400 --> 00:17:20,159 Speaker 3: Or is it more the entity trading and all this 365 00:17:20,200 --> 00:17:21,639 Speaker 3: other stuff? I mean, talk to us a little bit 366 00:17:21,640 --> 00:17:22,200 Speaker 3: about all that. 367 00:17:23,960 --> 00:17:27,680 Speaker 2: I think the best way to put it is, Zach 368 00:17:27,760 --> 00:17:30,560 Speaker 2: and I are companies are operating in two different areas 369 00:17:30,680 --> 00:17:33,919 Speaker 2: in that general sphere let's call it. So you have, 370 00:17:34,400 --> 00:17:36,640 Speaker 2: like you just mentioned, inter day trading, you have futures, 371 00:17:36,680 --> 00:17:40,080 Speaker 2: you have all these different types of bets, and quite frankly, 372 00:17:40,160 --> 00:17:43,600 Speaker 2: it would be impossible for one startup to focus on everything. 373 00:17:44,480 --> 00:17:48,640 Speaker 2: So what Profit is focusing on is more mainstream markets 374 00:17:48,680 --> 00:17:52,240 Speaker 2: and more in play trading on those mainstream markets. So 375 00:17:52,320 --> 00:17:55,080 Speaker 2: for example, it's kind of like the equivalent of buying 376 00:17:55,080 --> 00:17:57,800 Speaker 2: Apple stock. Right you're vetting on the Patriots minus seven 377 00:17:57,880 --> 00:18:00,480 Speaker 2: or the Jets plus seven, and you can trade in 378 00:18:00,480 --> 00:18:04,560 Speaker 2: and out out of that position on market exposure on profit. 379 00:18:05,200 --> 00:18:07,679 Speaker 2: But where we want to work with wager wires on 380 00:18:07,720 --> 00:18:11,680 Speaker 2: the future side and the on the parlay betting side. 381 00:18:11,680 --> 00:18:13,640 Speaker 2: I don't know if you guys are familiar with parlays 382 00:18:13,640 --> 00:18:15,800 Speaker 2: at all, or like on the teaser side, where users 383 00:18:15,800 --> 00:18:19,119 Speaker 2: can come in where Zach's platform price is that for users, 384 00:18:19,160 --> 00:18:21,680 Speaker 2: and they can come in and sell that plat those 385 00:18:21,720 --> 00:18:24,640 Speaker 2: types of bets on Zach's platform, and then we can 386 00:18:24,680 --> 00:18:29,280 Speaker 2: be almost a clearing house as product for them so 387 00:18:29,320 --> 00:18:30,720 Speaker 2: they can find buyers and sellers. 388 00:18:30,960 --> 00:18:33,359 Speaker 9: I liked what you said earlier about how this is 389 00:18:33,480 --> 00:18:35,560 Speaker 9: kind of like where the stock market was in the 390 00:18:35,720 --> 00:18:40,480 Speaker 9: late nineties. You're looking at sports betting two point zero. 391 00:18:40,600 --> 00:18:43,520 Speaker 9: What kind of demand is there for what you're offering 392 00:18:43,600 --> 00:18:44,040 Speaker 9: right now? 393 00:18:46,840 --> 00:18:50,480 Speaker 2: I will say that we've been live just in one 394 00:18:50,560 --> 00:18:54,320 Speaker 2: state in New Jersey. Regulation is very tight, just like 395 00:18:54,359 --> 00:18:57,760 Speaker 2: finance for just a year, so we launched August fifteenth 396 00:18:57,800 --> 00:19:01,760 Speaker 2: of twenty twenty two. The demand is been, it's there, 397 00:19:02,280 --> 00:19:05,280 Speaker 2: but it's very nascent and it's very early days. So 398 00:19:05,720 --> 00:19:11,200 Speaker 2: what we're seeing is, you know, to talk more business metrics, 399 00:19:11,720 --> 00:19:15,160 Speaker 2: our cost to acquire a customer is a lot lower, 400 00:19:15,920 --> 00:19:19,080 Speaker 2: five times lower on average than a typical sportsbook because 401 00:19:19,200 --> 00:19:22,080 Speaker 2: the users that are coming to our site are coming 402 00:19:22,160 --> 00:19:24,080 Speaker 2: to our site because we have a different product and 403 00:19:24,119 --> 00:19:27,800 Speaker 2: we are providing them an actual, unique selling profit as 404 00:19:27,840 --> 00:19:31,119 Speaker 2: opposed to a sportsbook, which is like stock trading in 405 00:19:31,160 --> 00:19:33,600 Speaker 2: the nineties. So the demand is starting to pick up. 406 00:19:33,800 --> 00:19:36,639 Speaker 2: It's tough because we're a startup and in this space, 407 00:19:36,800 --> 00:19:39,080 Speaker 2: the like I just said, the cost to acquire a 408 00:19:39,119 --> 00:19:41,919 Speaker 2: customer is very high, so getting the word out there 409 00:19:41,920 --> 00:19:44,520 Speaker 2: about us is tough. But from what we've seen so far, 410 00:19:44,640 --> 00:19:49,480 Speaker 2: the demand is starting to build, and I like, let's say, 411 00:19:49,480 --> 00:19:52,160 Speaker 2: the initial framework and groundwork we've put in so far. 412 00:19:52,320 --> 00:19:55,040 Speaker 3: That's Zach Doctor of wager Wire and Dean Sisson of 413 00:19:55,080 --> 00:19:58,560 Speaker 3: Profit Exchange speaking with Scarlett fou and I up next 414 00:19:58,920 --> 00:20:01,399 Speaker 3: more of that conversation about what their two firms are 415 00:20:01,440 --> 00:20:04,280 Speaker 3: doing and what comes next in the world of sports Betting. 416 00:20:04,960 --> 00:20:08,440 Speaker 3: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 417 00:20:08,760 --> 00:20:10,120 Speaker 3: Around the world. 418 00:20:13,400 --> 00:20:17,560 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 419 00:20:18,600 --> 00:20:21,000 Speaker 3: Thanks for joining us on the Bloomberg Business of Sports show, 420 00:20:21,000 --> 00:20:23,560 Speaker 3: where we explore the big money issues in the world 421 00:20:23,560 --> 00:20:26,920 Speaker 3: of sports. I'm Damian sasa Our Michael barr Is off. 422 00:20:26,960 --> 00:20:30,159 Speaker 3: This week we're listening to a conversation Scarlett fu and 423 00:20:30,200 --> 00:20:33,720 Speaker 3: I had with Zach Doctor, co founder and CEO of 424 00:20:33,760 --> 00:20:38,280 Speaker 3: wager Wire, alongside Dean Sisson, CEO of Profit Exchange, about 425 00:20:38,320 --> 00:20:41,280 Speaker 3: what their two companies are doing to grow engagement in 426 00:20:41,359 --> 00:20:44,080 Speaker 3: the world of sports betting. Now, let's dive right back 427 00:20:44,080 --> 00:20:44,960 Speaker 3: into our conversation. 428 00:20:45,400 --> 00:20:48,080 Speaker 9: Who's demanding this product? I mean, are these people who 429 00:20:48,560 --> 00:20:51,520 Speaker 9: are traders in financial markets? Are they day traders? Are 430 00:20:51,520 --> 00:20:54,280 Speaker 9: they just very enthusiastic sports betters? 431 00:20:54,480 --> 00:20:56,600 Speaker 8: I could jump in on this one is Look, I 432 00:20:56,640 --> 00:21:00,440 Speaker 8: think there's more sharp betters, there's more savvy financially minded 433 00:21:00,480 --> 00:21:03,800 Speaker 8: people are very price sensitive in sports betting. Right, So 434 00:21:04,520 --> 00:21:06,719 Speaker 8: sports betting, even the best sports betters in the in 435 00:21:06,760 --> 00:21:09,439 Speaker 8: the country, in the world are winning fifty five percent 436 00:21:09,520 --> 00:21:12,240 Speaker 8: sixty percent of the time. So this is a game 437 00:21:12,280 --> 00:21:14,560 Speaker 8: of inches for those type of people, and being able 438 00:21:14,600 --> 00:21:17,040 Speaker 8: to have even just you know, a couple of sense 439 00:21:17,119 --> 00:21:20,199 Speaker 8: of extra price of better price is very important. So 440 00:21:20,240 --> 00:21:23,040 Speaker 8: I think that's what both me and Dean are attacking here, 441 00:21:23,320 --> 00:21:28,399 Speaker 8: is that the demand side of buying cheap bets is there. 442 00:21:28,960 --> 00:21:29,560 Speaker 7: And then in my. 443 00:21:29,600 --> 00:21:32,280 Speaker 8: Model especially and it probably also in Deans is like, 444 00:21:32,640 --> 00:21:34,919 Speaker 8: you know, it's really all about balancing that supply and 445 00:21:34,960 --> 00:21:38,520 Speaker 8: demand of bets, and so we're really more focused on 446 00:21:38,800 --> 00:21:41,480 Speaker 8: the supply side, frankly, of it's a little bit of 447 00:21:41,520 --> 00:21:43,440 Speaker 8: a new concept for people to be able to sell 448 00:21:43,480 --> 00:21:47,639 Speaker 8: their bets, right, Buying bets and placing bets is commonplace 449 00:21:47,680 --> 00:21:50,399 Speaker 8: at this point. But getting that behavior of selling your 450 00:21:50,440 --> 00:21:52,320 Speaker 8: bet or of taking the other side, kind of taking 451 00:21:52,320 --> 00:21:55,679 Speaker 8: the sports book side of the of the equation, is 452 00:21:55,680 --> 00:21:58,040 Speaker 8: where a lot of our focus is. And but there's 453 00:21:58,040 --> 00:22:01,480 Speaker 8: definitely demand for this type of product. You know, there's 454 00:22:01,520 --> 00:22:05,000 Speaker 8: actually been some features that the sports books themselves have 455 00:22:05,040 --> 00:22:06,919 Speaker 8: been trying to roll out to try to address some 456 00:22:07,000 --> 00:22:09,120 Speaker 8: of this. Like they've been rolling out a feature called 457 00:22:09,240 --> 00:22:12,000 Speaker 8: cash out, where they'll actually offer you a price to 458 00:22:12,119 --> 00:22:15,120 Speaker 8: forfeit your bet back to the sports book. But obviously 459 00:22:15,200 --> 00:22:18,680 Speaker 8: they're only going to offer a price that heavily favors themselves. 460 00:22:19,200 --> 00:22:22,639 Speaker 8: So but that I think just demonstrates the demand for 461 00:22:22,880 --> 00:22:24,560 Speaker 8: users to want to be able to trade in and 462 00:22:24,560 --> 00:22:26,520 Speaker 8: out of their bets. So what we bring to the 463 00:22:26,560 --> 00:22:29,680 Speaker 8: table is this, you know, market price for that bet, 464 00:22:29,800 --> 00:22:31,679 Speaker 8: rather than having to kind of take it or leave it. 465 00:22:31,720 --> 00:22:34,760 Speaker 8: Like imagine, you know, you had your car and you 466 00:22:34,800 --> 00:22:37,560 Speaker 8: could only take the dealers offer, you weren't allowed to 467 00:22:37,600 --> 00:22:39,560 Speaker 8: sell it to anybody else. That's kind of the world 468 00:22:39,600 --> 00:22:41,240 Speaker 8: we're living in right now. And it's only if the 469 00:22:41,240 --> 00:22:43,679 Speaker 8: dealer even wants to give you a bid. Sometimes they 470 00:22:43,680 --> 00:22:45,600 Speaker 8: don't even offer a price, so you're kind of stuck 471 00:22:45,640 --> 00:22:48,160 Speaker 8: with it and you end up writing it to zero a. 472 00:22:48,080 --> 00:22:48,840 Speaker 7: Lot of the times. 473 00:22:48,960 --> 00:22:52,040 Speaker 8: So that that's really the pain point of the industry 474 00:22:52,080 --> 00:22:54,800 Speaker 8: that we're trying to solve through bringing this to the 475 00:22:54,920 --> 00:22:57,439 Speaker 8: to the sports books, and we're working our way up 476 00:22:57,440 --> 00:23:00,959 Speaker 8: into bigger and bigger books and you know, and just 477 00:23:01,040 --> 00:23:04,560 Speaker 8: basically closing different partnerships and building our way up to 478 00:23:04,600 --> 00:23:05,840 Speaker 8: the to the big tier ones. 479 00:23:05,880 --> 00:23:07,840 Speaker 3: Well, you know, Zach, I'm so happy you mentioned the 480 00:23:07,840 --> 00:23:11,800 Speaker 3: word sharps because for me, it's all about counterparty risk 481 00:23:11,840 --> 00:23:13,400 Speaker 3: and if you look at just some of the problems 482 00:23:13,400 --> 00:23:16,919 Speaker 3: that some of the largest, most established financial exchanges on 483 00:23:16,960 --> 00:23:19,159 Speaker 3: the planet have had. I'm talking you know, the l ME, 484 00:23:19,240 --> 00:23:21,679 Speaker 3: the London Metals Exchange, you know, and all these you 485 00:23:21,680 --> 00:23:25,199 Speaker 3: know kind of recent issues. It comes down to counterparty risk, right, 486 00:23:25,240 --> 00:23:28,600 Speaker 3: And so I'm curious, you know, how do the sports 487 00:23:28,600 --> 00:23:31,560 Speaker 3: books feel comfortable with you as a counterparty? 488 00:23:31,640 --> 00:23:31,800 Speaker 1: Right? 489 00:23:31,880 --> 00:23:35,159 Speaker 3: Somebody who can they can offload their exposure to? And 490 00:23:35,200 --> 00:23:37,160 Speaker 3: what are you doing on your side to vet your 491 00:23:37,400 --> 00:23:39,160 Speaker 3: you know, your clients in terms of who you want 492 00:23:39,160 --> 00:23:40,320 Speaker 3: to kind of offer exposure to. 493 00:23:41,320 --> 00:23:43,560 Speaker 2: So yeah, I can. I can jump in a bit 494 00:23:43,600 --> 00:23:46,640 Speaker 2: on that. Again, Zach and I are attacking like two 495 00:23:46,760 --> 00:23:50,800 Speaker 2: different types of wager classes. So it's it's very interesting 496 00:23:50,840 --> 00:23:53,320 Speaker 2: to hear his answers in mind on a question like 497 00:23:53,359 --> 00:23:58,520 Speaker 2: this because the liquidity is so different. I can just 498 00:23:58,600 --> 00:24:01,400 Speaker 2: talk to our our market making liquidity and then I'll 499 00:24:01,440 --> 00:24:05,240 Speaker 2: let Zach jump in. But what we do is we 500 00:24:05,520 --> 00:24:09,600 Speaker 2: contract out very similar to to an options exchange, that 501 00:24:09,640 --> 00:24:12,200 Speaker 2: relationship with a market maker. So when you come on 502 00:24:12,240 --> 00:24:16,160 Speaker 2: our site, you'll be able to see a menu of prices. 503 00:24:17,480 --> 00:24:20,520 Speaker 2: Imagine like this is the example I like to give. 504 00:24:20,600 --> 00:24:23,119 Speaker 2: I was trading write eight options when I was in 505 00:24:23,200 --> 00:24:24,760 Speaker 2: high school because I had no idea what I was doing, 506 00:24:25,320 --> 00:24:31,720 Speaker 2: and the spreads were like thirty cents wide. That's kind 507 00:24:31,720 --> 00:24:33,760 Speaker 2: of like what it is trading on a sports book 508 00:24:33,800 --> 00:24:36,720 Speaker 2: and with us, because we're contracting out these market makers 509 00:24:36,760 --> 00:24:38,879 Speaker 2: and because they don't have the overhead that sportsbooks have, 510 00:24:39,200 --> 00:24:42,439 Speaker 2: they're pricing six to eight cents wide, and then users 511 00:24:42,480 --> 00:24:44,480 Speaker 2: can come in and request their own price. If a 512 00:24:44,560 --> 00:24:46,600 Speaker 2: sports book then wants to come in and lay off 513 00:24:46,640 --> 00:24:49,880 Speaker 2: action if they don't trust their models, they could absolutely 514 00:24:49,920 --> 00:24:51,600 Speaker 2: do so on our site, and they'd be trading against 515 00:24:51,640 --> 00:24:54,640 Speaker 2: the market Zach's And that's just for strap Beat Zach. 516 00:24:54,800 --> 00:24:57,040 Speaker 2: I'll let him speak about futures and parlays more. But 517 00:24:57,080 --> 00:24:58,320 Speaker 2: that's how it works for us. 518 00:24:58,840 --> 00:25:01,800 Speaker 8: Yeah, ours, I think does similarly in that wager Wire 519 00:25:01,920 --> 00:25:04,520 Speaker 8: is not actually buying these bets or holding these bets. 520 00:25:04,520 --> 00:25:07,400 Speaker 8: We're really just facilitating the trades between buyers and sellers, 521 00:25:07,480 --> 00:25:12,119 Speaker 8: so so we're not really the counterparty in that sense. 522 00:25:12,560 --> 00:25:15,639 Speaker 8: And what we do also to kind of address you 523 00:25:15,680 --> 00:25:18,720 Speaker 8: know that your question there the buyers and sellers, they 524 00:25:18,760 --> 00:25:20,520 Speaker 8: do have to have sports book accounts that you know, 525 00:25:20,560 --> 00:25:23,719 Speaker 8: this is a heavily regulated industry as you as you know, 526 00:25:24,000 --> 00:25:28,280 Speaker 8: so both hire and seller have been ky seed. You know, 527 00:25:28,320 --> 00:25:33,199 Speaker 8: there's aml restrictions, there's geolocation, there's all these type of 528 00:25:33,560 --> 00:25:36,360 Speaker 8: you know, self exclusion, responsible gaming limits, all those types 529 00:25:36,359 --> 00:25:37,240 Speaker 8: of things apply here. 530 00:25:37,840 --> 00:25:40,040 Speaker 7: So really, what's what's. 531 00:25:39,880 --> 00:25:42,160 Speaker 8: Kind of nice about our model as being the secondary 532 00:25:42,160 --> 00:25:45,240 Speaker 8: market that you know bolts onto the sports book is 533 00:25:45,280 --> 00:25:48,280 Speaker 8: that they do all that verification. The user signs up 534 00:25:48,440 --> 00:25:51,040 Speaker 8: for the sports book, they get ky seed and they're 535 00:25:51,040 --> 00:25:55,040 Speaker 8: clear to go, and wager Wire really is just facilitating it. 536 00:25:55,040 --> 00:25:57,159 Speaker 8: And that's why we actually are in a little bit 537 00:25:57,160 --> 00:26:00,000 Speaker 8: of a different bucket from a regulatory perspective than profit 538 00:26:00,000 --> 00:26:00,359 Speaker 8: if it. 539 00:26:00,320 --> 00:26:02,719 Speaker 7: Is we don't have to have a casino license ourselves. 540 00:26:02,720 --> 00:26:05,080 Speaker 8: We don't underwrite the bets, you know, we're not We're 541 00:26:05,080 --> 00:26:08,919 Speaker 8: not really caring whether the bets win or lose. We 542 00:26:08,960 --> 00:26:11,840 Speaker 8: don't create new bets. These bets were placed and then 543 00:26:11,880 --> 00:26:13,960 Speaker 8: now we're trading them in the aftermarket. Then we don't 544 00:26:14,000 --> 00:26:16,080 Speaker 8: actually need a casino license of our own. We just 545 00:26:16,080 --> 00:26:19,320 Speaker 8: need what's considered you know, a vendor or supplier license. 546 00:26:20,440 --> 00:26:23,080 Speaker 8: So that's also part you know a difference between our 547 00:26:23,080 --> 00:26:23,600 Speaker 8: models too. 548 00:26:23,920 --> 00:26:26,800 Speaker 9: Okay, you guys mentioned liquidity. I got ask you about volume, 549 00:26:27,400 --> 00:26:31,240 Speaker 9: whether it's a number of shares traded, number of transactions, 550 00:26:31,359 --> 00:26:34,360 Speaker 9: or the dollar amount what what what are you seeing, Dean? 551 00:26:34,440 --> 00:26:35,040 Speaker 9: What are you seeing? 552 00:26:35,119 --> 00:26:35,359 Speaker 7: Zach? 553 00:26:36,600 --> 00:26:38,760 Speaker 2: I can speak to our exchange numbers to date, so 554 00:26:38,920 --> 00:26:42,359 Speaker 2: we've done. It's actually great because we're only nine days 555 00:26:42,400 --> 00:26:45,040 Speaker 2: past the year mark here. In one year, so we 556 00:26:45,119 --> 00:26:49,280 Speaker 2: measured in dollars, not shares traded. The dollar amount that 557 00:26:49,359 --> 00:26:53,080 Speaker 2: has gone through the site, that's been transacted is one 558 00:26:53,160 --> 00:26:57,440 Speaker 2: hundred and twenty five million. The amount that's been matched, 559 00:26:57,520 --> 00:26:59,880 Speaker 2: and I'll explain exactly what that means is eighty millions. 560 00:27:00,080 --> 00:27:03,960 Speaker 2: So a user can come in just like a stock 561 00:27:04,000 --> 00:27:06,639 Speaker 2: marketing or an options market and request the price they 562 00:27:06,640 --> 00:27:12,439 Speaker 2: can make it offer. It is not necessarily it's not 563 00:27:12,440 --> 00:27:15,399 Speaker 2: going to get fired by the market. Yeah, exactly. It 564 00:27:15,400 --> 00:27:18,119 Speaker 2: doesn't get filled by the market maker essentially every single 565 00:27:18,160 --> 00:27:21,840 Speaker 2: time because people are still learning how to use the 566 00:27:21,920 --> 00:27:25,359 Speaker 2: exchange and they're requesting bad prices, right if they're behind 567 00:27:25,359 --> 00:27:29,480 Speaker 2: in the queue, they're not going to get filled. But match. 568 00:27:29,640 --> 00:27:29,880 Speaker 1: Yeah. 569 00:27:29,960 --> 00:27:32,680 Speaker 3: Yeah, that's that's impressive. That's congratulations, that's. 570 00:27:32,600 --> 00:27:35,600 Speaker 2: Amazing, Thank you, thank you. Long way to goo. 571 00:27:36,280 --> 00:27:39,159 Speaker 3: So you know, one other thing I noticed and forgive me. 572 00:27:39,280 --> 00:27:41,280 Speaker 3: Is you know you talk about how you're able to 573 00:27:41,359 --> 00:27:45,320 Speaker 3: kind of sink you know, an individual, I guess betters, 574 00:27:45,440 --> 00:27:48,000 Speaker 3: you know various different bets in one place. You know 575 00:27:48,040 --> 00:27:50,320 Speaker 3: that from different sport books and what have you talked 576 00:27:50,320 --> 00:27:53,440 Speaker 3: to us about that feature? Is that? Is that uncommon 577 00:27:53,640 --> 00:27:56,639 Speaker 3: in the sport betting you know community? I mean, and 578 00:27:56,840 --> 00:27:59,320 Speaker 3: if so, I'm just curious. You know which sport books 579 00:27:59,320 --> 00:28:02,960 Speaker 3: are giving you that time access to kind of you know, 580 00:28:02,480 --> 00:28:04,639 Speaker 3: you have access to their balance sheet to be able 581 00:28:04,680 --> 00:28:06,000 Speaker 3: to kind of trade off of it or at least 582 00:28:06,040 --> 00:28:08,320 Speaker 3: just pull in the data and use it to your will. 583 00:28:08,680 --> 00:28:10,919 Speaker 8: I mentioned we're b to be earlier. We're really b 584 00:28:10,960 --> 00:28:12,560 Speaker 8: to b two cee. We do have a mobile app 585 00:28:12,600 --> 00:28:14,199 Speaker 8: of our own, the wage Dryer app, and it's in 586 00:28:14,280 --> 00:28:16,920 Speaker 8: beta right now, available in the app store. 587 00:28:17,119 --> 00:28:18,040 Speaker 7: Could be downloaded. 588 00:28:18,240 --> 00:28:20,800 Speaker 8: You have this portfolio tracking functionality you can sink into 589 00:28:20,800 --> 00:28:23,280 Speaker 8: your sportsbook accounts. At the end of the day, the 590 00:28:23,359 --> 00:28:26,800 Speaker 8: user owns their data. So if the user permits this 591 00:28:27,520 --> 00:28:30,320 Speaker 8: to basically have viewing access of their bets and their wallet, 592 00:28:31,080 --> 00:28:33,800 Speaker 8: and then you can see all your bets in one place. 593 00:28:33,840 --> 00:28:36,160 Speaker 8: And that's a really useful tool for someone who's active 594 00:28:36,200 --> 00:28:40,160 Speaker 8: better because something people do is they sign up for 595 00:28:40,200 --> 00:28:41,800 Speaker 8: all the books in their state, you know, they get 596 00:28:41,840 --> 00:28:44,320 Speaker 8: all the bonuses, and then they wake up one day 597 00:28:44,360 --> 00:28:46,120 Speaker 8: and they've got five or six accounts and it's just 598 00:28:46,120 --> 00:28:48,880 Speaker 8: a lot to manage, and then they're price shopping across 599 00:28:48,880 --> 00:28:51,280 Speaker 8: the different books and things like that. So what this 600 00:28:51,320 --> 00:28:52,920 Speaker 8: allows you to do is to see all your bets 601 00:28:52,960 --> 00:28:54,600 Speaker 8: in one place, and I think that's actually just a 602 00:28:54,680 --> 00:28:57,040 Speaker 8: huge step and a huge tool in itself. There are 603 00:28:57,080 --> 00:28:59,960 Speaker 8: a couple of other startups out there that are doing 604 00:29:00,080 --> 00:29:03,440 Speaker 8: similar things like that, but we don't stop there, right, 605 00:29:03,440 --> 00:29:05,600 Speaker 8: That's not our endgame. Our you know, our end game 606 00:29:05,680 --> 00:29:09,040 Speaker 8: is the actual bet trading. And but that bet trading 607 00:29:09,120 --> 00:29:11,800 Speaker 8: does require an integration with the sports book and so 608 00:29:11,800 --> 00:29:13,719 Speaker 8: that's where the B two B aspect of our business 609 00:29:13,720 --> 00:29:15,480 Speaker 8: comes in, and that we're you know, out there we're 610 00:29:15,480 --> 00:29:18,520 Speaker 8: pitching these sports books where we're plugging into them right now. 611 00:29:18,960 --> 00:29:21,640 Speaker 8: So we're basically just moving our way into those into 612 00:29:21,640 --> 00:29:24,800 Speaker 8: those challenger books, those tier two books with the I 613 00:29:25,040 --> 00:29:27,880 Speaker 8: on getting into the you know, the DraftKings and Fandules 614 00:29:27,960 --> 00:29:30,960 Speaker 8: and Caesars and MGMs of the world. Once we show 615 00:29:31,000 --> 00:29:32,520 Speaker 8: them that this is that this is going to actually 616 00:29:32,520 --> 00:29:33,560 Speaker 8: help their bottom line too. 617 00:29:34,000 --> 00:29:37,840 Speaker 3: That's wager Wire co founder and CEO Zach Doctor and 618 00:29:38,000 --> 00:29:41,920 Speaker 3: Profit Exchange CEO Dean Sisson. Up. Next, we do a 619 00:29:42,040 --> 00:29:45,360 Speaker 3: quick preview of the NFL season with Jason Kelly and 620 00:29:45,480 --> 00:29:49,800 Speaker 3: Vanessa Perdomo of Bloomberg Originals. You're listening to the Bloomberg 621 00:29:49,800 --> 00:30:07,880 Speaker 3: Business of Sports from Bloomberg Radio. Around the world. 622 00:30:00,640 --> 00:30:04,800 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio. 623 00:30:06,040 --> 00:30:08,400 Speaker 3: This is the Bloomberg Business of Sports show, where we 624 00:30:08,520 --> 00:30:11,120 Speaker 3: explore the big money issues in the world of sports. 625 00:30:11,440 --> 00:30:16,160 Speaker 3: I'm Damian Sasawer. We've got the NFL regular season right 626 00:30:16,200 --> 00:30:19,320 Speaker 3: around the corner. Let's welcome back Jason Kelly and Vanessa 627 00:30:19,360 --> 00:30:23,440 Speaker 3: Perdomo of Bloomberg Originals to help us preview the upcoming season. 628 00:30:23,640 --> 00:30:27,320 Speaker 3: Welcome back to the show. Let's talk about this upcoming season. 629 00:30:27,480 --> 00:30:29,720 Speaker 3: What are your thoughts? What are the big storylines? I mean, 630 00:30:29,800 --> 00:30:31,440 Speaker 3: we can talk about the Jets, but I prefer to 631 00:30:31,480 --> 00:30:33,160 Speaker 3: hear about some of the other good ones that are 632 00:30:33,360 --> 00:30:34,200 Speaker 3: grabbing your attention. 633 00:30:34,280 --> 00:30:35,880 Speaker 6: I think we have to start with the Jets, I 634 00:30:35,880 --> 00:30:39,440 Speaker 6: mean Jets, Jets, Jets, Jets, the new A Rod in 635 00:30:39,520 --> 00:30:42,120 Speaker 6: New York, city. I mean, this is a VP and 636 00:30:42,120 --> 00:30:45,200 Speaker 6: I've been talking about hard knocks it I think has 637 00:30:45,320 --> 00:30:47,560 Speaker 6: changed the way a lot of people think about this. 638 00:30:47,800 --> 00:30:53,120 Speaker 6: You know, ayahuasca taking, you know former speaking of the Midwest. 639 00:30:53,200 --> 00:30:55,240 Speaker 6: You know guy who comes to the Midwest, He's on 640 00:30:55,280 --> 00:30:57,920 Speaker 6: the big stage now. I mean, this is a game 641 00:30:58,000 --> 00:31:01,200 Speaker 6: changer for him, I think from a brand perspective. I 642 00:31:01,200 --> 00:31:03,840 Speaker 6: think it's a game changer for the Jets. From a 643 00:31:03,960 --> 00:31:09,120 Speaker 6: fan perspective, until he proves otherwise, or until the Jets 644 00:31:09,160 --> 00:31:12,880 Speaker 6: sort of remind everyone that they're the Jets again. I 645 00:31:12,920 --> 00:31:14,880 Speaker 6: think this is one of the most compelling storylines, and 646 00:31:16,040 --> 00:31:19,880 Speaker 6: clearly like a big business story because of how much 647 00:31:19,880 --> 00:31:21,240 Speaker 6: focus is going to be on there. 648 00:31:21,120 --> 00:31:23,440 Speaker 3: I think Vanas, So, what are your thoughts here? I mean, 649 00:31:23,480 --> 00:31:25,960 Speaker 3: everybody on my audience knows what I think about this season. 650 00:31:26,000 --> 00:31:27,360 Speaker 3: It's going to be a big one, I'm sure. But 651 00:31:27,440 --> 00:31:30,080 Speaker 3: it does kind of remind me the year after the 652 00:31:30,160 --> 00:31:32,920 Speaker 3: Jets made it to the AFC Championship game against Denver, 653 00:31:33,160 --> 00:31:37,240 Speaker 3: you know, first game the following season, Vinnie Testaverdi goes 654 00:31:37,280 --> 00:31:39,800 Speaker 3: down and so goes the season. So as a Jet fan, 655 00:31:40,200 --> 00:31:42,160 Speaker 3: we're used to these kind of things happening to us, Vanessa, 656 00:31:42,200 --> 00:31:42,880 Speaker 3: what are your thoughts? 657 00:31:43,800 --> 00:31:46,080 Speaker 4: R and I actually think it's hilarious because I do 658 00:31:46,160 --> 00:31:48,960 Speaker 4: think it's you know, this this idea of a very 659 00:31:49,120 --> 00:31:51,520 Speaker 4: Jets or Mets sort of a situation. 660 00:31:51,680 --> 00:31:53,240 Speaker 8: You have everyone in everyone in. 661 00:31:53,160 --> 00:31:56,480 Speaker 4: New York is this kind of fan except for Yankee fans. 662 00:31:56,640 --> 00:31:56,720 Speaker 9: Me. 663 00:31:57,320 --> 00:32:02,160 Speaker 4: You know, we're we're you guys used to just holding 664 00:32:02,200 --> 00:32:05,760 Speaker 4: on until that last moment where it just won't come together. 665 00:32:06,280 --> 00:32:08,360 Speaker 4: But I don't know, I have a lot of hope 666 00:32:08,400 --> 00:32:11,280 Speaker 4: for this season. I think that, like me and Jason 667 00:32:11,280 --> 00:32:15,240 Speaker 4: talked about this, Hard Knocks really painted Aaron Rodgers in 668 00:32:15,320 --> 00:32:19,880 Speaker 4: a different light. And I even, you know, even we're 669 00:32:19,880 --> 00:32:21,880 Speaker 4: in the media, we know how you can make things look. 670 00:32:22,160 --> 00:32:24,040 Speaker 4: But I do think that he seems just like a 671 00:32:24,120 --> 00:32:26,959 Speaker 4: nice guy that was a little misunderstood. I don't know, 672 00:32:27,720 --> 00:32:28,960 Speaker 4: I don't know misunderstood. 673 00:32:29,000 --> 00:32:30,560 Speaker 1: He is who he is, but he is. 674 00:32:30,520 --> 00:32:32,320 Speaker 3: Who he is now. I agree with everything you're saying. 675 00:32:32,320 --> 00:32:35,600 Speaker 4: It's definitely cool to watch and I and I think 676 00:32:35,640 --> 00:32:37,920 Speaker 4: it does make you really excited for the season. I 677 00:32:37,960 --> 00:32:41,800 Speaker 4: am not a Jets fan, but New York hasn't had 678 00:32:41,840 --> 00:32:44,480 Speaker 4: anyone to root for in a really long time. 679 00:32:45,520 --> 00:32:47,800 Speaker 3: Yeah, I mean, and that's all encompassing. 680 00:32:48,040 --> 00:32:51,640 Speaker 6: I mean especially I guess my only other sort of 681 00:32:51,640 --> 00:32:56,560 Speaker 6: macro thought about this season is as this NFL season starts, 682 00:32:56,560 --> 00:32:58,640 Speaker 6: we are reminded and we can you know, we talk 683 00:32:58,720 --> 00:33:04,320 Speaker 6: about what's volleyball in Nebraska, we talk about the World Cup, 684 00:33:04,360 --> 00:33:07,880 Speaker 6: we talk about even tennis, which obviously is encompassing everything here. 685 00:33:08,760 --> 00:33:11,040 Speaker 6: When it comes to sports in America, it's the NFL 686 00:33:11,080 --> 00:33:13,720 Speaker 6: and everything else. The numbers bear that out. You know, 687 00:33:13,960 --> 00:33:16,880 Speaker 6: I've been working on something around the Dallas Cowboys. This 688 00:33:16,920 --> 00:33:18,960 Speaker 6: is a team worth nine and a half, give or 689 00:33:19,000 --> 00:33:23,840 Speaker 6: take billion dollars. The media rights for the NFL far 690 00:33:23,960 --> 00:33:28,120 Speaker 6: surpass anything else. It is the most popular sport and 691 00:33:28,360 --> 00:33:32,280 Speaker 6: it does such an incredible job creating these characters. I mean, 692 00:33:32,320 --> 00:33:35,240 Speaker 6: we're talking about Aaron Rodgers, but like, let's think about 693 00:33:35,280 --> 00:33:37,960 Speaker 6: the other you know, players who are coming who are 694 00:33:38,040 --> 00:33:40,840 Speaker 6: either here or coming on. You know, you've got I 695 00:33:40,960 --> 00:33:43,280 Speaker 6: was got Patrick Mahomes, the Chiefs favorite to win the 696 00:33:43,280 --> 00:33:46,480 Speaker 6: Super Bowl again. You've got Jalen Hurst down in Philadelphia. 697 00:33:46,640 --> 00:33:48,240 Speaker 6: Let's not forget one of the things we're going to 698 00:33:48,280 --> 00:33:52,000 Speaker 6: see is Tom Brady returning to New England to be celebrated. 699 00:33:52,040 --> 00:33:56,320 Speaker 6: I mean, these are the iconic athletes and the iconic 700 00:33:56,360 --> 00:33:58,800 Speaker 6: teams in America full stop. 701 00:33:58,920 --> 00:34:01,400 Speaker 3: Yeah, no, absolutely, Look, I mean just going back, you 702 00:34:01,400 --> 00:34:03,880 Speaker 3: know the storylines that really capped my attention. And look, 703 00:34:03,880 --> 00:34:05,959 Speaker 3: I've got Jordan Love. I mean, this is what the 704 00:34:06,000 --> 00:34:08,680 Speaker 3: third quarterback to play in Green Bay since I don't 705 00:34:08,680 --> 00:34:10,320 Speaker 3: know the turn of the century, right. 706 00:34:10,239 --> 00:34:13,120 Speaker 6: Yeah, I think it's going to be a fascinating you know, 707 00:34:13,239 --> 00:34:17,319 Speaker 6: a series of storylines for sure. And you know we 708 00:34:17,360 --> 00:34:20,640 Speaker 6: love football. I mean, Americans love football and this is 709 00:34:20,640 --> 00:34:21,120 Speaker 6: what we do. 710 00:34:21,280 --> 00:34:24,239 Speaker 3: Our thanks to both Jason Kelly and Vanessa Prudomo for 711 00:34:24,280 --> 00:34:26,560 Speaker 3: joining us on the show this week. This is the 712 00:34:26,600 --> 00:34:29,880 Speaker 3: Bloomberg Business of Sports show. We're here each and every 713 00:34:29,920 --> 00:34:33,520 Speaker 3: week at the same time, plus online wherever you get 714 00:34:33,560 --> 00:34:36,080 Speaker 3: your podcasts. You can follow me on x at d 715 00:34:36,360 --> 00:34:39,200 Speaker 3: sas hour. Thank you so much for joining us. Tune 716 00:34:39,200 --> 00:34:41,080 Speaker 3: in again next week for the latest and the stories 717 00:34:41,120 --> 00:34:44,239 Speaker 3: moving big money in the world of sports. You're listening 718 00:34:44,280 --> 00:34:48,960 Speaker 3: to Bloomberg Business of Sports from Bloomberg Radio around the world.