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Speaker 1: This is Bloomberg Business of Sports. COVID has been so

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Speaker 1: devastating and to see thirty eight thousand people of Henry Park,

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Speaker 1: it was really emotional and rewarding. From the business side,

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Speaker 1: from ticket sales to jersey sale revenues are up. Everything

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Speaker 1: was really good as well as solids there. I realized

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Speaker 1: that at the beginning of nineteen would be a very

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Speaker 1: unique opportunity in terms of a lot of contracts being

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Speaker 1: up at the same time a lot of sighting young

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Speaker 1: wrestlers being available to go out and start a wrestling company.

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Speaker 1: The country is finally deeply getting the memo about how

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Speaker 1: amazing the sport is. I think the sky's a limit

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Speaker 1: for MLS. Bloomberg Business of Sports from Bloomberg Radio. Hello,

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Speaker 1: Welcome to the Bloomberg Business of Sports podcast. We're here

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Speaker 1: every Monday, Wednesday and Thursday for you at this particular time.

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Speaker 1: I'm Michael Barr, I'm Scarlett him, and I'm Mike Lynch.

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Speaker 1: And on the line with us another mover and shaker.

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Speaker 1: He is Alex Kane. He's the founder and chairperson of

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Speaker 1: the board in chief executive officer of Sports Trade. And

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Speaker 1: you ask what is that? It is a Philadelphia based

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Speaker 1: sports betting and trading company poised to disrupt the sports

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Speaker 1: betting industry with the first legal sports betting exchange in

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Speaker 1: the US history. Alex, thank you so much for joining

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Speaker 1: us here. Thank you for having me well, first of all,

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Speaker 1: because uh, you know, we all know, Yes, I love

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Speaker 1: my sports betting, and uh I'm still mad because I

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Speaker 1: lost my twenty dollars on the Jets game. I bet

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Speaker 1: for them to lose, but they want. But that's another

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Speaker 1: start anyway, It's you have come up with so many

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Speaker 1: things here about the sports trade and in my correct

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Speaker 1: are you using it just like a financial exchange that

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Speaker 1: is threat. So what sports trade is UM is it's

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Speaker 1: a full stack, vertically integrated central limit order book for

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Speaker 1: sports betting. So quite simply think of us as the Nasdacks,

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Speaker 1: for example, for sports betting, where we are just the

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Speaker 1: exchange and we are matching buyers and sellers of sports

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Speaker 1: pets UM. So quick example, how that would work. Let's

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Speaker 1: say we list Boston Celtics to beat the Philadelphia seventy sixers. UM.

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Speaker 1: Participants on our venue can buy and sell what are

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Speaker 1: called contracts on that listed outcome. And a contract is

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Speaker 1: just an instrument that settles at a hundred if the

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Speaker 1: Celtics beat the Sixers, and it settles at zero dollars

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Speaker 1: at the end of the game if the Celtics don't

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Speaker 1: beat the Sixers, and participants can live trade on the

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Speaker 1: probability of the Celtics to beat the Sixers because the

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Speaker 1: contract price is going to reflect with the market's estimated

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Speaker 1: probability of that outcome to occur. So imagine you could

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Speaker 1: buy Boston at maybe fifty five dollars per contract before

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Speaker 1: the game, meeting their flite favorites, and they go on

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Speaker 1: to tend to run at the beginning of the first quarter,

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Speaker 1: and now they're trading seventy five dollars per contract. You

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Speaker 1: can actually sell out before the game ends, and it

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Speaker 1: gives you this kind of day trading type of experience

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Speaker 1: for sports. Yeah, that's the innovation there, because you'll be

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Speaker 1: able to allow intra day or in this case, intra

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Speaker 1: game or intra meet, intra match trading, which didn't exist previously.

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Speaker 1: I wanted to ask about that idea that you would

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Speaker 1: match buyers and sellers, because in a traditional stock market

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Speaker 1: or exchange, you're going to have liquidity providers, market makers

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Speaker 1: who are going to be your market makers who who

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Speaker 1: quote bid prices for sellers and ask prices for buyers. Yeah. So, UM,

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Speaker 1: that's actually a really important question. And we because we're

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Speaker 1: fundamentally in the sports betting space. To sports Trade is

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Speaker 1: a sports betting company. UM. We often talk to folks

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Speaker 1: that are are new to marketplaces, um, and and they

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Speaker 1: kind of get tripped up on that to say, well, okay,

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Speaker 1: this is kind of cool. I can I can buy

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Speaker 1: and sell the you know, the Celtics. But doesn't there

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Speaker 1: always need to be a seller to my buyer? And

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Speaker 1: of course we know that that that problem is solved

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Speaker 1: by the concept of electronic market makers. And what's so

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Speaker 1: interesting about the way we've built sport Trade it is

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Speaker 1: so similar to inequities or derivatives or stock exchange that

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Speaker 1: we rely on some of the same market makers to

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Speaker 1: provide liquidity on our venue. As you mentioned, Scarlett bid

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Speaker 1: and asked prices um. For all of these outcomes that

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Speaker 1: we list that do the same thing on today's equities venues. UM.

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Speaker 1: And while I'm not at liberty to to kind of

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Speaker 1: disclose exactly who those are, UM, it's the same type

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Speaker 1: of folks that understand that to make this really work well,

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Speaker 1: we always need to have a bit ask spread on

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Speaker 1: on the Boston Celtics. So maybe we start the game

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Speaker 1: at fifty five and fifty six, and then in the

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Speaker 1: middle of the game, maybe the games for volatile and

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Speaker 1: maybe they're seventy bid offered at seventy. But the really

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Speaker 1: magical thing about sport trade is you don't just have

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Speaker 1: to rely on the market maker's quote. Just like in

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Speaker 1: stock trading, if you were to use a brokerage like

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Speaker 1: Interactive Brokers or or Robin Hood, you can actually put

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Speaker 1: a limit order to buy or sell instruments at a

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Speaker 1: price of your choosing, and sports trades the only venue

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Speaker 1: in the US that you, as a better are are

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Speaker 1: going to be able to place limit orders that you

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Speaker 1: know what, I don't want to buy the Celtics at

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Speaker 1: fifty five. I think they're gonna get off the game,

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Speaker 1: you know, off to a bad start. I maybe want

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Speaker 1: to buy that fifty dollars per contract. And just like

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Speaker 1: in the stock market, when there's a seller um that

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Speaker 1: reaches a fifty limit price, you're going to be filled

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Speaker 1: by the exchange and now you're going to own Boston

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Speaker 1: at your fifty dollar per contract prices at a fifty

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Speaker 1: five So once you sell the contract, once sports trade

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Speaker 1: sells it, you're out. It's now a willing buyer and

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Speaker 1: a willing seller to work the deal between themselves. Right, Yes,

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Speaker 1: so we we are both a primary and secondary kind

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Speaker 1: of market. So think about sports trade role as just

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Speaker 1: the facilitator where where it would say, you know what,

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Speaker 1: we're gonna lift um Celtics to beat the Sixers, and

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Speaker 1: then we have market makers come into our venue and

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Speaker 1: make a two way market, and then someone makes that

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Speaker 1: first trade and now there's open interest, and now there's volume,

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Speaker 1: and now we're off to the races. So sports trade

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Speaker 1: never really acts as itself as the risk taking buyer

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Speaker 1: or seller. It rather acts as that kind of non

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Speaker 1: partial facilitator, a platform, if you will, to match buyers

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Speaker 1: and sellers. Thanks Alex, Now you've messed with my world

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Speaker 1: as a better because this is a brand new way

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Speaker 1: for me to approach sports betting, and especially with what

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Speaker 1: I want to explain that there's a major difference here

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Speaker 1: about what you guys are doing and what you can

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Speaker 1: do on certain sites. Sometimes before the game starts, you

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Speaker 1: can you maybe you've made the bet, maybe you've made

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Speaker 1: it the day before, and then the site is telling, Okay,

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Speaker 1: you still want to bet this Jets game. I know

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Speaker 1: you put down a hundred dollars, but you can sell

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Speaker 1: out at like a hundred five or whatever. But this

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Speaker 1: is totally different because you set the cell price or

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Speaker 1: the buy price with the way you've set things up.

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Speaker 1: And I want people to understand that. If you if

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Speaker 1: people are into online sports betting, yeah, that's it's a

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Speaker 1: great point. I think the way that we really differentiate

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Speaker 1: UM against the traditional sports book is we we take

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Speaker 1: people back twenty years and say, do you remember when

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Speaker 1: stocks trading was you had to pay ten dollars per

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Speaker 1: share and you had to go through a specialist. And

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Speaker 1: now today, you know, folks, you know my age are

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Speaker 1: opening up robin Hood, and are you know trading on UM?

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Speaker 1: You know meme stocks at subpenny spreads and and that

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Speaker 1: entire revolution and transformation. We're taking all of the of

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Speaker 1: the technology and thinking that made that possible, and we're

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Speaker 1: going to apply that thinking and technology to sports betting,

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Speaker 1: which is going to be a twenty billion dollar market

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Speaker 1: in the US. So it's inevitable that folks bet, and

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Speaker 1: we want to create technology and we want to create

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Speaker 1: a platform that brings the customer to the forefront and

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Speaker 1: allows for more liquidity and more transparency for that sports better.

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Speaker 1: That's thinking, what's the difference between sports trade and and

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Speaker 1: and a traditional sports betting app. It's better prices, It's

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Speaker 1: the ability to trade in and out. It's the ability

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Speaker 1: to set your own limit prices if you want. And

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Speaker 1: then the big one is for in play betting, which

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Speaker 1: is where s betting happens overseas, there's gonna be way

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Speaker 1: higher availability. Think about all the times that you maybe

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Speaker 1: wanted to place a bet, maybe it happened on the

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Speaker 1: jet scheme and you wanted to place an InPlay bet,

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Speaker 1: but the market was suspended obviously, you know, market makers

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Speaker 1: and this kind of you know, central and min order

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Speaker 1: book methodology solve that problem because you're always going to

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Speaker 1: have buyers and sellers competing to win trades. And when

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Speaker 1: you're betting against the sports book, it's that single dealer

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Speaker 1: that you're betting against. But when you're betting on sports trade,

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Speaker 1: you're a part of an ecosystem that's always willing to

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Speaker 1: have a bit an offer spread out there. And what

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Speaker 1: that means for you as the customers way higher availability.

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Speaker 1: You don't have to bet on the sports books terms,

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Speaker 1: you can do on your own terms. So sport Trade

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Speaker 1: takes a commission on each trade. But um, what we

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Speaker 1: know with exchanges for stocks, for derivatives, for futures is

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Speaker 1: that transaction costs typically only go in one direction, which

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Speaker 1: is down. And what we see with I see in

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Speaker 1: other exchanges is that they make a growing portion of

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Speaker 1: their money selling proprietary data, real time data, historical data,

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Speaker 1: summary data, reference data. I'm curious as to if you're

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Speaker 1: thinking ahead to how you plan to monetize the data

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Speaker 1: that you collect. Yeah, the scarlett. That's probably the part

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Speaker 1: of the business that I'm most interested in, because again,

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Speaker 1: sports Trade is a very unique take on sports betting.

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Speaker 1: I think a lot of the traditional operators don't really

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Speaker 1: think of the market data angle. And I think we're

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Speaker 1: seeing you know, and I know, um you all have

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Speaker 1: been following you know, Genius Sports in their recent listing

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Speaker 1: and sport Radar, and these are disseminators of what are

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Speaker 1: called games state data. I think if if we kind

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Speaker 1: of wind back the clock and think about, you know,

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Speaker 1: where we're the majority of nasdacs from New York Stock

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Speaker 1: exchanges revenues coming from twenty years ago, and then we

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Speaker 1: compare that to now. I think, to your point, you

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Speaker 1: see a huge transition from transactional side of the business

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Speaker 1: to the market data side of the business, and I

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Speaker 1: think that that's going to be um especial the true

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Speaker 1: in sports betting. When we think about all of the

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Speaker 1: single dealer platforms out there, are trying to identify what

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Speaker 1: is the price of the Jets to win this game,

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Speaker 1: what is the price of Serena Williams to win this

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Speaker 1: tennis match? And the great thing about the exchange is

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Speaker 1: that it facilitates and it encourages price discovery to the

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Speaker 1: degree that doesn't exist on these single dealer platforms. And

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Speaker 1: what that means is that the market data that comes

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Speaker 1: out of an exchange can be very, very powerful. And

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Speaker 1: while we haven't, you know, thought about immediately how to

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Speaker 1: monetize that, we see massive opportunities to kind of insert

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Speaker 1: sports trade into the fabric of sports betting, more so

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Speaker 1: than just on the transactional layer, but just on the

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Speaker 1: market data layer as well. And I think that's the

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Speaker 1: part of the business that we're really excited about, where

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Speaker 1: we can start to sell market data to some of

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Speaker 1: these single dealer platforms to try and have them, you know,

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Speaker 1: increase the execution quality on their platforms. Alex, talk to

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Speaker 1: me about the impediments of the different state by state regulations. Yes, so, Um,

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Speaker 1: just for the listeners out there, sports betting is going

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Speaker 1: to be obviously a huge industry here in the US.

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Speaker 1: UM projected to the upwards of a billion dollar industry,

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Speaker 1: which is, you know, mind blowing. Last month in New Jersey. Um,

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Speaker 1: folks that over one point three billion dollars UM on

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Speaker 1: sports in one month, and of that was from mobile

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Speaker 1: phones or or from web pages. UM. So we obviously

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Speaker 1: have this huge focus in online sports betting. UM. But

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Speaker 1: what some folks don't know about the sports betting industry

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Speaker 1: is it it's legislated and regulating the state by state basis.

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Speaker 1: I think there are fourteen or fifteen states that currently

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Speaker 1: allow mobile sports betting. There's another handful of states that

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Speaker 1: only currently allow retail, which means you have to walk

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Speaker 1: in person up to window in place of that type

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Speaker 1: sports betting. By I think there's gonna be about thirty

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Speaker 1: five to thirty eight states that allow sports betting. For

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Speaker 1: sports trade specifically, we are regulated as if we were

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Speaker 1: a single dealer platform. So much like our competitors, we

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Speaker 1: are going state by state and getting what's called mark

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Speaker 1: access in getting the regulatory approvals required. And while that's

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Speaker 1: not the best system for the customer, we had sports

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Speaker 1: trade were always putting the customer first, and we're always

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Speaker 1: thinking about the customer first. You know, a more optimal

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Speaker 1: approach would have would that have would be to have

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Speaker 1: one kind of national framework where liquidity could be pooled

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Speaker 1: across all the states and that would you know, be

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Speaker 1: a bunch of savings, of price savings and odd savings

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Speaker 1: for customers. Um it is currently regulative state by state basis.

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Speaker 1: So what that means for us is we're going to

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Speaker 1: set up an exchange venue in each state. We're gonna

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Speaker 1: have market makers in each state. Liquidity won't leave state lines,

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Speaker 1: and of course it will. This will create arbitrage opportunities

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Speaker 1: for kind of sharper faster traders. To say, wait a minute,

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Speaker 1: in Indiana, the Boston Celtics are forty but in Massachusetts

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Speaker 1: the forty seven offer. And of course it's going to

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Speaker 1: encourage the same you know, type of arbitraging and trading

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Speaker 1: that happens in the day's capital markets where you have

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Speaker 1: you know, thirteen lip books and US equities and another

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Speaker 1: countless wholesalers and dark pools. I think that's same type

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Speaker 1: of methodology will will emerge just based on these kind

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Speaker 1: of natural regulatory barrier's country. This whole conversation goes back

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Speaker 1: to your way of thinking. And you said at the time,

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Speaker 1: when you're looking at this coming in the current sports

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Speaker 1: betting that I am I talking about just the mobile

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Speaker 1: app stuff. I'm talking about sports betting in general. The

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Speaker 1: whole industry looks like it's night one and after you

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Speaker 1: make the bat okay, and then three companies coming on next,

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Speaker 1: and and then that's it. And then you know, you

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Speaker 1: sit down and and it was just an old man's

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Speaker 1: way of thinking. And I think you said yourself, and

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Speaker 1: I'm paraphrasing, well, who came up with this business model?

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Speaker 1: Because this stinks? And you changed, You're trying to change

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Speaker 1: the industry with the way you're doing it. Can you

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Speaker 1: talk more about that? Yeah? That was my experience. Certainly,

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Speaker 1: like tens of millions of Americans now are placing legal

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Speaker 1: and regulated sports bets on today days, um Um sports

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Speaker 1: books is I placed a fifty dollar bet on a

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Speaker 1: team to win. That team is winning very handily, and

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Speaker 1: the Sports Focus offered me a cash out of forty

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Speaker 1: five dollars, and I'm thinking, this is like, come on,

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Speaker 1: this is highway robbery. Doesn't this have a value and

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Speaker 1: shouldn't this value be determined by the market, not by

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Speaker 1: a single dealer? And and as someone that kind of

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Speaker 1: came from finance, and I was had a degree undergraduate

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Speaker 1: degree from DREPSUL where I learned all about um this

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Speaker 1: revolution in capital markets, and I was one of the

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Speaker 1: tens of millions of Americans to be early adopters on

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Speaker 1: on a platform called robin Hood. I thought to myself,

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Speaker 1: oh my gosh, the future of sports spending is gonna

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Speaker 1: look so different than it does right now. And it

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Speaker 1: was kind of just a very natural reaction to being

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Speaker 1: kind of this I would say spoiled consumer that was,

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Speaker 1: you know, preconditioned to expect low trading, see instant access

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Speaker 1: and amazing liquidity, and I learned that, oh my gosh,

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Speaker 1: it was never that way. My parents used to pay

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Speaker 1: thirty dollars for a stock trade. And you think about

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Speaker 1: that in sports betting, like, how could you ever trade

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Speaker 1: a sports event if you're paying six percent every every time,

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Speaker 1: like the bid ask spread is just too Why then,

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Speaker 1: and because you're not able to put limit ardies in

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Speaker 1: the book, you're really captive to that to that spread.

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Speaker 1: So that was really the genesis. And as I think

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Speaker 1: about it now, when I think about the way that

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Speaker 1: capital markets was really transformed, you really had two waves.

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Speaker 1: You had the electronification of markets UM where E C

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Speaker 1: n S came and display specialist years ago. And then

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Speaker 1: you had an even kind of more amazing retail revolution

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Speaker 1: in the democratization of not just stock trading but any

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Speaker 1: sort of trading and platforms like UM wealth Simple or

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Speaker 1: robin O or coin base that made UM trading approachable.

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Speaker 1: It made it simple. And I think that there's a

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Speaker 1: huge opportunity to do that in sports betting because not

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Speaker 1: everyone understands what minus one tends, but most people understand, Hey,

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Speaker 1: the probability is Serena Williams to win the tennis matches

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Speaker 1: thirt I think that's a little bit low. I want

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Speaker 1: to buy thirty threes on Serena Williams. So we think

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Speaker 1: there's this massive opportunity to invite more participants into the

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Speaker 1: sports betting industry by virtue of making a more approachable

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Speaker 1: sports betting platform. Yeah, make it more accessible UM and

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Speaker 1: and Mike Lynch might have touched on this earlier with

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Speaker 1: the complicate complication of state by state regulation and how

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Speaker 1: you're going to get around that or how you're going

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Speaker 1: to work through that. But every market, every exchange has

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Speaker 1: some kind of regulator that oversees them. Is there going

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Speaker 1: to be a regulator for a sport train a federal regulator? Uh,

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Speaker 1: they're currently not a federal regulator. Sports betting is is

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Speaker 1: regulated on kind of a state by state UM patchwork

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Speaker 1: of different regimes currently, UM and we are regulated by

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Speaker 1: the same regulators that regulate UM single dealer platforms or

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Speaker 1: what are called what are called sports books. And we've

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Speaker 1: we've been really privileged and really fortunate to kind of

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Speaker 1: be in the driver's seat with those regulators, specifically in

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Speaker 1: New Jersey, which is where we're starting to educate them on, Hey,

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Speaker 1: this is a form of wagering that you already allow.

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Speaker 1: No one has tried it yet. UM, your current regulations

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Speaker 1: are some of your current reporting regimes don't contemplate this model. UM.

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Speaker 1: Here's how it works in capital markets, and here's why

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Speaker 1: we think this is the best model not only for you,

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Speaker 1: but for the customer. We talk about, um, the transparency,

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Speaker 1: you can talk about the liquidity. We talk about the

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Speaker 1: customer protection, which is huge for us. We're going to

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Speaker 1: be one of the first or the first rather sports

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Speaker 1: betting venue to adapt UM Nasdaq market surveillance technology. UM

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Speaker 1: that Massex one of our strategic investors as we try

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Speaker 1: to identify abuse of trading behavior necesarious trading behavior of

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Speaker 1: a biggie for us, potential problem gambling. UM. So everything

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Speaker 1: about what we're doing, it's portrait is trying to put

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Speaker 1: the customer first. Then we're in this incredible UM position

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Speaker 1: where we get to educate regulators to what what is

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Speaker 1: an exchange and why is it better for everyone? So

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Speaker 1: alex is football king with sports trade football, I think

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Speaker 1: will be king. I think, um, you know the breakdowns

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Speaker 1: of sports betting and suwheer between thirty All betting happens

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Speaker 1: with football, and when you add basketball to that, you're

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Speaker 1: over of all volumes. UM. I think what's really interesting

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Speaker 1: about our venue, I mean kind of go back to

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Speaker 1: the transparency bit, is that Think about the NASDAC, think

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Speaker 1: about that, think about the New York Stock exchange, anyone

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Speaker 1: to go online and see, you know, what is what

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Speaker 1: is the volume today and a certain ticker? You can

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Speaker 1: go to the futures exchange, what is the open interest

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Speaker 1: in this contract? Um? Sports books don't have the responsibility

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Speaker 1: to do that. They're single dealer platforms. You don't get

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Speaker 1: to see where the Jets traded ten minutes ago when

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Speaker 1: you're going to place your bet, and you don't know

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Speaker 1: what the total volume is, you don't know the history

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Speaker 1: of the price. As an exchange. We're going to be

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Speaker 1: the first venue in the US that has all of

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Speaker 1: that as many people would expect out of any type

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Speaker 1: of exchange. And that means open interest, that means total volume,

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00:19:01,680 --> 00:19:05,160
Speaker 1: that means price history. And I think what that means

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Speaker 1: is that for people out there that are interested in

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Speaker 1: saying how popular is football as opposed to hockey, UM,

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Speaker 1: they're going to be able to access our data and say, wow, well,

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Speaker 1: portraits volumes in the last month came in football. But interestingly,

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Speaker 1: the most amount of open interest is in tennis. So

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Speaker 1: I think that there's just a treasure trove of potential

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Speaker 1: data out there, and we're going to be one of

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Speaker 1: the first venues to really democratize that and say, you know,

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Speaker 1: you shouldn't have to go to a regulator and submit

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Speaker 1: a foier request to see, like what is the volume

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Speaker 1: on a certain sport on a certain venue, Like that

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Speaker 1: should just be table stakes. Because that's all of that

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Speaker 1: was sort of twenty years ago when we just disintermediated

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Speaker 1: specialists and replaced them with E tns and exchanges. Before

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Speaker 1: we wrap this up, I just want to explain to

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Speaker 1: people and why you have something unique the and you

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Speaker 1: talked about it earlier when somebody who may not know

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Speaker 1: and it is not a sports vettor and they're seeing, Okay,

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Speaker 1: the Jets are at minus one tent to make this

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Speaker 1: bet that ten that's the big. In other words, if

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Speaker 1: I bet a hundred ten dollars, I will win. If

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Speaker 1: the Jets get it just a hundred dollars, so I

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Speaker 1: would get to ten back. And the difference is, and

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Speaker 1: I don't want to use the word it's the percentage

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Speaker 1: of the commission that you guys do is different. I

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Speaker 1: don't you want to use the word big for you guys.

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Speaker 1: That's I don't like that term for you. Yeah, exactly,

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Speaker 1: And that's the difference with you guys here absolutely so

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00:20:33,560 --> 00:20:36,840
Speaker 1: when you're when you're betting at with a sports book operator,

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Speaker 1: you are paying that extra ten dollars um for the

390
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Speaker 1: privilege of placing a bet with that particular bookmaker, and

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00:20:45,359 --> 00:20:49,359
Speaker 1: and an in play that actually gets worse, believe it

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00:20:49,440 --> 00:20:51,800
Speaker 1: or not, it goes to minus one fifteen in some

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Speaker 1: cases minus one, So that really changed the calculus. Now

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Speaker 1: you have to bet an extra twenty to win back

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Speaker 1: your hundred um. And that's where the what they call

396
00:21:02,200 --> 00:21:04,280
Speaker 1: the vague, where the fees just get out of hand.

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Speaker 1: And that's why when you go in place a bet

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Speaker 1: bet and then the game goes and play your you know,

399
00:21:09,640 --> 00:21:11,960
Speaker 1: your hundred dollar bets worth seventy five dollars, you're sitting

400
00:21:12,000 --> 00:21:15,560
Speaker 1: there thinking this, like how is this legal? Um, the

401
00:21:15,560 --> 00:21:17,640
Speaker 1: the exchange kind of corrects all of that. You're ready

402
00:21:17,640 --> 00:21:21,160
Speaker 1: if you don't use words um like vague. You use

403
00:21:21,240 --> 00:21:25,280
Speaker 1: words like open interests and positions and orders and commissions

404
00:21:25,720 --> 00:21:28,520
Speaker 1: because because I think those are words that are more approachable.

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00:21:28,840 --> 00:21:31,720
Speaker 1: You don't specifically have to you know, have watched every

406
00:21:31,720 --> 00:21:34,719
Speaker 1: single season of Sopranos to understand how to use portrait

407
00:21:34,880 --> 00:21:37,080
Speaker 1: versus you know, you have to understand the vague and

408
00:21:37,080 --> 00:21:39,320
Speaker 1: the hook and the juice and the season and a pleaser,

409
00:21:39,320 --> 00:21:41,680
Speaker 1: and it's just like, well, what are all these words? UM?

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00:21:41,720 --> 00:21:43,639
Speaker 1: I think that's what really what when we want to

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Speaker 1: do with sport trade is we want to kind of

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Speaker 1: elevate the industry. We want to put the customer first, UM,

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Speaker 1: and we want to make a much more approachable UM

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Speaker 1: and dynamic platform. That's that's really for everyone, not just

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Speaker 1: the folks that understand what minus one ten is the

416
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Speaker 1: on sports trade. The prices of probability and the fees

417
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Speaker 1: that you're paying are probably about one tenth of what

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Speaker 1: you pay on a traditional sports book. Alex, Before we

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Speaker 1: let you go, what's the best uh sports trade or

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00:22:09,119 --> 00:22:13,800
Speaker 1: sports bet? You've made the best sports bet I've made? Well. Interestingly,

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Speaker 1: one of the very early bets that I made, and

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Speaker 1: this is how I kind of came up with the

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00:22:18,240 --> 00:22:21,360
Speaker 1: idea of for sports trade, was back at the Masters

424
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Speaker 1: five or six years ago. I picked this golfer that was,

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00:22:24,600 --> 00:22:27,160
Speaker 1: you know, an options terminology, way out of the money,

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00:22:27,240 --> 00:22:29,840
Speaker 1: very cheap, a thousand to one UM. But I knew

427
00:22:29,840 --> 00:22:32,399
Speaker 1: that this golfer was quite good, and I placed I

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Speaker 1: think I had my dad who knew some you know,

429
00:22:34,880 --> 00:22:37,160
Speaker 1: someone that had a bookie placed this ten dollar bet

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Speaker 1: and my my dad's friend now plays the bets and

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00:22:39,880 --> 00:22:42,320
Speaker 1: now we have twenty dollars on this golfer um And

432
00:22:42,400 --> 00:22:44,879
Speaker 1: halfway through the Masters, this golfer was in seventh place,

433
00:22:45,320 --> 00:22:46,960
Speaker 1: and I went back to the same website that was

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00:22:47,040 --> 00:22:48,800
Speaker 1: offering a thousand to one initially, and it was now

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00:22:48,880 --> 00:22:51,159
Speaker 1: ten to one. And that's the light bulb. That was

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00:22:51,200 --> 00:22:53,239
Speaker 1: a light bulb moment for me was I bought this

437
00:22:53,280 --> 00:22:56,119
Speaker 1: option was out of the money, and now it's way

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00:22:56,160 --> 00:22:58,719
Speaker 1: further to being in the money. I want to sell this.

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00:22:59,440 --> 00:23:02,800
Speaker 1: And of course everyone's had that experience where you've had

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00:23:02,840 --> 00:23:04,359
Speaker 1: this out of the money bet and it was doing

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00:23:04,400 --> 00:23:06,480
Speaker 1: well and then that late penalty hurt you, or that

442
00:23:06,640 --> 00:23:09,439
Speaker 1: late line judge call hurt you, and you ended up

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00:23:09,480 --> 00:23:11,320
Speaker 1: losing your bet. And I thought, there's got to be

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00:23:11,359 --> 00:23:12,679
Speaker 1: a better way to do this. You should have been

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00:23:12,720 --> 00:23:14,560
Speaker 1: a way for me to monetize. Like I didn't think

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00:23:14,600 --> 00:23:17,240
Speaker 1: this guy was actually gonna win the Masters. I just

447
00:23:17,320 --> 00:23:20,320
Speaker 1: knew that a thousands of one was he was undervalued

448
00:23:20,359 --> 00:23:22,560
Speaker 1: at that price. So that was probably one of the

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00:23:23,359 --> 00:23:26,240
Speaker 1: best sports that I've made. And because Portray didn't exist,

450
00:23:26,280 --> 00:23:29,000
Speaker 1: actually lost money on that, whereas if I were able

451
00:23:29,040 --> 00:23:31,240
Speaker 1: to trade that, I probably would have done you know

452
00:23:31,400 --> 00:23:34,439
Speaker 1: very well. Um, so that's probably you know, I'm not

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00:23:34,480 --> 00:23:37,040
Speaker 1: the greatest sports better in the world. I've I'm you know,

454
00:23:37,720 --> 00:23:39,960
Speaker 1: a low margin loser, just like a lot of other

455
00:23:39,960 --> 00:23:41,639
Speaker 1: folks that shop on price and we need a lot

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00:23:41,680 --> 00:23:43,880
Speaker 1: of sports books. But I sure do have a lot

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00:23:43,880 --> 00:23:47,080
Speaker 1: of fun doing it. Well, Alex Gaine, you just described

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00:23:47,119 --> 00:23:50,960
Speaker 1: the story of my life. You've probably been reading. You've

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00:23:50,960 --> 00:23:53,480
Speaker 1: been reading all of my bets. Sames, Thank you man.

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00:23:53,560 --> 00:23:56,159
Speaker 1: You by the way, he's the founder, the chairperson of

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00:23:56,320 --> 00:24:00,720
Speaker 1: the board and chief executive officer of Sports Raid. Again,

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00:24:00,800 --> 00:24:03,840
Speaker 1: Alex Caine, thank you so much, sir, and thank you

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00:24:03,880 --> 00:24:06,200
Speaker 1: for now putting a new wrinkle in my sports betting

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00:24:06,240 --> 00:24:08,200
Speaker 1: life because I will be using this. Thank you, sir.

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00:24:09,240 --> 00:24:11,200
Speaker 1: Thanks so much for the opportunity to have a great week.

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00:24:11,440 --> 00:24:14,280
Speaker 1: Thank you you two. This has ben the Bloomberg Business

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00:24:14,359 --> 00:24:18,639
Speaker 1: of Sports podcast. We're here every Monday, Wednesday and Thursday

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00:24:18,880 --> 00:24:22,720
Speaker 1: along with Mike Lynch and Scarlet Food. I'm Michael Barr

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00:24:22,840 --> 00:24:27,080
Speaker 1: and you know what, you can get our podcast anywhere

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00:24:27,160 --> 00:24:30,040
Speaker 1: you want, wherever you get them, because that's the way

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00:24:30,080 --> 00:24:30,480
Speaker 1: we brought