WEBVTT - Betting on Sunday’s Game? Here’s Who You’re Up Against

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>On Sunday, one hundred million or more Americans plus fans

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<v Speaker 2>from around the world are expected to watch the Seattle

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<v Speaker 2>Seahawks take on the New England Patriots in Super Bowl sixty.

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<v Speaker 2>For some, it's a chance to gather with friends around

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<v Speaker 2>plates of nachos and wings, to root for a team

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<v Speaker 2>casually or not casually, and maybe to place a better two.

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<v Speaker 2>For others, it's the biggest work deadline of the year.

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<v Speaker 3>I'm betting right up until game time, and so it's

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<v Speaker 3>not like I can be a host. Ever, I'm not

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<v Speaker 3>really eating that much during the game anyway, or maybe

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<v Speaker 3>stress eating occasionally.

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<v Speaker 2>Rufus Peabody got his start in the sports gambling world

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<v Speaker 2>more than fifteen years ago. He was a college junior

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<v Speaker 2>when he heard about a company that consulted for bookmakers

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<v Speaker 2>in Vegas casinos.

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<v Speaker 3>It was like academia for sports. Basically, I didn't know

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<v Speaker 3>a job like that existed. I didn't know this whole

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<v Speaker 3>world existed. So I cold called them and tried to

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<v Speaker 3>talk my way into an internship.

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<v Speaker 2>It worked, Rufus, as he bugged the company for a

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<v Speaker 2>month until finally he landed a call with the boss.

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<v Speaker 3>It's the ultimate eight leg parlay.

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<v Speaker 2>In other words, it was a risky bet, but Rufus

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<v Speaker 2>got the offer, and that summer a major sports betting

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<v Speaker 2>scandal broke. An NBA ref had been betting on games

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<v Speaker 2>he officiated. Former NBA referee Tim Donneghe plated guilty to

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<v Speaker 2>two fel many charges at a federal court in Brooklyn

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<v Speaker 2>earlier today.

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<v Speaker 3>And so I was able to break down the numbers,

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<v Speaker 3>and they sent my analysis to the FBI and the NBA,

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<v Speaker 3>and they got the NBA as a client. So I

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<v Speaker 3>basically was able to show my worth and then they

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<v Speaker 3>hired me.

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<v Speaker 2>Today. Rufus still spends a lot of his time in

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<v Speaker 2>Vegas and a lot of his money betting on sports

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<v Speaker 2>and those same casinos, but recently he's been placing more

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<v Speaker 2>and more of his bets through prediction markets.

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<v Speaker 3>I predicted that the Patriots would not win the Super

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<v Speaker 3>earlier in the year on calls at ninety one percent,

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<v Speaker 3>So I'm a Seahawks fan.

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<v Speaker 2>For professional gamblers like Rufus, who are known as Sharp's,

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<v Speaker 2>prediction markets offer a lucrative new betting opportunity, one that's

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<v Speaker 2>taken off in the past few months.

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<v Speaker 1>A lot of these sports contracts have taken over these

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<v Speaker 1>prediction market sites, you know, like Kawshi and polymarket, and

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<v Speaker 1>because of the kind of haven't really met that much

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<v Speaker 1>like regulatory pushback, so it's kind of exploded.

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<v Speaker 2>Justina Lee is a reporter on Bloomberg's Cross Asset Markets team.

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<v Speaker 1>We write about everything in markets and now including sports

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<v Speaker 1>betting thanks to prediction markets.

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<v Speaker 2>Justina has been working with Ira Budwe, a Bloomberg reporter

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<v Speaker 2>who covers the business of sports, to break down how

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<v Speaker 2>a wave of savvy, full time sports betters like Rufus

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<v Speaker 2>are looking beyond casinos and sports books and embracing prediction markets.

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<v Speaker 4>These are people who you know, have just a lot

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<v Speaker 4>of them make their living as professional gamblers. That's their job.

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<v Speaker 4>And they're not betting on this because it's necessarily fun

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<v Speaker 4>or they have a favorite, or they want to make

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<v Speaker 4>watching the game more entertaining. They're doing this to try

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<v Speaker 4>to make steady margins over time.

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<v Speaker 2>I'm David Gera, and this is the Big Take from

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<v Speaker 2>Bloomberg News Today. On the show, we dig into the

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<v Speaker 2>platforms that are fielding an increasing number of bets and

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<v Speaker 2>the pros who may be on the other side of

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<v Speaker 2>your amateur wager. Since online sports betting became legal in

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<v Speaker 2>the US in twenty eighteen after a decision by the

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<v Speaker 2>Supreme Court, its growth has been staggering. In twenty nineteen,

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<v Speaker 2>Americans bet thirteen billion dollars on sports. Last year it

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<v Speaker 2>was one hundred and forty five billion. The Super Bowl

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<v Speaker 2>is the sports betting mother load. Americans are expected to

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<v Speaker 2>wager and estimated one point eight billion dollars on this

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<v Speaker 2>year's game through legal sports books, but the matchup also

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<v Speaker 2>has more than eight hundred million coming in through a

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<v Speaker 2>rapidly growing alternative prediction markets websites like call she and polymarket,

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<v Speaker 2>where you can place all sorts of bets.

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<v Speaker 1>You might remember that Kowshi got really famous around the

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<v Speaker 1>presidential election in late twenty twenty four, and that's because

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<v Speaker 1>they only kind of were allowed to start hosting election

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<v Speaker 1>betting around that time because of a legal victory.

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<v Speaker 2>Before that, betting on election outcomes had been illegal in

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<v Speaker 2>the US. In twenty twenty two, Polymarket had to settle

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<v Speaker 2>with the CFTC, the Commodity Futures Trading Commission, and restrict

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<v Speaker 2>its election betting to users outside the US. But in

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<v Speaker 2>twenty twenty four call She challenged that in court, the

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<v Speaker 2>company argued that it was a market like the stock market,

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<v Speaker 2>that the election outcome bets were a kind of derivative.

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<v Speaker 1>Kwshi was arguing in court that the reason they should

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<v Speaker 1>be allowed is because they're all about kind of hedging

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<v Speaker 1>economic outcomes and people using Kawshi to figure out, you

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<v Speaker 1>know what, what are the odds of the government being

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<v Speaker 1>shut down for a long time, or kind of where

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<v Speaker 1>are the odds of each presidential candidate.

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<v Speaker 2>Call She won that case and the right to let

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<v Speaker 2>users bet on elections, clearing the way for people to

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<v Speaker 2>cross the US to put money on all kinds of things,

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<v Speaker 2>but mostly sports. Today, sports bets make up ninety percent

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<v Speaker 2>of Call She's trading volume, and placing one of those

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<v Speaker 2>bets is simple. On call She's or Polymarket's homepage, you'll

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<v Speaker 2>see a ton of different areas you can bet on,

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<v Speaker 2>say the twenty twenty eight Democratic presidential nominee, or where

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<v Speaker 2>Taylor Swift and Travis Kelsey are going to get married,

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<v Speaker 2>and of course who's going to win the Super Bowl

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<v Speaker 2>IRA When I last checked, Pollmarket had the odds of

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<v Speaker 2>the Seahawks winning at sixty nine on call she was

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<v Speaker 2>sixty eight. What exactly do those numbers mean.

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<v Speaker 4>That means that you could buy a contract for sixty

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<v Speaker 4>nine or sixty eight cents, and if the Seahawks won,

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<v Speaker 4>that would pay you back a dollar on.

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<v Speaker 2>The back end. What's happening when you place a bet

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<v Speaker 2>on one of those platforms.

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<v Speaker 4>They are matching you up with some other trader who

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<v Speaker 4>is taking the other side of that. So they're on

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<v Speaker 4>a no for the Seahawks and you're on a yes

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<v Speaker 4>for the Seahawks, And if the Seahawks lose, then they

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<v Speaker 4>get the dollar and you lose your money.

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<v Speaker 2>The whole business is matching up people on opposite sides

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<v Speaker 2>of a bet, and the odds or price fluctuate based

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<v Speaker 2>on market demand. If more people think the Seahawks will win,

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<v Speaker 2>it'll cost more than sixty nine cents to buy a yes,

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<v Speaker 2>and your profit margin gets smaller if they do win.

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<v Speaker 2>Prediction markets do operate kind of like the stock market.

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<v Speaker 2>In order to sell at a certain price, you need someone

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<v Speaker 2>to buy at that price. Polymarket or callshe is just

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<v Speaker 2>the exchange.

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<v Speaker 4>They are passing money between the winner and the loser

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<v Speaker 4>and taking a small cut, typically like two cents on

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<v Speaker 4>every one of those dollar contracts, and so theirs is

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<v Speaker 4>a volume business. They don't care who wins and who

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<v Speaker 4>loses those trades because it's the same to them.

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<v Speaker 2>This is different from a traditional sportsbook. Wager a bet

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<v Speaker 2>you might place at a casino or on a site

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<v Speaker 2>like fan Duel or DraftKings.

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<v Speaker 4>The sports book because they're taking the other side of

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<v Speaker 4>your bet. When you wager that ten bucks to win

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<v Speaker 4>thirty if the sportsbook loses, they're paying you that thirty

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<v Speaker 4>dollars out of their pockets. And so their business is

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<v Speaker 4>to basically balance their books and to get losing betters

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<v Speaker 4>to wager a lot. And typically the sort of margin

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<v Speaker 4>for a sports book is about ten percent. If they're

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<v Speaker 4>good at their jobs, then they will keep ten percent

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<v Speaker 4>of the handle right as their margin. And so in

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<v Speaker 4>that regard, it's a better business. It's more profitable than

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<v Speaker 4>in exchange. But it's also it's really difficult. The sort

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<v Speaker 4>of churn of customers and limiting out the best betters

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<v Speaker 4>so that they don't take all your money, and encouraging

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<v Speaker 4>the worst better so that they drive your profits takes

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<v Speaker 4>a lot of work.

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<v Speaker 2>That's why sports books will offer free bets or other

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<v Speaker 2>promotions to keep less sophisticated better as betting, and why

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<v Speaker 2>they'll limit activity among professional gamblers or sharps to keep

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<v Speaker 2>from losing too much.

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<v Speaker 1>It's too good. You know, if you're a sharp, you

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<v Speaker 1>could find that your account size could be limited in

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<v Speaker 1>that they're not really letting you put down a lot

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<v Speaker 1>of money, whereas prediction markets don't have these restrictions.

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<v Speaker 2>Some of those sharps come from the world of sports,

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<v Speaker 2>applying what they know about the game as they learn

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<v Speaker 2>the ins and outs of trading, but others come from

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<v Speaker 2>Wall Street. They're taking their trading and prediction expertise and

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<v Speaker 2>applying it to sports.

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<v Speaker 1>Prediction markets operate a lot more like traditional stock or

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<v Speaker 1>futures markets, so it's attracting a lot of these like

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<v Speaker 1>giant you know, trading firms like jeff Yass's Susquehanna Group

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<v Speaker 1>or you know, even Jump Trading in Chicago. And these

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<v Speaker 1>people are bringing, you know, all their quant power, their

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<v Speaker 1>computing power to sports gambling.

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<v Speaker 2>Can I ask you about relative riskiness, Justina, So our

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<v Speaker 2>prediction markets inherently more or less risky than sportsbooks, traditional

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<v Speaker 2>kinds of betting.

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<v Speaker 1>It's kind of hard to say. I think On one hand,

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<v Speaker 1>it could be better for gamblers in the sense that

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<v Speaker 1>it's meant to facilitate more competition for your bets, right

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<v Speaker 1>because on a prediction market, like anyone can come in

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<v Speaker 1>and be on the other side. So because of that

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<v Speaker 1>more competition, it could mean that you should get better

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<v Speaker 1>odds and lower fees, but at the same time it's

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<v Speaker 1>sort of a more competitive market.

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<v Speaker 2>Prediction markets also offer new options when it comes to gambling,

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<v Speaker 2>ones that can allow sophisticated betters to take advantage of

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<v Speaker 2>their expertise. These are liquid markets, so you can buy

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<v Speaker 2>and sell your position throughout a game as long as

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<v Speaker 2>there's someone willing to take the other side. The contracts

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<v Speaker 2>aren't locked in until the outcome is set one team wins,

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<v Speaker 2>the other loses, and you aren't limited to whatever bets.

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<v Speaker 2>A sports book is offering.

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<v Speaker 4>What you and I would traditionally think of as betting

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<v Speaker 4>is you go on you see a price offered that

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<v Speaker 4>you know we'll pay. Let's say plus one ninety eight

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<v Speaker 4>for the Patriots to win the Super Bowl. If I

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<v Speaker 4>bet one hundred dollars, they're going to pay me two

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<v Speaker 4>hundred ninety eight dollars, right, And it's the house that's

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<v Speaker 4>taken the other side of that bet. With a prediction market,

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<v Speaker 4>you can go on and say I will pay a

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<v Speaker 4>certain price if the Patriots win, if you want to

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<v Speaker 4>take it right, and you can just sit there and

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<v Speaker 4>wait and see who else on the exchange is willing

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<v Speaker 4>to pay that price. And so you are now essentially

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<v Speaker 4>acting like a sportsbook.

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<v Speaker 2>So not to put too fine a point on it,

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<v Speaker 2>there's a saying among gamblers that the house always wins.

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<v Speaker 2>In the context of prediction markets, there is no house.

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<v Speaker 2>It doesn't operate in that in that way.

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<v Speaker 4>Right, and in fact you can become the house.

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<v Speaker 2>Coming up. What that growth in prediction markets means for

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<v Speaker 2>everyday betters, whether letting anyone originate bets on anything increases

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<v Speaker 2>the risks of rigged down comes, and who is in

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<v Speaker 2>charge of policing that. There's good reason for the competition

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<v Speaker 2>between traditional sport books and emerging platforms like CALSH and polymarket.

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<v Speaker 2>Unlike sports books, prediction markets can operate in all fifty states,

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<v Speaker 2>including places like California and Texas where sports betting is

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<v Speaker 2>currently legal.

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<v Speaker 4>Prediction markets kind of found a loophole and the CFTC rules,

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<v Speaker 4>whereas the regulated sports betting is regulated on a state

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<v Speaker 4>by state basis, and so those states where they have

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<v Speaker 4>legal sports betting have all pretty much tried to fight

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<v Speaker 4>this and come forward and brought lawsuits and sees and disisorders.

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<v Speaker 2>I imagine part if that has to do with the

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<v Speaker 2>fact that a number of states are making good money

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<v Speaker 2>tax revenue off.

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<v Speaker 4>Of sports books. Yeah, I mean, and it's really the

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<v Speaker 4>states more than the sports books that are leading that charge,

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<v Speaker 4>because it is their tax revenue that is at risk.

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<v Speaker 4>So you know, in a lot of states, your winnings

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<v Speaker 4>for sports books are taxed at really high rates thirty

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<v Speaker 4>forty to fifty percent, and that's not happening in the

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<v Speaker 4>prediction market context because these are federal trades. It's sort

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<v Speaker 4>of like in a whole different tax context when you

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<v Speaker 4>do that. And so there's actually a sense that this

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<v Speaker 4>is going to push more states to jump in the

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<v Speaker 4>pool of regulated sports betting, because if this is going

0:12:04.160 --> 0:12:06.680
<v Speaker 4>to happen anyway in their state, they would like to

0:12:06.679 --> 0:12:08.880
<v Speaker 4>get the taxes from it. And then you have to

0:12:08.880 --> 0:12:11.560
<v Speaker 4>figure out, okay, well, how are prediction markets going to

0:12:11.559 --> 0:12:14.000
<v Speaker 4>be taxed? And in the meantime, a lot of the

0:12:14.000 --> 0:12:16.240
<v Speaker 4>sportsbooks are saying well, we're just going to start offering

0:12:16.320 --> 0:12:19.679
<v Speaker 4>prediction markets in the states where we can't run regulated

0:12:19.679 --> 0:12:22.160
<v Speaker 4>sports books. We'll just go there and do prediction markets

0:12:22.200 --> 0:12:26.360
<v Speaker 4>so that KLSHE and these other prediction event exchanges don't

0:12:26.400 --> 0:12:28.360
<v Speaker 4>sort of steal our business before we can get there.

0:12:28.640 --> 0:12:30.559
<v Speaker 5>We are going to make some investment there.

0:12:30.720 --> 0:12:33.800
<v Speaker 2>That's the CEO of Draft Kings Jason Robbins on Bloomberg

0:12:33.840 --> 0:12:34.640
<v Speaker 2>back in November.

0:12:34.960 --> 0:12:37.400
<v Speaker 5>First, of course, and getting a product developed and making

0:12:37.440 --> 0:12:39.800
<v Speaker 5>sure that that's the best in class. You can't win,

0:12:39.840 --> 0:12:42.280
<v Speaker 5>and we've always said this product is the most important thing.

0:12:42.640 --> 0:12:44.360
<v Speaker 5>You can't win if you don't have a great product.

0:12:44.400 --> 0:12:47.640
<v Speaker 2>The prediction markets, meanwhile, have tried to distance themselves from

0:12:47.679 --> 0:12:50.160
<v Speaker 2>the gambling industry, which is known to take a heavy

0:12:50.160 --> 0:12:54.640
<v Speaker 2>financial toll on participants. At AXIOSS BFD summit in November,

0:12:54.840 --> 0:12:58.720
<v Speaker 2>Polymarkets founder Shane Copeland said the way traditional sportsbooks can

0:12:58.760 --> 0:13:01.319
<v Speaker 2>profile users and ban the ones that make too much

0:13:01.360 --> 0:13:03.640
<v Speaker 2>money is quote a scam.

0:13:03.760 --> 0:13:06.720
<v Speaker 1>Now, you can't expect to run a business that is

0:13:06.720 --> 0:13:09.720
<v Speaker 1>that rigged against the consumer in perpetuity in America.

0:13:09.760 --> 0:13:12.880
<v Speaker 2>But as the sports betting landscape continues to change, both

0:13:12.920 --> 0:13:16.600
<v Speaker 2>traditional sports books and prediction markets are navigating some potential

0:13:16.679 --> 0:13:20.400
<v Speaker 2>problems with an increasingly popular kind of wager, betting on

0:13:20.440 --> 0:13:23.559
<v Speaker 2>whether some pretty specific events will happen within a game.

0:13:23.960 --> 0:13:27.880
<v Speaker 2>It's called prop betting. Here's Rufus Peabody explaining his prop

0:13:27.920 --> 0:13:29.240
<v Speaker 2>betting for this weekend's game.

0:13:29.400 --> 0:13:33.240
<v Speaker 3>So I'll price out things from how many rushing yards

0:13:33.320 --> 0:13:36.400
<v Speaker 3>Kenneth Walker will have to you know, whether there'll be

0:13:36.400 --> 0:13:39.240
<v Speaker 3>a two point conversion attempt. The Super Bowl's kind of

0:13:39.360 --> 0:13:42.200
<v Speaker 3>a unique betting event in the sense that there is

0:13:42.240 --> 0:13:45.160
<v Speaker 3>this wide variy of prop offerings that aren't really offered

0:13:45.640 --> 0:13:48.520
<v Speaker 3>for any other NFL game, and so it's kind of

0:13:48.520 --> 0:13:49.520
<v Speaker 3>a big opportunity.

0:13:50.000 --> 0:13:52.960
<v Speaker 2>The value comes because with more people betting yes, the

0:13:52.960 --> 0:13:56.520
<v Speaker 2>price of no gets cheaper, So a sharp like Rufus

0:13:56.720 --> 0:13:59.319
<v Speaker 2>can profit from wagering against the casual betters.

0:13:59.520 --> 0:14:03.040
<v Speaker 3>And there's a lot of recreational actions, so oftentimes prices

0:14:03.040 --> 0:14:05.880
<v Speaker 3>can be sort of skewed towards what the public wants

0:14:05.920 --> 0:14:09.439
<v Speaker 3>to bet on. People like betting that players will score touchdowns.

0:14:09.480 --> 0:14:12.040
<v Speaker 3>They like betting on things to happen, and so there's

0:14:12.080 --> 0:14:15.360
<v Speaker 3>often value betting against things to happen, betting that there

0:14:15.400 --> 0:14:17.680
<v Speaker 3>won't be a safety, that there won't be a two

0:14:17.679 --> 0:14:18.400
<v Speaker 3>point conversion.

0:14:19.680 --> 0:14:22.640
<v Speaker 2>The problem for both prediction markets and sportsbooks is that

0:14:22.680 --> 0:14:26.840
<v Speaker 2>prop betting creates opportunities for athletes, coaches, and others to

0:14:26.920 --> 0:14:31.080
<v Speaker 2>work with betters to influence outcomes. This fall, some NBA

0:14:31.160 --> 0:14:34.840
<v Speaker 2>players and coaches were indicted from manipulating game outcomes. Two

0:14:35.040 --> 0:14:38.480
<v Speaker 2>MLB pitchers facing similar accusations are scheduled to go on

0:14:38.560 --> 0:14:41.120
<v Speaker 2>trial this spring. Here's Bloomberg's Eira Budwe.

0:14:41.560 --> 0:14:44.000
<v Speaker 4>That is actually one of the most sort of pressing

0:14:44.040 --> 0:14:46.960
<v Speaker 4>issues around all of this is when these prediction markets

0:14:46.960 --> 0:14:49.760
<v Speaker 4>first started offering contracts tied to sports, a couple of

0:14:49.840 --> 0:14:53.240
<v Speaker 4>sports leagues, Major League Baseball, the NBA. Since then, the

0:14:53.360 --> 0:14:55.600
<v Speaker 4>NFL came forward and said, well, wait a second, We've

0:14:55.600 --> 0:14:58.880
<v Speaker 4>been working with state regulators to protect our interests when

0:14:58.880 --> 0:15:01.520
<v Speaker 4>it comes to sports betting. So we do things like

0:15:01.880 --> 0:15:05.120
<v Speaker 4>track and monitor for unusual and suspicious betting activity and

0:15:05.160 --> 0:15:08.480
<v Speaker 4>have lists of prohibited betters, and we've built these agreements

0:15:08.480 --> 0:15:11.280
<v Speaker 4>in this infrastructure to make sure that these markets are

0:15:11.320 --> 0:15:13.440
<v Speaker 4>not corrupted. And are you doing that.

0:15:14.000 --> 0:15:16.520
<v Speaker 2>One of the quirks here is that prediction markets are

0:15:16.520 --> 0:15:20.440
<v Speaker 2>not regulated by gaming authorities, remember calls. She's argument is

0:15:20.480 --> 0:15:23.480
<v Speaker 2>that its contracts are like the financial futures regulated by

0:15:23.480 --> 0:15:26.920
<v Speaker 2>the Commodity Futures Trading Commission. The CFTC has said it

0:15:26.920 --> 0:15:29.160
<v Speaker 2>will clarify its position on these contracts soon.

0:15:29.440 --> 0:15:31.800
<v Speaker 4>This isn't what the CFTC was built to do. This

0:15:31.840 --> 0:15:36.320
<v Speaker 4>is usually like corn futures, not sports betting. The answer

0:15:36.360 --> 0:15:38.800
<v Speaker 4>from the prediction markets is kind of actually no. There's

0:15:38.840 --> 0:15:41.520
<v Speaker 4>a lot of know your customer and anti money laundering

0:15:41.600 --> 0:15:44.520
<v Speaker 4>rules that we have to follow, and we have started

0:15:44.520 --> 0:15:46.960
<v Speaker 4>working with some of the very same companies that help

0:15:47.000 --> 0:15:50.680
<v Speaker 4>sports betting operators monitor markets for suspicious trading. We're doing

0:15:50.720 --> 0:15:53.720
<v Speaker 4>that in this context. And they will sometimes argue, you, look,

0:15:53.760 --> 0:15:58.400
<v Speaker 4>it's even more transparent. You can see every trade, and

0:15:58.440 --> 0:16:00.760
<v Speaker 4>you can watch the market move, and some thinks suspicious

0:16:00.800 --> 0:16:03.840
<v Speaker 4>happens every market participant can watch it happen. But I

0:16:03.880 --> 0:16:06.400
<v Speaker 4>think that is actually a question that has not really

0:16:06.440 --> 0:16:12.320
<v Speaker 4>been ironed out. How effectively are they monitoring for suspicious bets,

0:16:12.400 --> 0:16:15.800
<v Speaker 4>how much do they care about insider trading, and how

0:16:15.840 --> 0:16:18.640
<v Speaker 4>good will they be at catching bad actors. We've seen

0:16:18.760 --> 0:16:21.800
<v Speaker 4>leagues start to partner with them. The NHL did deals

0:16:21.800 --> 0:16:25.200
<v Speaker 4>with Polymarket and call she MLS did a deal with

0:16:25.480 --> 0:16:29.800
<v Speaker 4>Polymarket and so they're saying, when they sign these deals,

0:16:29.840 --> 0:16:32.640
<v Speaker 4>this is so that we can protect ourselves. But if

0:16:32.640 --> 0:16:35.200
<v Speaker 4>you ask different people, you'll get very different answers about

0:16:35.200 --> 0:16:38.320
<v Speaker 4>whether prediction markets can really and are really doing this

0:16:38.440 --> 0:16:40.440
<v Speaker 4>job already of monitoring for integrity.

0:16:43.280 --> 0:16:46.800
<v Speaker 2>Last month, Polymarket users traded over seven point six billion

0:16:46.880 --> 0:16:50.200
<v Speaker 2>dollars in volume. Call She users traded over nine point

0:16:50.240 --> 0:16:53.000
<v Speaker 2>five billion. That's up from one point three billion on

0:16:53.080 --> 0:16:56.120
<v Speaker 2>polymarket and under a million on call she just six

0:16:56.160 --> 0:17:00.000
<v Speaker 2>months earlier. Like any good professional, Rufus Peabody has been

0:17:00.080 --> 0:17:03.200
<v Speaker 2>following the trends in the sports betting industry today. He

0:17:03.240 --> 0:17:04.960
<v Speaker 2>says he makes as much as a quarter of his

0:17:05.040 --> 0:17:08.520
<v Speaker 2>bets on prediction markets, but even he isn't sure though.

0:17:08.560 --> 0:17:12.400
<v Speaker 3>Last I think myself and other professionals are all kind

0:17:12.400 --> 0:17:15.240
<v Speaker 3>of trying to gauge that to figure out how much

0:17:15.280 --> 0:17:20.600
<v Speaker 3>we should invest in building things for prediction markets. I'm

0:17:20.640 --> 0:17:24.560
<v Speaker 3>banking on them remaining sort of a viable option for

0:17:24.600 --> 0:17:27.720
<v Speaker 3>the next I'd say three years or so, at least,

0:17:27.800 --> 0:17:30.000
<v Speaker 3>based on like the political climate.

0:17:30.200 --> 0:17:32.800
<v Speaker 2>Well, if you ask Rufus for advice as someone placing

0:17:32.840 --> 0:17:35.520
<v Speaker 2>amateur bets on this weekend's game or any other for

0:17:35.560 --> 0:17:36.040
<v Speaker 2>that matter.

0:17:36.200 --> 0:17:40.359
<v Speaker 3>Well, hey, first don't. But if you do it, you

0:17:40.400 --> 0:17:42.920
<v Speaker 3>know it's realized it's for entertainment value. And if it's

0:17:42.960 --> 0:17:44.960
<v Speaker 3>like going to the movies, and you accept that there's

0:17:45.000 --> 0:17:47.119
<v Speaker 3>a cost to it, and you're paying that cost to

0:17:47.119 --> 0:17:51.639
<v Speaker 3>make watching the game more entertaining than by all means.

0:17:52.000 --> 0:17:53.040
<v Speaker 2>Seahawks or Patriots.

0:17:53.000 --> 0:17:56.960
<v Speaker 4>Sarrah, I'm gonna take the underdog, you know, because I'm

0:17:57.000 --> 0:17:57.480
<v Speaker 4>not a pro.

0:17:57.680 --> 0:17:58.479
<v Speaker 2>Just seeing how about you?

0:17:58.720 --> 0:18:00.560
<v Speaker 1>Oh man, I feel like to take the other side.

0:18:00.840 --> 0:18:03.320
<v Speaker 4>Yeah, you can find an exchange to.

0:18:03.320 --> 0:18:05.000
<v Speaker 1>Line it up for I know that because that is

0:18:05.040 --> 0:18:06.680
<v Speaker 1>how you know prediction markets fork.

0:18:06.720 --> 0:18:08.800
<v Speaker 2>We've made it happen, Justina, Iira, thank you very much.

0:18:13.160 --> 0:18:15.560
<v Speaker 2>This is the Big Take from Bloomberg News. I'm David Gerret.

0:18:15.800 --> 0:18:18.639
<v Speaker 2>The show is hosted by me wanha and Sarah Holder.

0:18:19.119 --> 0:18:21.959
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0:18:22.000 --> 0:18:26.160
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0:18:26.240 --> 0:18:30.359
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0:18:30.760 --> 0:18:33.320
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0:18:33.400 --> 0:18:36.520
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0:18:36.520 --> 0:18:40.560
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0:18:40.680 --> 0:18:45.320
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