Business of Betting Podcast

On this episode of the Business of Betting podcast, Jeff Edelstein is joined by Peter Schoenke, CEO of Fantasy Life and longtime fantasy sports entrepreneur, for a wide-ranging discussion on the evolution of fantasy sports, the early days of RotoWire, regulation, Daily Fantasy Sports, AI, and the future of the fantasy sports industry.

 

Hear them discuss:

Peter Schoenke's journey from financial journalism to founding and building RotoWire into a major fantasy sports business.

How fantasy sports worked before the internet and how real-time player information transformed the experience for fantasy players.

The legal battles and regulatory developments that helped establish fantasy sports as a legitimate industry.

The rise of Daily Fantasy Sports and how FanDuel and DraftKings reshaped the market.

Why Peter believes there is still room for innovation despite the dominance of major fantasy sports platforms.

How AI could create more personalized fantasy experiences, from league-specific analysis to customized content and tools.

Why fantasy sports growth is increasingly driven by existing players participating in more leagues, formats, and contests.

The differences between fantasy sports and sports betting, particularly the importance of competition, community, and bragging rights.

The growth of newer formats such as best ball and guillotine leagues and their role in making fantasy a year-round activity.

Peter's vision for Fantasy Life and the tools, content, and products he believes can shape the next generation of fantasy sports.

 

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On Episode 304 of the Business of Betting podcast, Jeff Edelstein is joined by Adam Bjorn, CEO of Plannatech Group, for a wide-ranging discussion on his three decades in sports betting, Prime, prediction markets, U.S. regulation, and the future of the industry.

 

Hear them discuss:

How Adam got his start in sports betting in Australia and the cultural influence of the Melbourne Cup.

Why America's growing gambling and gaming culture could create risks as sports betting, prediction markets, and iGaming expand.

The challenges of operating across 50 different U.S. regulatory environments, including taxes, market-access costs, and the federal excise tax.

Why Adam decided to acquire Prime and the opportunity he sees in competing for customers in the unregulated market.

How prediction markets are attracting professional, syndicate, and recreational bettors away from traditional sportsbooks.

Why Adam believes prediction markets are not a new concept and how the U.S. market's liquidity and large consumer base have accelerated their growth.

How the World Cup became a major coming-out party for prediction markets, with enormous trading volumes on platforms like Kalshi and Polymarket.

Why Prime is focused on grassroots growth, customer service, and carving out a niche rather than competing with the industry's biggest marketing spenders.

Adam's experience with U.S. regulators and why he believes changes to taxation could make the regulated sports betting market more sustainable.

The evolution of sports betting over Adam's 30-year career, from handwritten ledgers and phone betting to live betting, massive data availability, and AI-powered betting insights.

 

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On Episode 303 of the Business of Betting podcast, Jeff Edelstein is joined by Jonathan Cohen, Policy Lead at the American Institute for Boys and Men and author of Losing Big, for a wide-ranging discussion on sports betting regulation, the challenges facing young men, prediction markets, gambling education, dopamine-driven technology, and the future of responsible gambling policy.

 

Hear them discuss:

Why Jonathan believes sports betting should remain legal, but argues its rapid post-PASPA rollout lacked the guardrails needed to protect younger and more vulnerable consumers.

How the challenges facing boys and young men from economic uncertainty to shifting ideas of masculinity can make gambling, prediction markets, and other high-risk activities especially appealing.

Why gambling should be viewed alongside crypto, day trading, collectibles, online casinos, social media, and other dopamine-driven products competing for people's attention.

Whether sportsbooks, prediction markets, and regulators should introduce more friction through default betting limits, waiting periods, and restrictions on high-frequency betting products like microbets.

Why Jonathan believes prediction markets may pose even greater consumer risks than traditional sportsbooks by marketing themselves as opportunities to make money.

How advertising shapes public perception of gambling, investing, and financial success, and why younger bettors may be especially vulnerable to those messages.

The similarities between gambling, alcohol, pornography, social media, and other modern technologies that exploit the brain's dopamine reward system.

Jonathan's outlook on the future of gambling regulation, why today's debates may look very different five years from now, and what reforms he believes are both realistic and achievable.

Jonathan's unexpected work as a Bruce Springsteen scholar, what he learned from studying Springsteen's fanbase, and why great art means something different to every listener.

 

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On Episode 302 of the Business of Betting podcast, Jeff Edelstein is joined by Zack Panos, founder of 4Casters, for a deep dive into the future of prediction markets, peer-to-peer betting, and the evolving sports betting ecosystem. 

Hear them discuss:

Zack's journey from learning poker and risk management as a child to founding 4Casters and building a peer-to-peer betting exchange.

Why prediction markets have gained momentum, how they differ from traditional sportsbooks, and why California and Texas have become key battlegrounds for their growth.

The future of liquidity, market makers, pricing, and why Zack believes betting odds will eventually become a commodity across platforms.

Whether prediction markets are here to stay, the regulatory challenges ahead, and why Zack expects sportsbooks and prediction markets to ultimately converge into a similar user experience.

How betting and prediction markets encourage probabilistic thinking, improve decision-making, and could reshape how people consume news and information.

The growing "gamblification" of society, the impact of AI on entertainment and gambling, and why gambling education should become a much bigger priority.

Why Zack believes the industry's biggest opportunity lies in creating customer-friendly products that emphasize long-term engagement over maximizing player losses.

4Casters' long-term vision, lessons learned from fundraising, and Zack's strategy for building a sustainable betting business designed for the next generation of sports bettors

 

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On Episode 301 of the Business of Betting podcast, the tables are turned as Third Planet CEO Adam Small takes over hosting duties to interview Jeff Edelstein. Together, they reflect on the evolution of the U.S. sports betting industry since PASPA, debate prediction markets, discuss the future of gambling regulation, and explore why the industry's biggest challenges may still lie ahead.

Hear them discuss:

The rise and growing pains of the regulated U.S. sports betting market since PASPA was repealed

Why higher tax rates, betting limits, and shifting regulation have changed the industry's outlook

Looking back at the "gold rush" era of sports betting and whether those opportunities still exist

Why community remains one of sports betting's biggest untapped opportunities, from live events to social experiences

How DFS paved the way for products like PrizePicks, Kalshi, and prediction markets

The ongoing debate over what qualifies as gambling versus financial trading

Whether prediction markets can justify their soaring valuations and challenge established sportsbooks

Why DraftKings, FanDuel, and other incumbents may still be best positioned to dominate if prediction markets expand

The growing concern around gambling's influence on younger audiences and the need for gambling education in schools

Jeff's predictions for where sports betting, prediction markets, and the broader gambling industry are headed over the next decade

 

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