00:00We'll start off with Polymarket adding multi-leg contracts to their sports operation here.
00:06And just simply put, this is not something we thought that event contract companies would do
00:10a year ago. But, you know, now that they've kind of slid themselves into the sports betting space,
00:14it's only natural that they all are going to take advantage of what people like to bet on most or
00:19predict on most, which is, of course, parlays and not calling it parlays. But guess what? It is.
00:25Yeah, Craig, I think I found my new favorite term for a product that's not gambling,
00:30but definitely probably is gambling. It's called a combinatoric athletic outcome contract.
00:37Combinatoric athletic outcome contract is what is now calling their new parlays,
00:43which they're going to launch any day now, which we've seen Kaoshi obviously make a similar move.
00:47And to your comment about, you know, not thinking that exchanges would ever do this,
00:52I don't think that anyone, when they passed the law in, I think the 1930s, that allowed the CFTC to
00:58exist, that allowed these, you know, contracts to be traded on the outcomes of grain prices and
01:04weather prices and other, you know, sort of prediction activities. Nobody ever thought that
01:10you would have sports event contracts traded on these platforms and certainly not parlays,
01:14which obviously if you're tuned into this network, you know, are the cornerstone of sports books.
01:20They really are the reason that sports books became profitable in the first place. They're
01:24America's favorite bet types. They allow you to combine multiple bets together, kind of an all
01:29or one sort of situation where you receive a larger payout for a smaller stake. So no surprise now that
01:37they're getting into the sports space that more exchanges are doing this. Polymarket,
01:41obviously their biggest rival is Kaoshi, which did this earlier, or I should say late last year,
01:47rather, in the middle of the football season, launched parlays. And it's been a good business
01:52for them. Kaoshi's grown their business to about 20% of all trading activity that happens on Kaoshi
01:58is now a parlay. And I think about 85% of all the activity that happens on Kaoshi as well
02:04is sports
02:04in general. So Polymarket, you know, they were out of the US for a long time. They relaunched their US
02:10offering just recently. They've been operating largely offshore. So this is part of them trying to ramp up and
02:16compete with Kaoshi, which certainly has been dominating all the headlines when we talk about
02:19prediction markets and just sports betting beyond that rather. So it'd be interesting to see how the
02:25product actually looks once it gets up to speed. And yeah, it's going to be an interesting one to
02:30keep following as, you know, the prediction market space keeps blurring into sports betting.
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