00:00All right, the first of which is a gigantic attaboy to Alex Cain and SportTrade.
00:06They received a CFTC approval to be a designated contract market, i.e. prediction market.
00:15The quote from Alex Cain on the press release that came out yesterday,
00:19receiving our DCM and DCO registrations from the CFTC is a true full circle moment for our company.
00:28We founded SportTrade on the principle that sports markets deserve the same high-performance structure,
00:35tight pricing, and regulatory integrity as traditional financial markets.
00:40By operating as both the exchange and the clearing venue,
00:43we are empowering broker partners with superior market quality
00:47while giving sophisticated traders the liquidity, transparency, and service they demand.
00:52In addition to our exchange business, we're pleased to have begun clearing discussions
00:56with several exchanges who have understood SportTrade to be a market leader on exchange
01:01in clearing technology over the past five years.
01:05These guys did it the right way.
01:08These guys represent themselves the right way, as Dave called him, Big Red.
01:13One Mr. Alex Cain.
01:15Standing ovation.
01:16Congratulations.
01:17So happy for SportTrade.
01:19Friend of the program, former sponsor of the Bostonian versus the book,
01:23former weekly guest of the Bostonian versus the book,
01:26a guy who we couldn't, I couldn't, everyone who's in our world could not be happier for.
01:32As I've said numerous times, I am not anti-prediction market.
01:36I am not anti those people trying to do it the right way.
01:39I am anti-lying, not having integrity.
01:44I am anti those that love to say that what they are doing is not sports gambling.
01:49You will see numerous quotes from Alex Cain.
01:53Walks like a duck, talks like a duck.
01:55He's saying, look, we're not lying.
01:57We want to operate in this current world, but what we are taking, this is sports betting.
02:02Like this is sports gambling.
02:04Now, we're not going to use those words because everyone else is so afraid to talk about this openly
02:10because they think if they call it what it is, people in states are going to come down hard.
02:15But remember, this is SportTrade.
02:17SportTrade has been licensed in states like New Jersey and Pennsylvania.
02:20SportTrade has done it the right way.
02:22SportTrade has been vetted.
02:23SportTrade has paid the licenses.
02:25SportTrade has done and paid taxes.
02:27They've done the right thing.
02:29They're just currently operating and now on the playing surface that's been set up by the government.
02:34So if you say these are the rules and SportTrade is playing by the rules, I'm all in on SportTrade
02:41doing this.
02:41I'm all for SportTrade.
02:43I'm all for any book doing this if they do it by the rules.
02:47Now, do I think everything changes today?
02:50It's election day.
02:51We'll talk about it during my favorite thing about today, but it's election day.
02:55Do I think everything changes?
02:57Yeah, I do.
02:58Okay.
02:58So this is going to change.
03:01But in the moment today, until the Supreme Court or until we swear, I mean, all these new politicians don't
03:08get sworn in until next January.
03:09So we got a while, we got three months or plus to go here and then they've got to do
03:14committees and then they've got to pass laws and like we're a ways away from the current landscape being changed
03:19here.
03:20I just think the CFTC, Mike Seelig will be out pretty fast and they will restaff the CFTC and they
03:28will go and they will investigate any type of market that is somewhat corrupt, which I think we're going to
03:33find out.
03:34There's been a lot of corruption in the prediction marketplaces unchecked because the CFTC, which used to have a huge
03:40office in Chicago full of regulators, has been gutted by this government and completely thrown out.
03:45And so there's nobody in that market.
03:47There's nobody in that office anymore to investigate the securities, the issues, the fraud, the rampant corruption that's been going
03:54on in the prediction market space.
03:56There's no one to pay attention to.
03:57So once that happens, I think you will see companies like Sportrade, they will be shown, a light will be
04:06shown on them as, hey, these guys did it the right way.
04:10So I'm a huge fan of Alex Cain, huge fan of what Sportrade did.
04:14So bravo, congratulations, hugely happy for what has happened with Alex Cain.
04:20And that's not a paid for endorsement.
04:22Okay, they're former sponsors years ago, but I am a very big fan of what happened with Sportrade.
