On this special crossover episode of the Business of Betting podcast and Zero Latency: An Eilers & Krejcik Gaming Podcast, Jason Trost of Smarkets sits down with Brad Allen to explore the state of prediction markets, CFTC licensing, the regulatory battle over sports betting, and the future of exchanges in both the U.S. and U.K.
Hear them discuss:
01:08 – Why “prediction markets” are just rebranded betting exchanges in the U.S.
02:29 – The CFTC application path and why Smarkets is going for a full DCM license
04:43 – Why politics alone makes prediction markets worth doing
06:35 – Jason’s vision to turn Smarkets into a general trading platform
07:55 – Why sports betting tech is still stuck in the 1980s
09:04 – Can SGPs and exotic bets work under a CFTC model
13:32 – Will FanDuel or DraftKings acquire or build a U.S. exchange
16:45 – What killed UK exchange growth and how Smarkets plans to fix it
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This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.
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20:48
E251 - Tony Trzeciak
On this episode of the Business of Betting Podcast, Jason is joined by Tony Trzeciak, angel investor and founder, to talk about betting data, AI, personal resilience, and one of the most powerful personal stories ever shared on the show.
Content Disclaimer:
This episode contains discussions of trauma, addiction, suicide, and recovery. Listener discretion is advised.
Hear them discuss:
01:48 – How Tony’s paralysis and AI intersected, leading to startup innovation
03:27 – The life-changing moment that inspired his journey into generative AI
05:59 – Meeting the right mentors and the pivot from finance to sports betting
09:09 – Why connection, not code, is his real superpower
12:36 – Why he’s betting on a white-label B2B model instead of trading
15:14 – Homeless as a teen: how military recruiters and high school teachers changed his life
21:00 – The surgery, the overdose, the moment he became paralyzed
28:51 – Why helping others is now his mission, through startups, gaming, and advocacy
41:41 – Why sharing his story is part of his healing, and his plan for a documentary series
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This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.
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43:58
E250 - Office Hours with Jason
On this episode of the Business of Betting Podcast, Jason returns for another Office Hours session, where he answers listener questions about the betting industry, regulation, funding strategy, and more.
Hear him discuss:
02:00 – What Jason thinks about Illinois' new per-bet tax and FanDuel's surcharge from the perspectives of lawmakers, operators, and consumers
05:40 – Why the SBC America’s Conference was buzzing about prediction markets and federal regulatory potential
07:49 – What Jason learned from raising $30M — and how he'd approach a $50M round today
10:45 – Whether Twitter and Polymarket’s partnership is a gimmicky hook or has real value
12:10 – Jason’s blunt take on Elon Musk, Doge, Trump, and what it says about the U.S. political and fiscal direction
⚡️ Follow BoB on Twitter/X
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---
This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.
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17:11
E249 - Daniel Wallach from Wallach Legal
On this episode of the Business of Betting Podcast, Jason is joined by Daniel Wallach, sports law expert and founder of Wallach Legal.
Hear them discuss:
04:35 - Daniel's leap from traditional law to sports betting and the challenges involved
06:08 - How Daniel became one of the first legal experts writing about sports betting
06:45 - The evolution of legal betting in New Jersey and Daniel’s early contributions
06:54 - Why appellate courts and the Supreme Court often get involved in major political cases
10:24 - Daniel’s opinion on the legality and process of sports prediction markets
12:36 - Why Daniel believes sports betting via the CFTC lacks congressional authorization
13:00 - The impact of Kalshi's operations on state-licensed betting ecosystems
17:00 - Daniel’s view on how Kalshi is skirting existing federal laws like the Wire Act
21:00 - How Kalshi's arguments for federal preemption may be flawed
34:44 - The challenges and delays in becoming a Designated Contract Market (DCM)
36:00 - How Kalshi may have accidentally discovered a legal loophole in sports prediction markets
39:00 - Can the CFTC’s self-certification model really regulate sports integrity?
41:40 - Are prediction markets more like financial instruments or gambling products?
43:00 - Why Daniel thinks sports betting needs more integrity safeguards than financial markets
46:49 - Daniel’s support for innovation but insistence on regulation
48:00 - Jason’s critique of state-level betting regulation and support for disruptive innovation
50:00 - The legal definition of gambling and why Daniel believes it applies to Kalshi
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---
This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.
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55:45
E248 - Tom Waterhouse from Waterhouse VC
On this episode of the Business of Betting podcast, Jason is joined by Tom Waterhouse, Managing Partner at Waterhouse VC and fourth-generation bookmaker. This episode was recorded in-person at the SBC Summit Americas in Fort Lauderdale.
Hear them discuss:
01:06 – Tom’s family legacy and the founding of tomwaterhouse.com
02:13 – Australia’s gambling market and why racing still dominates
03:35 – No in-play sports betting and its impact on the industry
05:04 – The rise of online racing and round-the-clock global action
06:09 – Why turnover tax reshaped the Australian betting ecosystem
08:12 – The consequences of pushing out sharp bettors
09:20 – The failure of Betfair and betting exchanges under turnover tax
10:30 – The case for U.S. federal betting regulation
11:28 – The vision for sports betting as a brokerage layer
13:10 – Why most bettors aren’t price-sensitive—and how to change that
15:01 – Has sports betting has become entertainment, not finance?
15:28 – Inside Waterhouse VC’s model: buying options, not equity
17:10 – Why options offer asymmetric upside with limited risk
19:15 – Waterhouse’s diligence process and market theses
22:48 – The fund’s structure, distributions, and public equities strategy
24:12 – Following 13F filings from top long-only fund managers
28:18 – Using gambling to teach kids probability and decision-making
29:33 – Why Tom’s staying in betting: edge, pace, and constant change
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---
This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.
Brasil