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.

1. Personal Updates and Anecdotes

[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.

2. Family Moments and Personal Challenges

[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.

3. Insights from Sports Betting Events

[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.

4. Deep Dive: Sports Betting Scandals

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."

5. Future Discussions and Teasers

[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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