00:00Let's get to the raging debate that continues on, but I find it interesting that some of these
00:05executives from the sports betting companies, particularly DraftKings, wonder what the future
00:10holds for prediction markets and debating whether or not they're sports betting or their predictions,
00:15because naturally, DraftKings now has a vested interest on DraftKings predicts. And so I wonder
00:20for them even, Sam, what their interest is at this point, because as long as no other states
00:25like California and Texas are getting legalized, DraftKings probably stands to make money from
00:30prediction markets just as like they do with the sports betting, right? Yeah, it's pretty funny.
00:37I think a couple months ago when we first talked about prediction markets emerging, everyone was
00:41like, oh, DraftKings and FanDuel are going to be screwed. They can't do this. And what they did
00:46was just wait a few months to kind of do it on their own. And as opposed to other companies
00:50like
00:50BetMGM and Caesars, which have maintained that, you know, those are not that sports betting. It's
00:55taking away from our business. It should be regulated the same. DraftKings and FanDuel,
00:59they both said, OK, this is going to be allowed. We're just going to use it to enter states like
01:04California and Texas, where sports betting is not technically legal. And that's what DraftKings
01:08has been doing. One of their executives just this week at a Milken Institute panel talked about how
01:14it's really helped the company grow its customer base and saved a lot of money in doing so.
01:19Because again, you don't have to pay any taxes to the state on this kind of thing. You can reach
01:23states like Texas and and California, where DraftKings has been one of the companies that
01:28spent, I think, almost half a billion dollars trying to get sports betting legalized. And then
01:33on the other hand, you have companies like Calci and Robin Hood, which are kind of trying to defend
01:37this as a better overall consumer experience because it's peer to peer. There's more opportunity for
01:42different prices on different game lines, especially. But then you look at companies like DraftKings
01:46that have sports betting and they're they're saying we're on platforms like Calci ourselves.
01:50We're using our own technology to make money off this and be market makers on these peer to peer
01:56platforms. And we're also doing it, by the way, on our platforms as well. We have these new super apps
02:01where no matter what state you go to, you click on DraftKings, you're basically in a sports book.
02:05You know, they've acknowledged from a consumer standpoint, it's the exact same thing from a
02:09mechanical standpoint and a legal standpoint. All that is different, you know, in order to get around
02:14those hoops. But again, it's something right now that DraftKings is really focused on for the rest
02:19of the year. I think we're going to spend about 300 million dollars more in investment. And then
02:24once we have NFL season roll around, that's when we'll see really whether that investment pays off
02:28and, you know, kind of who is on top in prediction markets at that time. But who knows what's going
02:32to
02:32happen by then, Craig. You have 20 lawsuits playing out in over a dozen states. Maybe the Supreme Court
02:37will get involved. It's still very uncertain. But I think in the meantime, companies kind of have a clear
02:42vision of what we're going to do in the interim.
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