Bloomberg Business of Sports – Episode Summary
Date: February 13, 2026
Episode Theme:
A deep dive into the huge financial shift prediction markets brought to Super Bowl Sunday and a look at the modern NBA business model, focusing on the Charlotte Hornets’ evolution under new leadership. The episode also features a discussion on institutional investment in Minor League Baseball.
Hosts: Michael Barr, Vanessa Perdomo
Guests: Denitza Sakova (Bloomberg News, Cross Asset Reporter), Shelly Cayet-Weston (President of Business Operations, Charlotte Hornets), Mike Carney (CEO, On Deck Partners)
1. Prediction Markets & Sports Betting at the Super Bowl
[02:30–14:22]
Key Insights & Discussion
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Super Bowl Betting Records Shattered
- This year, prediction markets (like Kalshi and Polymarket) saw record trading volumes tied to the Super Bowl.
- Over $1.2 billion in trades and bets were processed just on game day, a 12% jump week-over-week, with an estimated $5 billion in total wagers leading up to the event.
- Denitza Sakova: “A great day for them... a record for Kalshi was around $870 million and this is 60% higher than the busiest day.” [03:32]
- The increase in activity was attributed to the novelty of prediction markets and expanded offerings, including not only game outcomes but entertainment props (performers, halftime events), and combo bets.
- Sakova: “It was about Cardi B. It was about Bad Bunny, Lady Gaga. So there was a lot of buzz that was beyond traditional bets.” [04:05]
-
Growth and User Trends in Prediction Markets
- Kalshi app downloads surged, reaching #2 in the App Store on Super Bowl Sunday, significantly outpacing established sportsbooks like DraftKings.
- Sakova: “Kalshi was number two in overall the App Store... much, much higher than DraftKings and FanDuel.” [06:18]
- A large portion of new users are younger (especially 18–21 age group), as prediction market platforms typically accept users 18+, not 21+ like traditional sportsbooks.
- Sakova: “In most of them you have to be above 18... that’s a pretty big audience.” [09:27]
- Kalshi app downloads surged, reaching #2 in the App Store on Super Bowl Sunday, significantly outpacing established sportsbooks like DraftKings.
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How Prediction Markets Differ from Sportsbooks
- They claim to have “no house,” with peer-to-peer trading and market makers (sometimes major Wall St. firms) setting liquidity and prices.
- Some bets are easier to price; others (like “did Cardi B perform?”) are fraught with ambiguity, leading to disputes akin to regulatory “gray areas.”
- Sakova: “The drama on prediction market was all about performance... Prediction markets is actually settling. Figuring out what’s a yes and what’s a no, and how much additional drama it causes.” [10:07]
- This flexibility creates both opportunity and risk (insider information, ambiguous results, and regulatory confusion).
- Sakova: “You’re going to financialize everything, you’re going to bet on everything... opens a whole Pandora box.” [12:18]
- Michael Barr: “How can you not know somebody’s going to be singing there—someone’s already placed a bet?” [13:44]
Notable Quotes
- On the extent of the trading boom:
- “This is a 12% increase from the previous week. Pretty, pretty strong estimates.” — Denitza Sakova [03:40]
- On resolving ambiguous bets:
- “No one probably imagined that such a thing will cause so much drama, but clearly just shows you how hard it is actually settling.” — Denitza Sakova [11:25]
2. Charlotte Hornets: Business, Culture, and Growth
[16:49–29:12]
Key Insights & Discussion
- Momentum on and off the Court
- The Hornets’ rookie, Con Knouple (“Beast Knipple”), highlighted as a promising force selected fourth overall in the 2025 NBA draft, set an early tone for a young and energetic team culture.
- Shelly Cayet Weston: “His energy, his commitment, his dedication... he was still playing because he’s so committed.” [18:04]
- The Hornets’ rookie, Con Knouple (“Beast Knipple”), highlighted as a promising force selected fourth overall in the 2025 NBA draft, set an early tone for a young and energetic team culture.
- Building a Culture of Winning
- New ownership (Rick Snull, Gay Plotkin) focused on setting a premier culture. Their hires (GM Jeff Peterson, Coach Charles Lee) embody a vision prioritizing excellence, resilience, and camaraderie.
- Shelly Cayet Weston: “They’re passionate about winning... we have one vision which is... to be a premier franchise.” [22:07]
- New ownership (Rick Snull, Gay Plotkin) focused on setting a premier culture. Their hires (GM Jeff Peterson, Coach Charles Lee) embody a vision prioritizing excellence, resilience, and camaraderie.
- Market and Community Connection
- The Hornets are rooted in a region with a rich basketball legacy and rapidly growing population (157 new residents/day), requiring strategies to engage both legacy fans and newcomers.
- Shelly Cayet Weston: “We have a market that understands civic engagement... we’re also in a top-ranked state for business.” [23:38]
- The Hornets are rooted in a region with a rich basketball legacy and rapidly growing population (157 new residents/day), requiring strategies to engage both legacy fans and newcomers.
- Women in Sports Leadership
- Shelly’s own Division 1 basketball background is discussed as crucial to her leadership style—tenacity, teamwork, navigating adversity, and a drive for opportunity.
- Shelly Cayet Weston: “All of those skill sets came from basketball... leading the organization, it’s all about team.” [25:31]
- Shelly’s own Division 1 basketball background is discussed as crucial to her leadership style—tenacity, teamwork, navigating adversity, and a drive for opportunity.
- Facility Upgrades and Business Growth
- The Hornets are investing in a new, state-of-the-art practice facility opening next year, a key pillar for talent retention, community integration, and business partnerships.
- Shelly Cayet Weston: “If we do that right, we’re going to get partners that align... and then the valuation comes.” [27:15]
- Unlike some franchises, ownership’s number one focus is not valuation—but cultivating a sustainable, winning culture on and off the court.
- The Hornets are investing in a new, state-of-the-art practice facility opening next year, a key pillar for talent retention, community integration, and business partnerships.
Notable Quotes
- On franchise foundations:
- “It was really that early team camaraderie that started... we certainly saw a glimpse of that in summer league.” — Shelly Cayet Weston [19:02]
- On market challenges/opportunity:
- “It’s a growth market... legacy fans but a lot of transplants. It’s literally about connecting.” — Shelly Cayet Weston [23:38]
3. Institutional Investment in Minor League Baseball
[32:10–43:34]
Key Insights & Discussion
- On Deck Partners & the Minor League Model
- Mike Carney discusses On Deck Partners’ rationale for acquiring the Montgomery Biscuits (AA, Tampa Bay Rays) and Visalia Rawhide (A, Arizona Diamondbacks), emphasizing deep ties to small and mid-sized communities.
- Mike Carney: “We see a lot of value in these teams that are in these... markets that really have rich, rich history.” [32:55]
- Mike Carney discusses On Deck Partners’ rationale for acquiring the Montgomery Biscuits (AA, Tampa Bay Rays) and Visalia Rawhide (A, Arizona Diamondbacks), emphasizing deep ties to small and mid-sized communities.
- Why Private Equity Is Entering the Space
- Minor league teams usually run by “mom and pop” local owners; new capital enhances facilities, brings professional management, and helps scale local operations.
- Institutional investors are betting on the ongoing health and growth of “Tier 2 and Tier 3” markets and the central role of the ballpark as a community hub.
- Carney: “You have to believe that America is going to continue to thrive not just in the biggest metropolises...” [40:13]
- Business Case for Minor Leagues
- Family-friendly, affordable entertainment is the unique selling point—a contrast to skyrocketing ticket prices elsewhere.
- Carney: “We are going to maintain that history... family friendly, affordable, fun for kids.” [38:41]
- Partnerships with local employers, military bases, and universities are crucial to building attendance and relevance.
- Family-friendly, affordable entertainment is the unique selling point—a contrast to skyrocketing ticket prices elsewhere.
- Industry Trends
- Competition/adaptation is increasing as firms like KKR and Arctos buy into sports assets. A “rising tide lifts all ships” approach—institutional investment expected to benefit all clubs.
- Carney: “The more parties... make this better, this is a rising tide lifts all ships kind of scenario.” [42:34]
- Competition/adaptation is increasing as firms like KKR and Arctos buy into sports assets. A “rising tide lifts all ships” approach—institutional investment expected to benefit all clubs.
Notable Quotes
- On value creation:
- “Investing in these hyper local markets, it can be very fragmented. We have the ability now... to scale that well.” — Mike Carney [35:08]
- On business focus:
- “We’re going to have a relentless focus on the fan... kid’s play zone for kids, cold beer for the adults.” — Mike Carney [38:41]
Memorable Moments & Highlights
- Gambling’s Entertainment Expansion:
- Betting is increasingly about “the show, not just the score”—with contract disputes over subjective categories (Cardi B, Lady Gaga appearances) adding drama, fun, and complexity. [10:07–13:38]
- Basketball as a Leadership School:
- Shelly Cayet Weston’s story embodies how sports prepares women (and men) for top executive roles. [25:05–26:46]
- Economic Optimism in Secondary Cities:
- Investment in minor league baseball signals big-money faith that growth won’t be limited to America’s largest cities, but will extend to regional centers. [40:13]
Timestamps by Section
- Prediction Markets & Super Bowl Betting: 02:30 – 14:22
- Charlotte Hornets Franchise & Business: 16:49 – 29:12
- Minor League Baseball & Institutional Investment: 32:10 – 43:34
This summary covers all major topics and stories, with speaker quotes and highlights, omitting advertisements and non-content sections.
