00:00Prediction Markets is the story of the year in sports betting, and it just continues.
00:05Robinhood makes the announcement that football and NFL markets are going to be launched on their app soon.
00:11The other part of this, Sam, is that I woke up this morning and saw that Crypto.com launched college football today as well.
00:21So it just seems like anybody in the prediction markets are just putting their stuff out there at this point.
00:28They don't seem to care about anybody telling them no because no one seems to be regulating them.
00:33It's kind of wild.
00:35It's definitely wild, Craig.
00:37It seems to be if you're a regulated federal exchange, a site like Crypto.com where you can trade cryptocurrencies, a site like Kaoshi where you can trade positions on the outcome of the price of oil, the consumer pricing index, it seems you're just able to offer these markets on sports kind of without any pushback in all 50 states.
00:55Again, you know, Robinhood just came out today and said it's partnering with Kaoshi to offer NFL spreads this season.
01:01So you'll be able to buy a position on, you know, the 49ers plus three and a half or the Ravens minus three and a half.
01:07And they're saying that's not betting.
01:08They're saying it's just another form of trading that we do on this exchange.
01:12And to your point, the reason they've been able to do that is because it's been largely unchecked.
01:16These exchanges say that they're regulated by the CFTC, which has so far not weighed in at all on this subject.
01:22A bunch of states have sued to stop these companies from offering what they're saying is legal sports betting.
01:28The judges have pointed to the CFTC saying they have to decide they have a federal regulator.
01:33So ultimately, you just have this huge legal mess right now that has allowed these companies to go in and really do a big business.
01:40I think Robinhood already took nine million dollars on NFL preseason spreads.
01:45So when the season itself starts, you know, NFL is the biggest time of year for betting.
01:49I imagine people in states like California, states like Texas, where there are no legal betting alternatives, will turn to this.
01:55And, you know, if you're a Robinhood user, it's fairly simple to just roll your funds over and bet on these apps.
02:00Same with Crypto.com.
02:01If you're a, you know, if you trade a lot of cryptocurrency and all of a sudden you see NFL point spreads offered on the same site, you don't have to take any money out.
02:07It's pretty easy to do. So we're definitely seeing more and more people getting into this right now.
02:11And I imagine it'll only keep going up.
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