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00:03 Meanwhile, the leaders, FanDuel and DraftKings,
00:05 jockeying back and forth between number one and number
00:07 two in the industry in the G2E conference last week.
00:11 It looks like, Mike, for the time being,
00:14 they're like, yeah, bring it on.
00:16 Show us some new people who can compete with us a little bit,
00:19 meaning that Rising Tide puts all boats higher.
00:24 I think that's what they say.
00:25 I don't know if that's the right saying.
00:26 I don't know if I got that right.
00:28 Rising Tide lifts all ships.
00:30 OK, I got that.
00:31 Is that the case here, or is this just competition speak?
00:35 Yeah, I mean, I guess, Craig, what else
00:37 is Jason Robbins going to say?
00:38 But of course, we welcome new competition.
00:40 They're not going to say, we're totally screwed,
00:43 that Fanatics and ESPNBet are coming into the market.
00:47 So yeah, he said, basically, we welcome all competition.
00:50 That's what's happened throughout.
00:51 He said, there's two newcomers here,
00:53 but there's dozens of others that
00:54 have competed with us since the fall of 2018.
00:57 Now it's been five years.
00:59 So Amy Howe, the Fanduil CEO, said the same kind of thing.
01:02 They're welcoming to that competition.
01:04 But in that Daily Fantasy sports market
01:06 with Underdog and PrizePix, with the prop bets
01:10 and the over/under bets that they're offering,
01:12 they call it higher/lower.
01:14 Is that game of skill, game of chance?
01:15 That's all going to be up for the state's regulators
01:19 to decide.
01:20 That's the thing that really was kind of interesting
01:22 about what they said.
01:23 Robbins really side-stepped all those comments.
01:26 He was asked directly about lobbying
01:28 against those operators and said,
01:30 that's not what we're trying to do.
01:31 We're trying to figure out, have state regulators tell us
01:34 what we can and can't do.
01:36 That DFS thing is going to be interesting with Fanduil
01:38 and DraftKings.
01:39 It does kind of feel like they see a threat there,
01:41 but at the same time, they are paying tons of money
01:43 in tax revenues, where these other operators that are
01:46 operating in states-- maybe they don't have legal sports betting
01:49 or are operating in the states like New York and Michigan
01:51 that have told them, no, you can't do that.
01:53 They're not paying those same wages to the state
01:55 that Fanduil and DraftKings are.
01:56 Maybe they aren't lobbying like Fanduil and DraftKings did.
01:58 But at the same time, I guess, do Fanduil and DraftKings
02:01 look hypocritical?
02:02 Because in 2018, we're kind of arguing for the same things.
02:05 They were arguing to have daily fantasy sports in these states,
02:09 just like Underdog and PrizePixar now are second movers.
02:12 And so we'll see.
02:13 Yeah, we'll see what happens there.
02:14 They say they welcome all competition,
02:15 but definitely in the daily fantasy sports space,
02:18 you wonder.
02:18 I mean, it doesn't necessarily seem like that.
02:20 But I do understand where they're
02:21 coming from in terms of the legality of the situation.
02:23 You know, if you want to be in the same neighborhood as us,
02:26 at least pay the same money to the states that we are.
02:29 I think that seems to be their argument.
02:31 It makes sense.
02:32 So yeah, we'll see what happens.
02:33 I mean, generally, more competition is better,
02:36 I think, in any industry.
02:38 So it does make sense a sports betting industry
02:39 would have the same thing.
02:41 You have more competition.
02:42 There's more urgency for these companies
02:44 to separate themselves, come up with new product innovation,
02:46 and potentially try to knock off those huge players.
02:49 Fanduil and DraftKings are like the Verizon and the Apple,
02:53 the cell phone business, right?
02:54 I mean, can these companies survive, these smaller ones?
02:58 We'll see Fanatix and ESPN, BetTribe.
03:00 We've seen BetMGM, Caesars.
03:01 Bet365 has spent a lot of money in a state like Ohio
03:05 to get market share there and drive some revenue there.
03:08 But yeah, I mean, we'll see what happens.
03:10 It does feel like a big player industry.
03:12 And so we'll see if one of these other players
03:15 can try to get in that mix with Fanduil and DraftKings
03:17 at the top two spots.
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