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Chad Millman
This is an iHeart podcast.
Simon Hunter
You don't need to be ripped, you just need the right shirt. Epic Fits gives you a clean, confident silhouette. Snug on the arms, soft on the skin, generous where it counts, and with deals like $15 per tee, they won't break the bank. Visit epicfits.com today. Epic fits t shirts that get it.
Greg Rosenthal
Who are the 25 greatest football players to grace the gridiron since the year 2000? Introducing episode NFL Daily's top 25 players of the last 25 years. Join me, Greg Rosenthal and an all star cast of media personalities including Mina Kimes, Steve Wych, Kevin Harlan and more for a look at football's best since the turn of the century. Listen to NFL Daily's top 25 players of the last 25 years starting on June 30th on the iHeartRadio app, Apple Podcasts or wherever. Get your podcasts.
Chad Millman
Welcome to the Favorites, the podcast part of the Volume Podcast Network. I am Chad Millman of the Action Network. This week at last, we are back together again. Let's welcome in my co host, my companion, my compadre, my bff, Professional Better Simon Hunter Eddie. Hello Simon.
Chad. How we doing?
Listen, I'm so excited to see your face. Even though we chatted a little bit while you were in England and I was in Chicago for my father's 80th birthday. There's so many stories to tell about that. I missed you, buddy. I miss seeing your face, hearing your voice. How are you?
Good. No, it was good. Good little break, you know, nice hearing from fans that missed me as well. It's. It's nice to know I'm loved and people still hate ch. So that's always a good feeling that nobody.
I got, I got no messages that anyone missed me.
Yeah. But now they missed the show and just like everyone else, a lot going on and you know, excited for football obviously. But anytime me and Chad can get a little break, I think we're excited for because obviously we spend a lot of time together. So it's nice to miss you as well, Chad. So it was a welcome break and yeah, I sent you pictures, obviously went to England, see family got to go up to Scotland with my mom and dad, which was a really cool experience. My brother came over to Edinburgh and yeah, not I'm not the biggest golf fan or whiskey fan, but it's intoxicating. Once you get to Scotland, you experience it like going to St. Andrews. You can walk the course on Sundays. It's open to the public. A pretty Surreal, Pretty surreal. You can just walk around on 18, the bagpipes are playing in the background. It was just a really cool, really cool, you know, thing to see. And yeah, Scotland, the joke if you're from England is there's not much up there. And I guess that's true to British people, but to someone from America it's, it's really beautiful and unique place, Scotland. So if I had the money and the time, I would retire and just drink my way and play golf across Scotland. It's that, it's that type of country. So yeah, I really enjoyed my time away, time away in Scotland.
I'm not a huge drinker, as you know, but when I do drink, there are two things I'll drink. One, a reposado tequila. Two Lagavulin scotch, the peatiest, most Scottish Scotch I can get. That's what I want. It's fantastic.
Yeah. And again it's, it's all over. I, I, I tried to get out when I first got thing, I tried to get after it when I first landed and I literally burned myself out for the rest of the trip. Like I got so hungover I didn't want to drink again for about two, three days. And I think that's how it goes especially you get old. I mean, I know I'm old, but in my mind, you know, everyone still feels young at heart. Hangovers hit like a, in your mid-30s. It really is. You drink hard liquor like that, it really hit. Yeah, there's a couple times like we went to a pub that was from the 1700s, like it was built before America was America and like you're just, to them that's, that's, that's pretty old, but not that old. So when you're in history like that where it's just funny. Coming from America. Yeah, I'm right there with you, brother. It's, it's just a vibe there. Like if you're going to drink anything, right? Scotch, whiskey, bourbon, all of it, they're drinking it and I really enjoyed it.
You just said hungover and feeling it. So. You know, I live in a house with an 18 year old who graduated high school a month ago and has an incredible group of friends and a great girlfriend and is going to college in the fall, so and is like working a fun summer job run in the fryer at the local pool club with all of his buddies and every day is just comedy and fun. So the other night my wife and I, 1:45 in the morning, hear what sounds like somebody killing an animal. In my son's bathroom.
Oh, no.
He had one of those, One of those nights. Just.
That's the worst.
And my, my wife, this is how, like, we handle it differently. My wife is worried. She's up. She. When he is in bed trying to sleep, she's leaving him Gatorade by his bed. I'm not even moving. I'm not even. I'm like, you do it once, you do it twice. You learn your limits and it's good practice for college. You figure out what you can do. Like, he's not the first person that this has happened to. He's not the last person this will happen to. I see him the next day and he's just like. It's just the spins. It's just the spins when, when you're lying there. I felt, I felt so bad for him, but I was proud of him because he got up and he went to the club, the pool club, and he worked the fryer that he was back there in that heat.
And.
And it is, it is no freaking joke. And by the way, he did this on the night of July 4th. I had been got up at 6am, took the train from Harford to the city and then the subway from Penn Station to Coney island, the last stop on the subway line. Because I went to the Nathan's hot Dog eating contest. Because I'm writing this book and one of the people that I'm profiling in the book, who is a huge professional better, one of the best NFL prop bettors in the world, he also loves to bet the hot dog contest. So I wanted to be with him when he's betting the hot dog contest. And so I went out there. I got there at 10:30 in the morning just as Mickey Suda was about to start. She won her competition, but she went way under, Created a little bit of havoc, a little bit of chaos for the way my guy was betting and how he was thinking what that portended for the male competition. But dude, it was a freaking. It was a freaking blast to go to that thing and be with someone who's really thinking about it from betting opportunity. And what was interesting is to me, like, we all laugh about it and you say the Nathan's Hot Dog eating contest, and it just makes you smile. But he looked at it as such a pure handicapping exercise. It's not something you can model. It's only something that you can figure out through research, instinct, study history, trying to find interesting patterns. Like, he looked at it more as a pure handicapping experience, as Anything else to me, I loved that. I just thought that was a total blast to experience that and have that unique of a perspective.
Yeah. Incredibly sharp contest. Obviously everyone knows the. The hot dog buns a big thing. We all bet on hot dog every. Everything like that. I mean, we need to talk a little bit about how much they care about the buns of the hot dogs. What was it? Chestnut, 71 and a half. Opened at 69 and a half, landed on seven and a half. So, yeah, it's. It's one of the more professional focused things in the summer and obviously fine edges. But I've had obviously, you know, that's on my buck list. I want to go to it. I just had an insane 48 hours of flying, red eye to Vegas. Flew back last night. Just meeting with people, just so much going on. When I got back from England, it was like all the shit really hit the fan. I got back basically July 1st and I was planning on going out there, I think. Chad, I haven't really talked about the show a little bit, but I was going to enter the World Series of Poker.
We talked about this.
Yeah. And it was just going to be. If I was running hot and I'd been playing really good, I'd really. I really started training hard in March and I really was running hot in probably to the end of April or early May. And then I went very cold. I just was not, not reading well before I went away. And I was hoping when I came back, maybe if I was in the right mind, I was going to go there, play small couple tournaments. And then if I did well, I was just going to stay and do a couple of shows from there and try to obviously make the money. But I got there. There's just too much going on. Me, Chad, are obviously going to. About to dive into it. But yeah, yeah, just a whirlwind. I'm hoping next year I can do voices of focus. I know I talked a couple of fans who went out there. I mean, obviously met up with a couple of people when I was there. Always, always down to get a drink with different fans that reach out. But yeah, I, when I was there watching the World Series, ton of regret that it enter it just because how much fun it looks. But like we're about to dive into. There's just so much shit going on. And the sports betting, what I just really was my mind is mine's not right to be doing that kind of stuff. And as we're going to dive into, there's just. There's just too much going on for me to focus on that. So yeah, it's going to be back in Jersey. I'm happy back from vacation. I'm hoping to chill just for a week or two and catch my breath here. Chad.
Well, look, I would argue that while you were away included some of the most consequential and I think impactful moments in the betting space since legalization in 2018. If you are a professional better, an avid better, recreational better, even a casual better, all of this impacts you because there has just been a cascade of laws and taxes and changes to the industry that are independent of each other. But when you add them all up, impact literally everybody. If you are betting $5 a game in New Jersey or Illinois, all of a sudden you are going to find that operators like DraftKings and FanDuel are going to be charging you a 50 cent per bet fee because now the taxes for those operators have been raised. In certain states there have been changes in federal law. Included in the Big Beautiful Bill, which you are a follower. If you were a follower of gambling, Twitter, you have seen this all over where for years and Simon will talk about this, you could deduct 100% of your losses from your taxes. So if you made $100,000 betting and you lost, you know, $90,000 betting, you could deduct that $90,000 and what you ultimately made and pay taxes on was $10,000. Included in the Big Beautiful bill now is a provision which is legal now it is a law that you can only deduct 90% of your losses, so you might end up paying on what's essentially phantom income. That has been a huge conversation that could be millions and millions of dollars for gamblers. The provision is estimated to earn to create $1.1 billion in revenue for the government over the next several years. There have been two betting scandals involving players that we are going to talk about both in the NBA and in Major League Baseball. And sort of the social media reaction to those has been fascinating because we are in a time where anybody can be Sherlock Holmes if they have a TikTok account and access to video and a little bit of information and a lot of speculation. There are upstarts in the form of prediction markets like Kalshi, Polymarket, Sportrade now posing real threats to the current status of sports betting and providing new options to sports bettors, all of which becomes more relevant with the Big Beautiful Bill and increase in taxes and the opportunities for sports bettors to play in these markets where it might be a little bit more equitable. And generally, SIMON I think there's just growing hostility in the sports betting space. It's from operators towards professional betters who are consistently getting banned because operators don't want to take their money. It's regulators towards the operators who are trying to find more way to raise money. So they're increasing taxes. It's the federal government towards betters with this big beautiful bill. It's society against the idea of sports betting. Bob Costas was on Meet the Press this past weekend talking about the ills of sports betting. Wild, wild times. We're going to talk about all of that from his point of view as a pro, mine as a journalist who was reporting on a lot of this. And it's all in my head right now for this book I am writing. The prediction marks especially are fascinating to me and to me that deserves a much longer, broader conversation, deeper conversation. So on Thursday's show, Simon and I will speak with Chris Gerlacher, who's a reporter for Prediction News, who has been covering prediction markets for a long time. He's going to join. And I would say that since I've been reporting this book, the influences of these businesses has become an increasingly important narrative in our space. And there's sort of disruption that is happening and how these things are being framed is so big that it is akin to the way people talked about Uber, the way people talked about social media. KALSHI One of the prediction markets, the one that is legal in the United states just raised $185 million, is now valued at $2 billion. Polymarket, another one which is not legal in the United States, raised another amount of money. It's worth a billion dollars in valuation. So there's a lot to discuss in this space. We'll unpack all of that with Chris on Thursday. SIMON I mean, it's fucking mid summer and there's not supposed to be anything going on. And all of this is going on. Here's the first thing I want to ask you about, if you don't mind, unless you, unless you feel passionate about one of the topics. I want to ask you about one of the topics.
Yeah, let's run through all of them.
All right, so the first one is the betting scandal, right? Because with the players, we're talking about Malik Beasley for the Detroit Pistons and being under investigation for betting. And then Luis Ortiz, the guardians pitcher who was under investigation for gambling. This one was broken by Ken Rosenthal at the Athletic and then David Purdom and Jeff Passon at ESPN Advanced it because they identified that there were two pitches that Ortiz had thrown that were specifically under investigation. And with Beasley, it's prop bets that were specifically under investigation. And to me, it was fascinating to go on social media and see the video evidence of the two pitches that Ortiz was under investigation for. What are your thoughts generally on these kinds of scandals and how they are impacting the space?
I mean, I have a lot of opinions on a Chad, to start from the top. It's. It's two different sports, which is a big deal obviously because they happen around the same exact time. The Ortiz one, I don't think he can blame on the interpreter. This, this is very, very noticeable. He did something in a game because I think it's what they're breaking down. The video, if I'm not wrong, Chad is. It's the first pitch. Right. And very easy for these books to track. So I say it all the time. People don't understand how revel, how much there was in scandal. Players taking games, throwing boxing matches, all this stuff from the, the very beginning of sports when betting came around. This stuff has been around forever. That is why to us people in the know, especially Chad, it's so great that the legalization of sports have happened because of these exact things. They can catch these people now that they try to taint our games that we love. And we again, it would ruin so much to know that these things were happening especially at the highest level. Now, lucky for us, these things keep happening to players that again, they're not nobodies. I mean, again, the Ohtani thing, that's for another day. But it's like these other people, they're not, it's not like they're the highest of highs, but they are names in these athletes in these sports that are pretty well known. Like Beasley was about to apparently was about to get paid. Yeah. Now I was looking at jail time possibly. So it's a really big deal. So as someone that this is my life, this is what I work in. I. I love it because it's like keep it clean, keep it all above board. And at the end of the day, the more you learn about this stuff, it all comes back to debt and owing people. And that's the scary part as these people get in trouble for different things. Maybe they have their own gambling addictions themselves and they get into these holes. So yeah, just at the end of the day, it's all sad because it's like lives ruined millions and million dollars cost them. Their families are ruined in certain ways. As well. So brutal. But the things we have in line, it makes it today much better product betting on sports than it was even say 10 years ago. It's so much cleaner protected than it used to be. I am such a fan that they keep catching these people, either with AI or whatever it is, these algorithms, they keep catching these people with. Just a really big fan of it and props to the people who do the work. It's like it's not only is it real journalism, it's real work by these sports books catching these, these people doing this stuff.
Simon Hunter
You don't need to be ripped, you just need the right shirt. Epic Fits gives you a clean, confident silhouette. Snug on the arms, soft on the skin, generous where it counts. And with deals like $15 per tee, they won't break the bank. Visit epicfits.com today. Epic fits t shirts that get it.
Greg Rosenthal
25 years, 25 players. Before training camp kickstarts a new NFL season, NFL Daily is going to look back. It is a special six episode series where myself, Greg Rosenthal and some of the top NFL minds like Kevin Harlan, Mina Kimes and Bill Barnwell make the case for each player. We're taking a look back giving you NFL Daily's top 25 players of the last 25 years. So who made the list? You know, Tom Brady's on it. Where's Patrick Mahomes is into the end zone.
Chad Millman
Touchdown Kansas City.
Greg Rosenthal
He's on it. How about Lamar Jackson?
Chad Millman
Jackson takes it himself.
Look at him dart back and forth. Oh, he broke his ankles and he's got a touchdown. He is Houdini.
Greg Rosenthal
You are going to have to listen to find out. Listen to NFL Daily's top 25 players of the last 25 years starting on June 30 on the iHeartrade radio app, Apple podcasts or wherever you get your podcasts.
Chad Millman
I don't know exactly what alerted people to anything related to Beasley and what that investigation.
It's always going to be the money coming in on the bets, John.
Right, but I don't mean like how they tracked it right with, with Ortiz. There's an organization called IC360 and they do global monitoring of markets and are in regular communication with the operators and with the leagues to police what's happening. And IC360 is the one that recognized what was going on with Ortiz and then alerted the authorities that needed to be known, that needed to know about what was happening. So that, that, that's an important part of this that has been going on for 30 years. Right. And 30 years ago, the operators were regularly talking to the leagues themselves. That's how scandals like the Arizona State college basketball betting scandal came to be known is the operators recognized strange betting patterns and were able to shut down the betting and then communicate to the NCAA about what was happening. Now there are global organizations that monitor this as it's become bigger and as the leagues themselves have just so much more at stake and at risk because of the legalization of sports betting and because of the stances they've taken. I had a conversation with someone I'm talking to at the NFL for this book, and we were talking about sort of the threat to integrity of the game. And I made the point that, as you just said, Simon, there have been betting scandals as long as there have been sports. Literally, Major League Baseball, the National League, was founded in 1876. In 1877, there was a betting scandal. And Matt Mitchell and I talked about this on sort of the Great Moments in Gambling podcast. The Pittsburgh Steelers, the New York Giants, the Cleveland Browns, the now Arizona Cardinals, the New York Yankees, all founded by professional betters or professional bookmakers, because those are the people who were willing to take the biggest risks and had cash at hand and liked sports when all these things were becoming a big deal. Every sports betting scandal has been followed by increased viewership, increased rights, increased audience, increased interest. I think the sports betting scandals are terrible. I don't think they're going to be the death knell for sports, really. What worries me for sports and sports betting is violence against the players, because I do think that's going to be something that we saw with Lance McCullers. We saw. Tyrese Halliburton talked about it last year. When players have to start getting security, when fans can't control themselves, when there is a sort of. You forget who you are, where you are, or even worse, you didn't know to begin with, and you are blaming the players for your losses. That, to me, is a really frightening development that seemed to be much less relevant or obvious before sports betting became legal and before the number of people betting had increased.
That's fair. But I mean, it's all that's always been around, right? Fanatic, fan. I mean, that's always been. I mean, they. What was that movie they made back in the day? Not Al Pacino. I forget who it was. He was a crazy fan.
Oh, I don't know it.
Oh, no, you would love it. It's terrible. But it's a good movie, just about how crazy fans are. He literally captures a Player holds them hostage. But yeah, it's, it's always been there. Chad, I agree with you. Like, obviously, a guy yelling at a basketball player about losing his $10 parlay because they didn't hit some shot. It's, it's, it's a, it's a bad part of it. But like I told you from the get go, we're just in the early days for it. So you're always going to have these people like Bob Costas or whoever coming out talking how bad it is and the negative stuff of sports betting. There's always gonna be a couple bad eggs. It's just, it's just the way it is. It's the same thing we talk about with alcohol and cigarettes and things like that, where it's freedom of choice. We know it's not the best thing, but obviously, if people can keep their shit together, keep their cool, it's a great thing for the general public to be able to do to, you know, enjoy life. And it's just another thing, one part of it. But yeah, the going on social media and telling people they're going to kill their families. I'm happy they catch and prosecute these people. Right. That's, that's another good thing that they're doing now is these assholes aren't just getting away with making these outlandish threats. Like, there are consequences to these certain words you say to people. So I'm with you. It's. It's obvious. The black stain on what we do is these people that go out of their way to, like, you know, say horrible things. But me and you are part of it. Like, this is part of our job. We get the stuff people say to us. It's. It's insane. Where I just know me personally, no one would ever say that to my face. So it is, it is a weird thing that we are involved in this world we're in. But again, I love it. It's. It's all weird and unique in its own way, but I wouldn't change it. I. Obviously there's things I would change to it, but overall, it's what the craziness is, what makes it work. Chad. So I'm with you, though. It's. It's. When you hear those stories, it's. It's just horrible when you read that stuff about these players, what they go through with those fans.
Think about you, Simon. People say mean things to you and they like you. If you like me, that's tough. Yeah. Think about what I get.
Yeah. I can only imagine.
So I also found it really fascinating the way people on TikTok, Instagram, wherever, were speculating about Malik Beasley. They didn't even know what he was being investigated for, but they were taking out of context clips and saying, look at how obvious it is that he was fixing this game. To me, that felt totally irresponsible and tasteless. And that to me, whereas the Ortiz stuff, you could find the video evidence, that to me felt like the flip side, underbelly, sensational idiocy of what happens on social media when you are connecting one plus one and getting three.
Yeah, that's what it is. Robert De Niro, the fan. That's what it was. I was trying to think. I couldn't even look it up. I was like, what the hell was the name of that movie? I couldn't even think. It was the lead actors, Robin Nero, the Fan Game, an insane fan. And it's like we're talking about here, Chad.
There's just Wesley Snipes.
Yes, yes. So there's just. They're going to be out there. What can you do? It's. It's part of what. It's part of the game. And the most shocking thing, too, again, I don't spend much time on social media was these poker players talking about what we're about to talk about, this big, beautiful bill.
Yes.
And the. The hate and disdain they would get from people. And it's like. It's just bizarre. It is bizarre. It's a bizarre world we live in. So, yeah, we should definitely dive into that.
Well, let's talk about it. So the big, beautiful bill was passed, and in the moments before it was passed, say 24 hours or so, you started seeing the news popping up via Twitter, largely about changes to how professional betters could file their taxes. And it used to be you could take 100% of your losses and deduct that from your wins that you filed for Simon, you file as a professional better, and then all of a sudden you're getting what basically your salary is. But because gambling is not necessarily the best thing for society and because gamblers are not the most sympathetic group, this was something that, through the Finance Committee, had been studied and then was added to the Senate's big, beautiful bill. And when Congress was going through it, it got through, and it became a pretty big uproar, not just from gambling, Twitter. But then all of a sudden, the Washington Post did a story about it. ESPN did a story about it. The New York Post did a story about it. Axios did a story about was fascinating to me of the thousand page bill and all of the provisions in this bill and including the fact that I believe there were provisions that made it easier or more cost effective to get a silencer. This is the one that bubbled up and became sort of so interesting for people. From your point of view, Simon, I've basically laid it out. You can, you can only deduct 90% of your losses. Now explain from your point of view how that impacts professional betters. And I will say this was such a cost celeb that already the representative from Las Vegas has proposed a bill to reverse this and is already getting support. It needs bipartisan support. I think it will get it. This doesn't go into effect until the end of 2026. So my senses over the next 18 months this might be repealed. But in the immediate. It's something you got to think about, Simon.
Yeah, and I could obviously take 10, 15 minutes on this, but we don't have that much time. And I'll just say the quick version is it's, it's over. It just. They've made it so that it's impossible to make a living betting in America legally. So we'll, we'll dive more time into. We have more time and to break it more down. But as right now is it.
Hold on. I know Matt Mitchell is pushing us, but like this is a huge topic.
I know.
Give it a, give it a little breath here.
I mean just the basis of it, it's, it's just there's too many moving parts right now. We don't know what's going to happen. Right. Like what you just said, it's, it's impossible, it's impossible to make a living when I'm paying for 10% of my losses. And I mean we haven't talked about New Jersey either. Like what they're doing in New Jersey. It's just we're, we're being attacked. And I drift with you. In America, they will do anything, our government will do anything in their power to tax anybody but the rich. And this is just another one of those things because again, yes, it's, it's affecting professional betters. We make a living finding ways around the rules. So this is not going to affect this in the long term in any way other than it's fucking up my life and maybe having make me move to fucking England. I don't want to move to England for six months, but that might be what my life is because Canada is the same way. Canada will tax you for being a professional better. So, you know, the only countries that are left. Maybe I'll be in Bermuda for six months. Like all the options on the table. I've been meeting with people for the last two days about it because it's such a big deal. And yeah, it's, it's blindsided because I heard whispers. I didn't think it was real because it's so stupid. And it went through. It's like these guys just don't know what they're doing. So, yeah, Chad, I just, it's something we're going to spend a lot of time on because it's, it's one of the more fascinating stories, like you said, since the legalization of sports betting in this country. And it's a clear attack on professional betters and people who make their living beat in the casinos. So that's all I'm going to say at that part.
I do have a theory about this. I want to leave a little bit of a cliffhanger. If Matt Mitchell had hair on his head, he'd be pulling it out right now because he wants us to, to save some of this for part two of this very special podcast episode, which I will, because I do have a theory and I want to bring it up with our guest Chris Gerlacher, who's going to be joining us on Thursday's show. So I want to leave a little bit of that meat on the bone. So let's just say that we will return with our next episode of the favorites Thursday on the Action Network YouTube page with special guest Chris Gerlacher. Download us from Spotify, Apple Pods, wherever you get your pods. Rate Review. Subscribe. Leave us five stars. Say whatever you want. Feedback is a gift. Until next time. Love you. Action Network reminds you, please gamble responsibly. If you or someone you care about has a gambling problem, help is available 247 at 1-800- gambler you don't need to be ripped.
Simon Hunter
You just need the right shirt. Epic Fits gives you a clean, confident silhouette. Snug on the arms, soft on the skin, generous where it counts. And with deals like $15 per tee, they won't break the bank. Visit epicfits.com today. Epic fits t shirts that get it.
Greg Rosenthal
Who are the 25 greatest football players to grace the gridiron since the year 2000? Introducing the NFL Daily's top 25 players of the last 25 years. Join me, Greg Rosenthal and an all star cast of media personalities including Mina Kimes, Steve Wych, Kevin Harlan and more for a look at football's best since the turn of the century. Listen to NFL Daily's top 25 players of the last 25 years, starting on June 30 on the iHeartRadio app, Apple Podcasts or or wherever you get your podcast.
Chad Millman
This is an I Heart podcast.
Podcast Summary: The Herd with Colin Cowherd
Episode: The Favorites - Sports Betting Scandals
Release Date: July 9, 2025
Host/Authors: Chad Millman & Simon Hunter
Network: iHeartPodcasts and The Volume
Overview
In this engaging episode of The Herd with Colin Cowherd, Chad Millman and his co-host Simon Hunter delve deep into the tumultuous world of sports betting scandals. They explore recent high-profile cases, the evolving regulatory landscape, the rise of prediction markets, and the societal implications of legalized sports betting. Interwoven with personal anecdotes and expert insights, the hosts provide listeners with a comprehensive analysis of the current state and future of sports betting.
[01:07] Chad Millman:
Chad kicks off the episode by reconnecting with his co-host Simon Hunter after a brief hiatus. He shares stories from his recent trip to England and Scotland, highlighting cultural experiences such as walking the historic St. Andrews golf course and the allure of Scottish whiskey.
Simon Hunter:
Simon reciprocates with his own experiences, discussing the challenges of maintaining sobriety while abroad and reminiscing about visits to century-old pubs. Their camaraderie sets a relatable tone for the episode.
[04:49] Chad Millman:
Chad shifts the conversation to his personal life, sharing a concerning incident involving his 18-year-old son. Late one night, Chad and his wife hear disturbing noises in their son's bathroom, which turns out to be a severe case of heat exhaustion from working at a local pool club's fryer.
Chad Millman:
He expresses both concern and pride in his son's resilience, noting, "I felt so bad for him, but I was proud of him because he got up and he went to the club... and he worked the fryer that he was back there in that heat." This moment underscores the pressures faced by young individuals juggling work and personal responsibilities.
[05:38] Chad Millman:
Chad recounts his experience attending the Nathan's Hot Dog Eating Contest, a significant event for professional bettors. He highlights the analytical approach his contact takes towards the competition, viewing it as a "pure handicapping exercise."
Chad Millman:
He remarks, "He looked at it as such a pure handicapping experience," emphasizing the strategic mindset professional bettors apply even to unconventional events.
a. Recent Scandals Involving Athletes
[15:40] Chad Millman:
The hosts discuss two major betting scandals: Malik Beasley's investigation for betting on Detroit Pistons games and Luis Ortiz's gambling activities as a Guardians pitcher. Chad notes, "These scandals are terrible... lives ruined, millions of dollars cost them, their families are ruined in certain ways. So brutal."
b. Impact on the Sports Betting Industry
[20:25] Chad Millman:
Chad elaborates on the historical context of betting scandals, stating, "People don't understand how much there was in scandal... This stuff has been around forever." He praises the legalization of sports betting for providing a framework to catch and deter such misconduct.
c. Social Media Reactions and Misinformation
[26:23] Chad Millman:
Chad criticizes the rampant misinformation on platforms like TikTok and Instagram, where users speculate and spread unfounded accusations against athletes. He describes this phenomenon as "sensational idiocy," highlighting the irresponsible nature of such behavior.
d. Regulatory Changes: The Big Beautiful Bill
[28:27] Chad Millman:
The conversation shifts to the recently passed "Big Beautiful Bill," which introduces significant changes to sports betting regulations. A key provision now limits professional bettors to deducting only 90% of their losses, up from the previous 100%. Chad explains, "It's impossible to make a living when I'm paying for 10% of my losses."
e. Rise of Prediction Markets
[30:47] Chad Millman:
Chad and Simon explore the emergence of prediction markets like Kalshi, Polymarket, and Sportrade. These platforms are challenging traditional sports betting models by offering more equitable and innovative betting options. Chad notes, "KALSHI... is now valued at $2 billion."
f. Growing Hostility in the Sports Betting Space
[32:46] Chad Millman:
The hosts discuss the increasing hostility from operators towards professional bettors, citing bans and reduced access as major concerns. Chad expresses frustration, saying, "It's just we're being attacked... it's an impossible situation for professional bettors."
[33:58] Simon Hunter:
Simon hints at upcoming discussions, particularly focusing on prediction markets and their implications for the sports betting industry.
[32:46] Chad Millman:
Chad teases future content, mentioning a special guest, Chris Gerlacher from Prediction News, who will join in the next episode to delve deeper into prediction markets and their disruptive potential.
Notable Quotes
Chad Millman [01:48]:
"It's intoxicating once you get to Scotland... You can walk around on 18, the bagpipes are playing in the background. It was just a really cool, really cool, you know, thing to see."
Simon Hunter [03:24]:
"I really enjoyed my time away, time away in Scotland."
Chad Millman [15:40]:
"This stuff has been around forever. This is why to us people in the know, especially Chad, it's so great that the legalization of sports has happened because of these exact things."
Chad Millman [26:32]:
"It's just the same thing we talk about with alcohol and cigarettes... it's freedom of choice."
Chad Millman [28:15]:
"It's like we're just in the early days for it. So you're always going to have these people like Bob Costas or whoever coming out talking how bad it is."
Conclusion
In this episode, Chad Millman and Simon Hunter provide a thorough examination of the current landscape of sports betting, highlighting the persistent challenges of maintaining integrity in the face of scandals and evolving regulations. They emphasize the importance of responsible betting practices and the need for ongoing dialogue as the industry continues to grow and adapt. With upcoming discussions on prediction markets and their disruptive impact, listeners are poised to gain deeper insights into the future of sports betting.
Stay Tuned
Join Chad and Simon in their next episode as they welcome Chris Gerlacher to discuss the burgeoning field of prediction markets and what it means for the future of sports betting.
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