Gambling industry entrepreneur, investor, advisor. GP at Acies Investments, Operating Advisor at Arctos Sports Partners, Partner Emeritus at Eilers & Krejcik.
Las Vegas
Joined December 2011
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I honestly can't tell you how the prediction market bruhaha will resolve, but it seems increasingly unlikely that fintech and regulated gambling can both end up winners.
Someone is going to lose, and the stakes keep escalating.
"If you can move forward with prediction markets and sports gambling, what would stop you from offering prediction markets and contracts on the next spin of a slot machine, the next hand of blackjack, the next spin of the ball for a roulette table? This is existential."
Some insightful (and I would argue spot-on) commentary from $PENN CEO Jay Snowden on prediction markets.
The biggest prize to be won in prediction markets is ubiquity - to become the generic noun or verb for PMs.
The Q-Tip, the Google, the Jacuzzi (yes, Jacuzzi is a brand. So is Dumpster).
Here’s a good example of winning ubiquity: @Bloomberg citing @Polymarket vs aggregated data
Breaking news! @Kalshi just revealed the first fully customizable same game parlay system ever on prediction markets. These NFL nights just got a lot better!
Congrats to Adam Wexler. He built an amazing business with @PrizePicks and deserves all the success.
Story link in the comments.
Good read from Brandon Presser over at @Bloomberg on the trickiness of painting Vegas as a high-cost, low-value destination.
His take echoes my experience: Almost all US travel destinations are more expensive now, and Vegas is still a relative bargain. Link 👇
If accurate, this reporting from @arappeport at @nytimes is a damning indictment of the industry’s lobbying arm.
If the gambling tax shenanigans came from nowhere and you had no time to stop it, fine.
But if you knew about it months ago and did nothing?
Inexcusable.
