1 00:00:00,400 --> 00:00:03,920 Speaker 1: Hello, I'm Scott, I'm Evan Nobi Williams, and I'm Michael Barr. 2 00:00:03,960 --> 00:00:06,640 Speaker 1: And this is the Bloomberg Business of Sports podcast, where 3 00:00:06,680 --> 00:00:09,119 Speaker 1: we explore the big money issues in the world of 4 00:00:09,200 --> 00:00:12,680 Speaker 1: sports today. We begin with the U. S. Supreme Court 5 00:00:12,960 --> 00:00:17,840 Speaker 1: overturning federal sports wagering band. I'm just gonna come out 6 00:00:17,880 --> 00:00:20,320 Speaker 1: and say it right now. This is probably the end 7 00:00:20,360 --> 00:00:22,840 Speaker 1: of my marriage because I know how this is going 8 00:00:22,920 --> 00:00:26,400 Speaker 1: to play out, and I'm gonna think I'm an expert, 9 00:00:26,520 --> 00:00:29,600 Speaker 1: just like the millions of other people out there that's 10 00:00:29,600 --> 00:00:32,320 Speaker 1: going to bet on sports, the proverbial straw that broke 11 00:00:32,400 --> 00:00:34,360 Speaker 1: the camel's back in that marriage. It's gonna be bar 12 00:00:34,520 --> 00:00:37,559 Speaker 1: sitting around and as Tidy White is May fourteen, Wait 13 00:00:37,600 --> 00:00:39,360 Speaker 1: a minute, Wait a minute, it's the second quarter of 14 00:00:39,400 --> 00:00:43,520 Speaker 1: the Flyers and the Penguins. I think somebody's gonna scored. Uh. Well, 15 00:00:43,520 --> 00:00:45,879 Speaker 1: we begin with and we end with, this is a 16 00:00:45,880 --> 00:00:49,160 Speaker 1: big deal. We had a feeling that this was going 17 00:00:49,200 --> 00:00:51,360 Speaker 1: to happen. Evan, you and I have been discussing that 18 00:00:51,400 --> 00:00:54,480 Speaker 1: for months. You have been paying close attention to it. 19 00:00:54,960 --> 00:00:59,160 Speaker 1: But it's the ripple effects here. Now we see who wins, 20 00:00:59,520 --> 00:01:02,360 Speaker 1: who uses and what comes to this. Yeah, it's pretty 21 00:01:02,360 --> 00:01:04,760 Speaker 1: hard to understate exactly how much this is going to 22 00:01:04,880 --> 00:01:08,680 Speaker 1: change the sports business, the sports media landscape. Rights are 23 00:01:08,680 --> 00:01:11,720 Speaker 1: going to be more expensive, Advertisers are going to pay more, 24 00:01:12,200 --> 00:01:15,959 Speaker 1: Team valuations are gonna go higher, Bidding for teams is 25 00:01:15,959 --> 00:01:19,920 Speaker 1: going to be more more competitive. Every single aspect of 26 00:01:19,920 --> 00:01:22,200 Speaker 1: the stuff that we talk about is probably going to 27 00:01:22,319 --> 00:01:26,319 Speaker 1: be more expensive, more money involved, just because for a 28 00:01:26,319 --> 00:01:29,880 Speaker 1: lot of Americans there's going to be an increased interaction. 29 00:01:30,120 --> 00:01:32,800 Speaker 1: People are going to care more about sports. Oh, I was, 30 00:01:32,959 --> 00:01:35,000 Speaker 1: I was gonna wager the overrunder until we heard the 31 00:01:35,040 --> 00:01:38,800 Speaker 1: word engagement and you said care more. Does a synonym 32 00:01:38,880 --> 00:01:41,760 Speaker 1: count if you don't engagement? It does. And but that's 33 00:01:41,800 --> 00:01:44,640 Speaker 1: the simple truth, right that that that games that previously 34 00:01:44,680 --> 00:01:47,680 Speaker 1: were irrelevant because the two NBA teams were both in 35 00:01:47,880 --> 00:01:50,400 Speaker 1: second to last place and third to last place, those 36 00:01:50,440 --> 00:01:52,360 Speaker 1: games might be relevant. Did you pick on the NBA 37 00:01:52,640 --> 00:01:57,240 Speaker 1: the blowout NFL game that is three scores, you might 38 00:01:57,320 --> 00:02:01,920 Speaker 1: keep watching because third in game betting you there's a 39 00:02:02,000 --> 00:02:07,080 Speaker 1: reason to sit there throughout and pay attention. And it's 40 00:02:07,280 --> 00:02:11,560 Speaker 1: advertising dream, and it's media company dream. Let's take a 41 00:02:11,560 --> 00:02:13,120 Speaker 1: couple of examples. But you're ready for this. You know 42 00:02:13,240 --> 00:02:16,440 Speaker 1: Sports Illustrated is on the block. Well, they're telling potential 43 00:02:16,440 --> 00:02:19,320 Speaker 1: buyers that one of the things they're looking at is 44 00:02:19,360 --> 00:02:22,720 Speaker 1: a subscription service where they could offer sports betting advice. 45 00:02:23,400 --> 00:02:25,840 Speaker 1: That would be pretty good right now. You know, Peter 46 00:02:25,960 --> 00:02:30,120 Speaker 1: Chernon investing in bar Stool was at Fox News Corps. 47 00:02:30,400 --> 00:02:34,040 Speaker 1: Peter Chernon has a service that's aimed at the sports 48 00:02:34,080 --> 00:02:38,320 Speaker 1: betting person, So a lot of ripple effects and ways 49 00:02:38,400 --> 00:02:41,240 Speaker 1: to cash in here. Cannor Fitzgerald, Canner Gaming, you know, 50 00:02:41,280 --> 00:02:43,320 Speaker 1: they're they're on the block as well, and and and 51 00:02:43,360 --> 00:02:45,680 Speaker 1: everything that they're pitching is about, you know, their client 52 00:02:45,760 --> 00:02:49,079 Speaker 1: based the technology they already have invested in Las Vegas 53 00:02:49,160 --> 00:02:53,000 Speaker 1: and in other places around there. They're they're gambling their client, 54 00:02:53,040 --> 00:02:57,240 Speaker 1: all of it. All this as of taping. William Hills 55 00:02:57,280 --> 00:02:59,519 Speaker 1: up nine. Yeah, I'll read off some some stocks here 56 00:02:59,680 --> 00:03:01,760 Speaker 1: as a taping MGM up two and a half percent, 57 00:03:01,840 --> 00:03:04,800 Speaker 1: Forward Gaining two and a half percent, Side Games seven 58 00:03:04,840 --> 00:03:07,320 Speaker 1: and a half percent, Patty Power Betfair in Europe, three 59 00:03:07,360 --> 00:03:10,480 Speaker 1: point four percent, GVC holding. Sylvie Williams looking at the 60 00:03:10,560 --> 00:03:12,480 Speaker 1: terminal giving me like these ups and downs. That's my 61 00:03:12,520 --> 00:03:18,480 Speaker 1: Twitter account. Underscore Williams. You know what Twitter is, right, 62 00:03:18,880 --> 00:03:23,160 Speaker 1: Twitter a candy bar. I've meant to bring this up. 63 00:03:23,200 --> 00:03:24,640 Speaker 1: I'm sorry we're on the air, but every time I 64 00:03:24,680 --> 00:03:27,840 Speaker 1: promote what we do, I say at you know, nobody 65 00:03:28,040 --> 00:03:31,680 Speaker 1: or underscore Williams and there's no bar like get on Twitter. Okay, Scott, 66 00:03:31,720 --> 00:03:33,079 Speaker 1: let's put it. Let's put a betting line on when 67 00:03:33,120 --> 00:03:36,680 Speaker 1: Michael bar gets Twitter, I'll say, I'll say, June, he 68 00:03:36,760 --> 00:03:38,560 Speaker 1: has to do it himself. He has to do it himself. 69 00:03:38,760 --> 00:03:43,280 Speaker 1: And what over I think the other Let's sign it 70 00:03:43,320 --> 00:03:46,920 Speaker 1: up right now, pay him off, Pay off Evan, because 71 00:03:46,960 --> 00:03:49,760 Speaker 1: I have a Twitter handle. Now you have? When did 72 00:03:49,760 --> 00:03:52,280 Speaker 1: you do it? We did this last week? I didn't 73 00:03:52,640 --> 00:03:58,640 Speaker 1: know either. But by the way, by the way, if 74 00:03:58,680 --> 00:04:00,400 Speaker 1: you know, you know, if a tree folds in the 75 00:04:00,440 --> 00:04:03,040 Speaker 1: woods and nobody's there, if nobody knows you have a 76 00:04:03,080 --> 00:04:06,720 Speaker 1: twinter handle, it doesn't matter. To thank the for followers 77 00:04:06,800 --> 00:04:12,720 Speaker 1: that I have is big Bars Sports, Big Bars, Big 78 00:04:12,800 --> 00:04:15,040 Speaker 1: Bar Sports will invest that in the Yankees tonight. I 79 00:04:15,280 --> 00:04:17,279 Speaker 1: would yeah, I would have taken instead of bar stool, 80 00:04:17,320 --> 00:04:19,599 Speaker 1: I would on bar fool Sports. I want to thank you, 81 00:04:19,760 --> 00:04:23,480 Speaker 1: my cousin John and the others. But you know, what 82 00:04:23,560 --> 00:04:25,680 Speaker 1: but you're getting back to this about the Supreme Courty. 83 00:04:25,680 --> 00:04:28,040 Speaker 1: I can't begin to say how huge this is. As 84 00:04:28,080 --> 00:04:32,520 Speaker 1: you mentioned, the bookmakers in Britain are going a hong 85 00:04:32,600 --> 00:04:35,800 Speaker 1: while as well. But let's let's answer some questions. So 86 00:04:35,920 --> 00:04:37,960 Speaker 1: for folks who might be an Evans our expert here, 87 00:04:38,000 --> 00:04:40,240 Speaker 1: let for folks are like, what does this mean, Evan? 88 00:04:40,839 --> 00:04:42,960 Speaker 1: You can't go to that if you're in Jersey or 89 00:04:43,000 --> 00:04:47,240 Speaker 1: if you're in Delaware. You can't go place a bet today, right, yes, today, 90 00:04:47,279 --> 00:04:48,799 Speaker 1: you are not going to be able to We're talking 91 00:04:48,800 --> 00:04:51,080 Speaker 1: on the order of probably a week or two U 92 00:04:51,279 --> 00:04:53,680 Speaker 1: if you live in New Jersey or Delaware, you're gonna 93 00:04:53,680 --> 00:04:55,440 Speaker 1: be the first one out of the game. And that's 94 00:04:55,440 --> 00:04:57,600 Speaker 1: true because New Jersey has been planning for this for 95 00:04:57,640 --> 00:05:00,400 Speaker 1: so long, and Delaware has Parlay Car. They have a 96 00:05:00,720 --> 00:05:04,560 Speaker 1: sports lottery that they can quickly turn exactly so New 97 00:05:04,600 --> 00:05:06,480 Speaker 1: Jersey in a couple of weeks, it'll be Monmouth, but 98 00:05:06,520 --> 00:05:09,200 Speaker 1: it will also be Atlantic City. You know, it might 99 00:05:09,240 --> 00:05:11,240 Speaker 1: even be online with Draft Kings, you know, which which 100 00:05:11,240 --> 00:05:13,680 Speaker 1: has an office in New Jersey, has a head of 101 00:05:13,720 --> 00:05:17,000 Speaker 1: sports books. They're looking for a land based casino partner 102 00:05:17,080 --> 00:05:20,000 Speaker 1: right now. So Delaware, New Jersey very quickly. There are 103 00:05:20,000 --> 00:05:22,320 Speaker 1: a few other states. There's four others that have passed 104 00:05:22,400 --> 00:05:26,080 Speaker 1: laws already in anticipation of this Supreme Court ruling. So 105 00:05:26,120 --> 00:05:30,000 Speaker 1: if you live in West Virginia, New York, Pennsylvania, or Mississippi, 106 00:05:30,240 --> 00:05:33,280 Speaker 1: there's a good chance that in the near future as well, 107 00:05:33,600 --> 00:05:38,719 Speaker 1: you may see gambling in those states sports any other states. 108 00:05:39,720 --> 00:05:44,240 Speaker 1: Pennsylvania resident Michael Michael barready, he's gonna have fireworks, he's 109 00:05:44,240 --> 00:05:47,600 Speaker 1: gonna have moonshine, and it's gonna have sports betting. Lookout. 110 00:05:49,279 --> 00:05:53,080 Speaker 1: And then he's got a Perkins nearby. Now that there 111 00:05:53,120 --> 00:05:55,880 Speaker 1: are Yeah, so there are fourteen other other states out 112 00:05:55,880 --> 00:05:59,120 Speaker 1: there that have some sort of legislation being considered by 113 00:05:59,160 --> 00:06:01,800 Speaker 1: their state legislator. Okay, Now, the sports league wanted, at 114 00:06:01,880 --> 00:06:06,720 Speaker 1: least the NBA and MLB, they wanted federally regulated sports betting. 115 00:06:06,760 --> 00:06:09,080 Speaker 1: That is not what we have. So this is a 116 00:06:09,160 --> 00:06:13,560 Speaker 1: loss for the sports leagues. If they're gonna couch you happy, 117 00:06:13,600 --> 00:06:15,680 Speaker 1: but not as happy as they could be exactly. I 118 00:06:15,680 --> 00:06:17,960 Speaker 1: think if you were the NBA or the NFL, your 119 00:06:18,000 --> 00:06:22,240 Speaker 1: dream scenario was that the Supreme Court upheld the restriction 120 00:06:22,400 --> 00:06:27,000 Speaker 1: in this round and that the momentum around this movement 121 00:06:27,120 --> 00:06:29,240 Speaker 1: is so great that you then went to the federal 122 00:06:29,240 --> 00:06:31,919 Speaker 1: government and said, listen, we can't keep the little on 123 00:06:31,960 --> 00:06:34,839 Speaker 1: this for that much longer. We need a federal law. 124 00:06:35,200 --> 00:06:37,920 Speaker 1: Here's how we want to help shape that federal law. 125 00:06:37,920 --> 00:06:42,000 Speaker 1: We've seen these leagues lobbying state legislatures individually each you know, 126 00:06:42,000 --> 00:06:45,160 Speaker 1: the MLB and NBA went into West Virginia, either of 127 00:06:45,160 --> 00:06:48,000 Speaker 1: them have franchises there. They went and lobbied hard to 128 00:06:48,040 --> 00:06:50,920 Speaker 1: try to get their hands on the way that this 129 00:06:51,120 --> 00:06:53,760 Speaker 1: this law was shaped. Because there are things like the 130 00:06:53,800 --> 00:06:57,400 Speaker 1: integrity theme. For people who don't know this is important, like, 131 00:06:57,520 --> 00:07:00,000 Speaker 1: of course the leagues want their cut, you know, how 132 00:07:00,000 --> 00:07:02,039 Speaker 1: how are they getting there? Every owners be like, all right, great, 133 00:07:02,040 --> 00:07:04,560 Speaker 1: now the sports betting, more people paying attention or games, 134 00:07:04,600 --> 00:07:07,560 Speaker 1: how do we get ours? And they're couching it as 135 00:07:07,640 --> 00:07:10,960 Speaker 1: something called an integrity fee, but in essence it's just 136 00:07:11,040 --> 00:07:13,560 Speaker 1: they're cut. It's a royalty fee. Yeah. They are saying 137 00:07:13,560 --> 00:07:15,520 Speaker 1: that if you want to use the our team names, 138 00:07:15,560 --> 00:07:17,080 Speaker 1: if you want to make money off the back of 139 00:07:17,120 --> 00:07:19,200 Speaker 1: our games, we want to cut for that. In the 140 00:07:19,240 --> 00:07:21,320 Speaker 1: same way that any advertiser, if they're going to use 141 00:07:21,680 --> 00:07:24,960 Speaker 1: the Yankees logo has to pay up for that. Uh. 142 00:07:25,240 --> 00:07:28,320 Speaker 1: The argument against that is pretty clear and the casinos 143 00:07:28,320 --> 00:07:30,600 Speaker 1: have made it, is that these leagues are gonna benefit 144 00:07:30,640 --> 00:07:32,760 Speaker 1: from this already. As we've said, media rights are gonna 145 00:07:32,760 --> 00:07:34,680 Speaker 1: go up, people are going to care more about their games. 146 00:07:34,840 --> 00:07:38,880 Speaker 1: There's ancillary financial benefits all across the board for these leagues. 147 00:07:39,040 --> 00:07:41,680 Speaker 1: They're already going to get that that boost. Why then 148 00:07:42,120 --> 00:07:44,840 Speaker 1: pay off the top of wagers as well, But that's 149 00:07:44,880 --> 00:07:47,160 Speaker 1: only going to be a matter of time before that happens. 150 00:07:47,360 --> 00:07:51,280 Speaker 1: And yes, the big for people who don't know when 151 00:07:51,280 --> 00:07:54,760 Speaker 1: I mentioned the big, that is the percentage that the 152 00:07:54,840 --> 00:07:59,400 Speaker 1: house itself takes that's going to go up because eventually 153 00:08:00,200 --> 00:08:03,120 Speaker 1: will happen and Gambo is gonna say, well, I'm not 154 00:08:03,160 --> 00:08:06,400 Speaker 1: gonna pay this and that. No, forget that, because if 155 00:08:06,440 --> 00:08:08,080 Speaker 1: you're going to bet on the game, you're gonna bet 156 00:08:08,120 --> 00:08:11,040 Speaker 1: on the game. And yes, you're gonna look for the 157 00:08:11,080 --> 00:08:13,640 Speaker 1: best big possible, but it's still going to happen. And 158 00:08:13,640 --> 00:08:15,760 Speaker 1: what what this conversation is going to create is a 159 00:08:15,800 --> 00:08:20,000 Speaker 1: weird patchwork world in the United States where if you 160 00:08:20,040 --> 00:08:22,200 Speaker 1: live on the border of New Jersey and Pennsylvania, you 161 00:08:22,240 --> 00:08:25,560 Speaker 1: can drive across and get possibly two different sets of 162 00:08:25,600 --> 00:08:30,520 Speaker 1: prices because of the way a your state gives up 163 00:08:30,560 --> 00:08:33,360 Speaker 1: the taxes, because of whether or not your state decided 164 00:08:33,400 --> 00:08:37,240 Speaker 1: to bow to the leagues and give them an integrity fee. 165 00:08:37,520 --> 00:08:39,719 Speaker 1: Uh So, short term, this is going to be a 166 00:08:39,760 --> 00:08:42,480 Speaker 1: state by state thing, much like we saw with Daily Fantasy, 167 00:08:42,520 --> 00:08:44,320 Speaker 1: that can get very messy. That's going to be a 168 00:08:44,400 --> 00:08:47,520 Speaker 1: test to how much the league's want to press their 169 00:08:47,559 --> 00:08:51,040 Speaker 1: lobbying power. And eventually, if it becomes so frustrating for 170 00:08:51,080 --> 00:08:53,800 Speaker 1: everybody involved, I would say there's a good chance that 171 00:08:53,800 --> 00:08:56,160 Speaker 1: we're gonna have a federal law at some point. So 172 00:08:56,240 --> 00:08:58,280 Speaker 1: let me ask you this, because we've seen hints of this. 173 00:08:58,559 --> 00:09:01,040 Speaker 1: A guy like Ted leons Is owns the Wizards, owns 174 00:09:01,040 --> 00:09:03,720 Speaker 1: the Capitals, and is an investor in sport Radar, which 175 00:09:03,760 --> 00:09:06,839 Speaker 1: sends gambling lines to the betting houses around the world. 176 00:09:06,920 --> 00:09:10,360 Speaker 1: Mark Cuban Michael Jordan's also investors there. His dream scenario, 177 00:09:10,480 --> 00:09:13,600 Speaker 1: now if I read it right, is for folks to 178 00:09:13,840 --> 00:09:17,240 Speaker 1: come to his arena what's it called these days? I forgot, 179 00:09:17,240 --> 00:09:22,720 Speaker 1: you know, maybe Capital one. So he'll open early. He'll 180 00:09:22,760 --> 00:09:25,640 Speaker 1: have lounges and machines where people can bet, and he'll 181 00:09:25,640 --> 00:09:28,560 Speaker 1: have folks pretty much coming to the arena and let's 182 00:09:28,559 --> 00:09:32,320 Speaker 1: say let's say European Soccer EPL, they start games at 183 00:09:32,320 --> 00:09:35,520 Speaker 1: Liken here. So on game day, come on in early 184 00:09:35,559 --> 00:09:38,400 Speaker 1: sitting the lounge, have a drink and bet on all 185 00:09:38,400 --> 00:09:40,480 Speaker 1: the e p L games. Sure, this is one of 186 00:09:40,480 --> 00:09:43,800 Speaker 1: the big questions moving forward is how much leagues and 187 00:09:43,920 --> 00:09:46,680 Speaker 1: league owners embrace this, and if they embrace it to 188 00:09:46,679 --> 00:09:48,920 Speaker 1: the fullest. The scenario you just said is exactly what's 189 00:09:48,920 --> 00:09:51,839 Speaker 1: gonna happen. You're gonna see these teams signing sponsorship to 190 00:09:51,880 --> 00:09:55,440 Speaker 1: debrace it. Why why would they not embrace it? That's 191 00:09:55,559 --> 00:09:58,040 Speaker 1: is it? Is there still reputational That would be the 192 00:09:58,120 --> 00:10:01,240 Speaker 1: argument Disney was supposed to in Weston DraftKings and at 193 00:10:01,240 --> 00:10:03,880 Speaker 1: the last minute, we think it worked out that somebody 194 00:10:03,960 --> 00:10:06,040 Speaker 1: up high said, woo woo woo, let's pump the brakes there. 195 00:10:06,080 --> 00:10:08,800 Speaker 1: This may not be for us, and they didn't invest. 196 00:10:09,360 --> 00:10:12,080 Speaker 1: But I mean we're saying now that it's so accepted, 197 00:10:12,120 --> 00:10:15,800 Speaker 1: it's so widespread, it's it's the fabric of society. There's 198 00:10:15,800 --> 00:10:18,280 Speaker 1: really somebody out there is still gonna say reputational risk, 199 00:10:18,320 --> 00:10:20,439 Speaker 1: I'm not going to do this. Yeah, I think whatever 200 00:10:20,480 --> 00:10:22,679 Speaker 1: everything that happened with the Daily Fantasy world three years 201 00:10:22,679 --> 00:10:25,079 Speaker 1: ago is going to be time at times ten with this, 202 00:10:25,240 --> 00:10:27,840 Speaker 1: and there was a huge including including the commercial, including 203 00:10:27,880 --> 00:10:31,960 Speaker 1: the commercial, including the commercial. But to answer your question, 204 00:10:31,960 --> 00:10:34,280 Speaker 1: there was this huge blowback for Daily Fantasy the amount 205 00:10:34,320 --> 00:10:36,800 Speaker 1: of people that suddenly became problem gamers. You brought up 206 00:10:36,800 --> 00:10:38,960 Speaker 1: a great point, Evan, and this is something that is 207 00:10:39,120 --> 00:10:43,920 Speaker 1: very serious about because now it's gonna be widespread all 208 00:10:44,000 --> 00:10:46,080 Speaker 1: over the place. And like I was saying at the 209 00:10:46,120 --> 00:10:49,439 Speaker 1: top of this segment, everybody is going to be an expert. 210 00:10:49,600 --> 00:10:53,600 Speaker 1: Everybody's going to try to to beat the line. Everybody's 211 00:10:53,640 --> 00:10:56,600 Speaker 1: going to do it. And just like you said, people 212 00:10:56,640 --> 00:10:59,880 Speaker 1: are gonna go way above their head and take out 213 00:10:59,880 --> 00:11:03,640 Speaker 1: a second mortgage or bet the paycheck. And again, if 214 00:11:03,679 --> 00:11:06,800 Speaker 1: you want to just enjoy your time and you win 215 00:11:06,880 --> 00:11:09,720 Speaker 1: a gamble on you know, a little game whatever, you 216 00:11:09,720 --> 00:11:12,240 Speaker 1: put your little ten dollars on whatever, that's your thing, 217 00:11:12,360 --> 00:11:16,439 Speaker 1: that's fine. But it's the people that go way overboard. 218 00:11:16,760 --> 00:11:18,520 Speaker 1: And I'm willing to also bet you're gonna get a 219 00:11:18,520 --> 00:11:22,280 Speaker 1: lot of calls to the gamblers anonymous and all those 220 00:11:22,400 --> 00:11:25,480 Speaker 1: How's my question for you, bar are those people? And 221 00:11:25,520 --> 00:11:30,080 Speaker 1: we talk about the underground betting economy billions of dollars. 222 00:11:30,679 --> 00:11:33,720 Speaker 1: Is that already happening? That's the question. Are those folks 223 00:11:33,760 --> 00:11:36,400 Speaker 1: who need the fix, who need to gamble, who have 224 00:11:36,520 --> 00:11:40,920 Speaker 1: a problem, are they already betting anyway? Yeah they are, 225 00:11:41,040 --> 00:11:43,080 Speaker 1: But there's tons of people who are not betting right 226 00:11:43,080 --> 00:11:48,880 Speaker 1: now that eventually we're gonna create absolutely addicted gambling. Well, yeah, 227 00:11:49,160 --> 00:11:50,920 Speaker 1: let me put it this way. Let's say, for instance, 228 00:11:51,320 --> 00:11:53,960 Speaker 1: we have a variety of automobiles and vehicles. You can 229 00:11:54,000 --> 00:11:59,200 Speaker 1: buy some vehicles like saying I can't know if they're 230 00:11:59,240 --> 00:12:03,120 Speaker 1: not very fair as other cars, like corvettes. You know, 231 00:12:03,280 --> 00:12:05,280 Speaker 1: they can go up to speed and they've got to 232 00:12:05,320 --> 00:12:09,080 Speaker 1: be careful of speeding tickets or words. Now this is 233 00:12:09,200 --> 00:12:11,439 Speaker 1: like you can just go to the dealership and all 234 00:12:11,480 --> 00:12:14,920 Speaker 1: they have now our corvettes, and everybody's gonna start speeding. 235 00:12:14,960 --> 00:12:17,800 Speaker 1: It shouldn't say everybody, but more people are gonna start speak. 236 00:12:17,840 --> 00:12:20,240 Speaker 1: Excuse me. I just want to let you know that 237 00:12:20,440 --> 00:12:24,920 Speaker 1: my Ford Escape, well not a Corvette, perfectly able of 238 00:12:24,960 --> 00:12:28,440 Speaker 1: getting me a speeding ticket, that's true, but they can't 239 00:12:28,440 --> 00:12:32,240 Speaker 1: go a hundred twenty. You've never been in my escape. 240 00:12:34,240 --> 00:12:35,920 Speaker 1: Now I have to come to your house and visit 241 00:12:35,960 --> 00:12:37,560 Speaker 1: you yet. What do you mean I can't do one? 242 00:12:39,760 --> 00:12:41,600 Speaker 1: I should add, by the way, it was an overwhelming 243 00:12:41,640 --> 00:12:45,319 Speaker 1: majority to strike down the entirety of the federal prohibition. 244 00:12:46,280 --> 00:12:49,400 Speaker 1: This is the Bloomberg Business of Sports podcast at Michael 245 00:12:49,440 --> 00:12:52,880 Speaker 1: bar along with Scott and Evan Nobody, and we are 246 00:12:52,920 --> 00:12:55,240 Speaker 1: here each and every Monday and Friday exploring the world 247 00:12:55,280 --> 00:12:57,280 Speaker 1: of money in sports. Join us at the end of 248 00:12:57,280 --> 00:12:59,400 Speaker 1: the week when we talked with the biggest and brightest 249 00:12:59,400 --> 00:13:02,360 Speaker 1: in the sportssness industry. You're listening to Bloomberg Business of 250 00:13:02,400 --> 00:13:05,400 Speaker 1: Sports from Bloomberg Radio around the world and online as 251 00:13:05,440 --> 00:13:07,080 Speaker 1: an Apple podcast on iTunes.