Business of Betting Podcast

On Episode 298 of the Business of Betting podcast, Jeff Edelstein sits down with ESPN sports betting reporter David Purdum to discuss the evolution of the betting industry, the rise of prediction markets, AI's impact on journalism, responsible gambling, and the integrity challenges shaping the future of sports wagering.

Hear them discuss:

David Purdum's journey from newspaper journalism to becoming ESPN's leading sports betting reporter

How the sports betting industry has evolved from offshore books to legalization and today's prediction market era

Why AI is becoming an essential tool for journalists and how it improves reporting and research

The future of prediction markets and whether they can coexist with traditional sportsbooks

The rise in betting integrity scandals and why player prop markets deserve closer scrutiny

Responsible gambling, operator accountability, and the challenges of protecting vulnerable bettors

Why gambling addiction is often called the "hidden addiction" and the unique risks it presents

The need for gambling education in schools and whether the legal betting age should be increased

How gambling mechanics are expanding beyond sportsbooks into prediction markets, collectibles, and gamified products

David's approach to balancing a fast-paced reporting career with coaching youth soccer and maintaining perspective

 

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On this episode of the Business of Betting Podcast, Jeff Edelstein sits down with Peter Hammon, gaming attorney and consultant at Vela Wood, to discuss prediction markets, exchange wagering, regulatory risk, and the legal battles that could shape the future of sports betting in America. 

 

Hear them discuss:

Why prediction markets have created a modern-day gold rush for operators, market makers, and investors looking to capitalize on a rapidly evolving opportunity

The growing role of market makers and liquidity providers operating across sportsbooks, prediction markets, and international trading platforms

How companies like Kalshi, Polymarket, Fanatics, Novig, and Sporttrade are positioning themselves for a future where prediction markets and sports betting increasingly overlap

The legal and regulatory risks facing businesses operating across both state-regulated sportsbooks and federally regulated prediction markets

Whether prediction markets have become too big to fail and why Peter believes the ultimate question centers on state versus federal authority over sports wagering

Why Kalshi is emphasizing non-sports markets as it prepares for future legal and regulatory challenges

The similarities between prediction markets, exchange wagering, poker, and peer-to-peer betting models, and why many of these concepts have existed for years under different names

Peter’s journey into gaming law, from launching the UCLA Gaming Law Association to joining Smarkets and helping shape the early exchange wagering movement in the United States

How Daily Fantasy Sports helped pave the way for PASPA’s repeal and fundamentally changed the trajectory of legal sports betting in America

California’s ongoing sports betting stalemate, the leverage prediction markets may be giving tribal operators, and why the state's unique geography continues to shape the debate

 

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On this episode of the Business of Betting Podcast, Jeff Edelstein sits down with Chris Dierkes, Head of Trading at Novig, to discuss exchange-based betting, prediction markets, bankroll management, and the future of the sports betting industry. 

 

Hear them discuss:

Why Chris believes betting exchanges provide better value for consumers through tighter pricing, lower fees, and increased flexibility

The differences between traditional sportsbook cash-out features and exchange trading, and why bettors should understand the hidden costs involved

Whether exchanges are actually safer and more consumer-friendly than sportsbooks despite the learning curve for new users

Novig’s strategy for competing with prediction market leaders like Kalshi and Polymarket in an increasingly crowded marketplace

The challenge of convincing recreational bettors to prioritize price and value over promotions, bonuses, and brand familiarity

How Chris uses the Kelly Criterion to manage risk and determine position sizing when betting with significant edges

The thought process behind placing million-dollar wagers and why bankroll management matters more than headline bet sizes

Lessons learned from building a betting operation, scaling a bankroll, and overcoming the limitations imposed by traditional sportsbooks

The regulatory uncertainty surrounding prediction markets and how potential Supreme Court involvement could shape the industry's future

Why Chris chose to move from professional betting into exchange operations, and what he sees as the biggest opportunities ahead for market-based wagering

 

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On this episode of the Business of Betting Podcast, Jeff Edelstein sits down with David Woodley, sports betting entrepreneur, investor, and advisor to companies including Edge Markets and Speed Labs, to share his perspective on prediction markets, gambling’s place in society, and the startups building the next generation of betting products.

 

Hear them discuss:

Why gambling should be viewed more like alcohol, something most people can enjoy responsibly rather than through an all-or-nothing lens

The rise of prediction markets, the regulatory battles surrounding them, and why younger founders are reshaping the industry

David’s work with Edge Markets and how the company is reducing payment friction for bettors, sportsbooks, and prediction market traders

The evolution of Speed Labs from a survivor pool game into a real-time prediction market platform powered by proprietary micro-market technology

Why David believes betting “pick services” are often overrated, while niche businesses focused on solving one problem exceptionally well remain underrated

The parallels between gambling, entrepreneurship, collectibles, investing, and other forms of risk-taking

How gambling education could benefit from the same practical approach used for alcohol and financial literacy

The opportunities and challenges facing startups building products around prediction markets and sports gaming

Lessons learned from building, investing in, and advising companies across the betting ecosystem

A lighthearted discussion on sports fandom, heartbreak, and why Vikings and Mets fans share a special bond

 

 

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On this episode of the Business of Betting Podcast, Jeff Edelstein sits down with Alfonso Straffon to discuss his journey from Costa Rica’s offshore sportsbook boom to Wall Street bond trading and back into sports betting through the rise of prediction markets.

 

Hear them discuss:

Alfonso’s unique career path through offshore sportsbooks, finance, equity research, and prediction markets

The evolution of sports betting from credit bookmakers and offshore operators to online, mobile, and in-play betting

How PASPA changed the industry and reshaped the future of offshore sportsbooks

Why Matchbook believes sports prediction markets and betting exchanges can thrive alongside traditional sportsbooks

The similarities between financial markets, bond trading, sports betting, and prediction market price discovery

The opportunities and regulatory risks facing prediction markets in the United States

How operators like DraftKings, FanDuel, Kalshi, and Matchbook may compete in the next phase of market evolution

The impact prediction markets are having on offshore sportsbooks and betting behavior in unregulated states

Why Alfonso believes exchange-style betting offers better economics and longevity for bettors

His vision for Matchbook’s U.S. launch and the future of sports-focused prediction

 

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