I’m no tee totaler. USA was highest per capita sports betting country in world pre PASPA. We backed barstool, action, my first start up was real $$ fantasy pre fd and Dk. We are actually investing in prediction market tech for real world hedging (non daily sports).
I’ve been a believer in the power of prediction markets for over 20 years. I believe in the utility they can offer. But, fact these companies are just enabling institutional winners in market makers, and offering increasingly predatory solutions like this is disgusting
We just submitted a regulatory filing to introduce margin on a subset of long-dated prediction markets. This will not apply to sports, culture, and a few other categories.
We are very excited to be taking what we believe is our most important step toward institutional adoption so far.
Capital efficiency has been the biggest bottleneck for institutions, and margin is the single most requested feature. Fully collateralizing long-dated contracts ties up substantial capital for months or years, making participation impractical for many institutions. It is very difficult for a large institutional market to develop without margin.
Margin addresses that problem by reducing capital requirements, subject to strict risk standards.
Some important characteristics of our proposal:
• Margin applies only to a narrow set of categories, excluding sports and culture.
• It is geared toward institutions and subject to strict eligibility requirements.
• The risk methodology is modeled on approaches used by established clearinghouses and tested over decades. It incorporates conservative safeguards around volatility, liquidity, concentration, and event risks, as well as measures to limit sharp increases in margin requirements during market stress.
The goal is a better trading experience for users. Greater capital efficiency enables more institutional participation, bringing deeper liquidity and better pricing. That makes our markets more attractive to more traders, whose participation further strengthens liquidity and improves the experience for everyone.
mkerns retweeted
“Tonight, the WLL writes the next chapter.” 🥍📈
@PaulRabil shares opening remarks before tonight’s inaugural WLL game:
mkerns retweeted
Encouraging people to take a closer look at Mark Farrell.
The most entrenched interests in San Francisco’s status quo, from former Mayors to captive local media, are all aligned and working together to take Mark down.
That’s the first hint you need that he is for real change.
San Francisco deserves better.
I am running for Mayor because I have the real experience we need to make the tough choices to deliver change on Day One.
Together, we’ll win this race—and get San Francisco back on track.
Get involved today: secure.actblue.com/donate/ma…
mkerns retweeted
Government corruption is like mold in a house. Once it’s in there, it takes a lot to get it out.
Mayor Breed’s Dreamkeeper Initiative is looking pretty moldy right now.
Clear out the corruption. Vote #YesOnPropD and elect @MarkFarrellSF this November.
sfstandard.com/2024/09/12/sa…
mkerns retweeted
Introducing our 2024 Indigenous Heritage Jerseys 🧡
Designed by Patrick Hunter, an Ojibwe artist. The PLL will be donating a portion of proceeds from every sale to the Anishinabe Baagaadowewin, a non-profit dedicated to sharing Anishinabe history and culture through lacrosse.
mkerns retweeted
The PLL put up massive numbers for its season-opening weekend.
• Ticket sales up 12%
• Merch sales up 33%
• Social impressions up 80%
• Record app downloads
The first game on ABC (421k viewers) was the PLL’s third-most-watched game in history.
Let’s go @PremierLacrosse! 📈
mkerns retweeted
I am thrilled to announce TCG’s growth equity investment in Classic Football Shirts, the global destination for all things football shirts (soccer jerseys). Based in Manchester UK, CFS has largest collection of authentic club and country products for sale anywhere in the world.
Story @TheAthleticFC : We’ve seen US investors buy stakes in football teams, leagues and media rights. Now a major US fund has invested £30m into the Classic Football Shirts business, with plans to open stores in New York and LA. nytimes.com/athletic/5495535…
mkerns retweeted
I support City Attorney @DavidChiu's fight against a court injunction that won’t let San Francisco remove tent encampments when people reject offers of shelter.
If someone refuses shelter, they shouldn’t get to camp anywhere they want indefinitely.
And they shouldn’t get to do whatever they want. If someone repeatedly breaks the social contract, we can’t let “anything goes” become the new normal.
San Francisco is a compassionate and generous city. We provide shelter and services to thousands of people every year. We’re committed to building affordable housing for unhoused people.
But we can’t give up our streets to people who continually turn down our offers of shelter and services. We need the ability to enforce laws because San Franciscans deserve to live, work, and go to school in a functioning city.
One decision by one judge has created chaos. The injunction conflicts with other judicial rulings. It holds us to an impossible standard. We’re expected to provide shelter to 100% of the people experiencing homelessness before we can tell one person who rejects shelter they’re not allowed to camp wherever they want.
The injunction prolongs human suffering on our streets and it keeps us from helping people in need. Some people with severe mental illness and drug addiction require compelled treatment to save their lives.
Successful treatment depends on a safe place to live — and that is not on our streets. We need to keep creating more housing of all types: shelter beds, subacute beds, community residential facilities. But for this housing to work, we must take “sleeping on the sidewalk” off the table.
We also have to acknowledge the existence of “drug tourism.” It explains why some people set up camp in San Francisco and refuse shelter. Drugs are not allowed in shelters, but they’re easy to get on the sidewalk. That’s why we must shut down the open drug market on San Francisco’s streets.
We must continue our compassionate approach to homelessness. But we will not sacrifice the social contract for a functioning city.
Read news story about the injunction and a rally to overturn it: sfstandard.com/2023/08/17/de…
It's my #Twitterversary! I have been on Twitter for 15 years, since 9 May 2008 (via @twi_age).
mkerns retweeted
Follow @GrowSF as we advocate for a city that works for the families and businesses in San Francisco.
Enough is enough. We need our officials to address these problems now, or else we'll vote them out.
mkerns retweeted
With 2 weeks left in the election, Gordon Mar is worried. His big-money backers are pouring over $200k into the race, sending mail full of lies. They even photoshopped @JoelEngardio. It's disgusting.
Now we need to raise $50k to set the record straight. growsfvictoryfund.com/donate
mkerns retweeted
🚨 Launch Alert!! 🚨
The GrowSF Voter Guide for November 8, 2022 is out! We publish the best researched and most informative voter guide in San Francisco.
How we vote locally affects our daily lives. Do you want SF to prosper? Vote with @GrowSF.
growsf.org/voter-guide
mkerns retweeted
Reminder: @GrowSF runs a Super PAC so we have no donation limits. If you want @BrookeJenkinsSF, @mattdorsey, and @JoelEngardio to win, donate here growsfvictoryfund.com/donate
We launched a majority/buy-out firm called @NightCapital_ with TheCherninGroup
Our Night 🌃 thesis expressed as…
1️⃣ Mgmt at @NightMedia_
2️⃣ Venture at @NightVentures_
3️⃣ Mature buyout @NightCapital_
👀 @Reedjd @akmoore13 @mkerns
nytimes.com/2022/09/13/busin…
1) We should have had @friedberg do the interview with @BenMullin ! This will be a lot of fun with @reeddjd @ezracooper @akmoore13 and whole @NightMedia_ team
We launched a majority/buy-out firm called @NightCapital_ with TheCherninGroup
Our Night 🌃 thesis expressed as…
1️⃣ Mgmt at @NightMedia_
2️⃣ Venture at @NightVentures_
3️⃣ Mature buyout @NightCapital_
👀 @Reedjd @akmoore13 @mkerns
nytimes.com/2022/09/13/busin…
It's my #Twitterversary! I have been on Twitter for 14 years, since 9 May 2008 (via @twi_age).
Another brick in the wall of more common sense political leadership in SF. Will be a long rebuild but will get there.
I’m running for supervisor to create our best San Francisco.
I know there’s a lot to fix and it can feel daunting. But I still believe in San Francisco. There’s hope — if we change direction now.
We deserve to live in a city that works.
Join me: engardio.com/blog/best-sf 1/16
mkerns retweeted
The rumours are true, the Clydesdales are coming to ZED RUN. Let's go @BudweiserUSA!
Learn more: url.zed.run/Budweiser-1