Business of Betting Podcast

On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Danny Funt, journalist and author of Everybody Loses: The Tumultuous Rise of American Sports Gambling, for an in-depth conversation on the legalization of sports betting, industry incentives, responsible gambling, and how betting is reshaping sports culture.

 

Hear them discuss:

00:00 – Danny’s background covering sports betting, the origins of Everybody Loses, and why he wanted to avoid writing a one-sided hit piece on the industry

03:00 – The historical context behind legalized sports betting, from early league opposition to the post-PASPA explosion

06:00 – Reporting challenges, access issues, and which major operators and leagues declined to participate in the book

08:00 – VIP bettors, sportsbook incentives, and why a small group of customers drives a disproportionate share of industry revenue

11:00 – Sports betting, cultural gamification, and concerns around youth exposure and normalization

15:00 – Responsible gambling efforts inside sportsbooks and what surprised Danny most during his reporting

19:00 – Team partnerships, exclusive VIP perks, and how access to sports experiences is used to retain high-value bettors

22:00 – Where the industry is making progress, including funding for treatment and counseling

24:00 – Prediction markets, DFS parallels, and the regulatory gray areas creating friction with lawmakers

28:00 – How betting changes fandom, emotional investment, and the way fans experience sports

31:00 – Industry reaction to the book, media framing, and what Danny hopes comes next for sports betting regulation

 

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On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Adam Chernoff, sports betting analyst and founder of adamchernoff.com, for a wide-ranging conversation on betting markets, media, content, and where value still exists in an increasingly efficient ecosystem.

 

Hear them discuss:

00:00 – Adam’s unconventional career path across betting, media, casino operations, and content creation, and why labels don’t fully capture his role in the industry

05:00 – How betting markets have evolved over the past decade, why edges are harder to find, and what that means for modern bettors

09:30 – The growing influence of narrative, media personalities, and public perception on betting lines and market movement

14:00 – Why information is no longer the advantage it once was, and how execution and discipline now matter more than raw insight

18:30 – Content vs. betting: how Adam thinks about building trust with an audience without selling false certainty or hype

22:30 – The role of technology, data, and automation in betting, and where human judgment still outperforms models

26:00 – Why most bettors misunderstand bankroll management, risk tolerance, and long-term sustainability

30:00 – Adam’s perspective on prediction markets, pricing efficiency, and whether they truly threaten traditional sportsbooks

34:00 – Media incentives, engagement-driven content, and the tension between education and entertainment

38:00 – What Adam would focus on today if he were starting over in the betting industry

 

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On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by John Gordon, Founder & CEO of Incentive Games, for a deep dive into free-to-play gaming, behavioral science, and why engagement—not acquisition—is becoming the most valuable currency in modern iGaming. 

 

Hear them discuss:

00:00 – John’s background in chemical engineering and how an analytical mindset shaped his approach to gaming and product design

02:30 – Buying and running a fifth-division football club in Cyprus and the surprising parallels between sports ownership and gaming

05:00 – The origins of Incentive Games and how an early fantasy betting concept evolved into a global free-to-play platform

07:00 – The psychology behind free-to-play games: motivation, habit formation, and why engagement beats bonuses

09:30 – Responsible gaming, regulation, and why free-to-play products can support safer player behavior

11:30 – Expanding into real-money games, including crash and arcade-style formats

14:00 – Why retention and engagement drive more long-term value than aggressive acquisition strategies

16:00 – How Incentive Labs uses data, cadence, and timing to optimize player experiences

18:00 – High-value players vs. bonus abusers and why free-to-play resonates with VIP audiences

20:00 – Innovation gaps in iGaming and where John believes the next big opportunities lie

24:00 – Personalization, volatility preferences, and the future of engagement-led game design

 

 

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This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.

On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Derek Stevens, Owner & CEO of Circa Resort & Casino, for a wide-ranging conversation on building one of Las Vegas’ most distinctive properties, the evolution of sports betting, the explosion of Circa Survivor, and why prediction markets pose an existential threat to state-regulated gaming.

Hear them discuss:

00:00 – Fremont Street’s resurgence, Circa’s role in downtown Vegas, and designing an elevated experience beyond hotel guests
04:30 – Vegas history, Steve Wynn’s influence, and why the Mirage changed casino design forever
09:00 – Stadium Swim skepticism, why investors doubted it, and how it became Circa’s signature attraction
11:00 – Derek’s unlikely path from Michigan manufacturing to casino ownership and the family business roots behind it
15:00 – The Stevens brothers’ partnership, division of responsibilities, and why it’s worked for decades
17:00 – Circa Sports’ expansion into online betting, proprietary technology, and choosing where the model actually fits
20:00 – State tax revenue, problem gambling funding, and why prediction markets undermine the regulated ecosystem
22:00 – DraftKings, FanDuel, and Fanatics entering prediction markets and why Derek believes it puts future licenses at risk
23:30 – The origin story of Circa Million and Circa Survivor and how Survivor became lightning in a bottle
25:00 – Circa Survivor’s growth to a $18.7M prize pool, five perfect entries, and why the contest resonates emotionally
27:30 – Derek’s pitch for Circa: sunshine, Stadium Swim year-round, best-in-class rooms, and real value in Vegas

 

 

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This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.

On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Adam Levitan, Co-founder of Establish The Run, to discuss the evolution of DFS, building durable betting media businesses, and what it really takes to maintain an edge in a competitive gambling landscape.

Hear them discuss:

00:00 – Lifestyle shifts, Colorado living, and opening banter
02:40 – Adam’s early career at Rotoworld and the founding of Established The Run
05:45 – Building ETR as a business: scalability, partnerships, and key-man risk
07:30 – The DFS boom, legacy media missteps, and leaving NBC
10:30 – DFS longevity, legality, and comparisons to poker ecosystems
13:45 – Content strategy, niche audiences, and the rise of solo pods
17:15 – Tournament vs. cash play and setting realistic bettor expectations
20:45 – Staying competitive: data investment, modeling, and hiring elite talent
25:00 – Parenting, gambling conversations, and work–life balance
31:00 – Sustainability, identity, and long-term thinking in betting and business

 

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---
This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.