Bovada's Surprising Compliance in Sports Betting Regulation

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00:00Let's get started and talk about the offshore market and lead off with Bovada, a company

00:08that used to be supremely popular all over before the legalization of sports betting.

00:12They have been deemed restricted now in more than a dozen states, and they seem to be complying

00:18with that, which I guess was my biggest surprise.

00:21Yeah, I agree with you there, Craig.

00:25The fact that these guys are offshore and so, you know, kind of by definition, they're

00:30not regulated in the U.S. to operate.

00:32So I know that there are plenty of people that want to argue that, yes, it is legal

00:36to bet with offshores.

00:37No, it's not.

00:39Let's get outside of that for a second.

00:40The fact that they are just complying with this is surprising to me.

00:45And you know what, Craig?

00:47Maybe it is a situation where Bovada wants to break good at some point.

00:53Maybe they want to get on the good side of these regulators.

00:56We saw that before with Five Dimes coming to a deal with the U.S. Attorney General and

01:02paying some fines and all that kind of stuff.

01:05So I don't know.

01:07There's two things that get me right now, Craig.

01:09One, I don't really understand why Bovada is complying.

01:11It's great that they're complying for the regulated sports betting industry.

01:15But yes, it confuses me why they're complying.

01:17And two, why is Bovada the only one that we're focusing on?

01:21And I understand that it's probably difficult because we don't always know where these offshores

01:29are located, right?

01:30It sounds like we got a tangible physical address for Bovada.

01:35And so they were able to actually serve them with legal documents.

01:40And that appears to be the why for now.

01:43But there are plenty of other offshores not named Bovada that do big business, Craig.

01:48And it's interesting because when the industry was being legalized, such a large part of

01:55it was bringing it into the light, getting people off of the offshores.

02:00And while that certainly has been something that everybody has wanted to do, there's not

02:05really an easy way to do that, is there?

02:09And it seems interesting now that we have the state rollout slowing down.

02:14We still have operators seeing their revenues grow because they're doing certain things

02:20and they're getting more out of older customers than they thought they might.

02:23But it is interesting now that we are entering this slower stage of sports betting.

02:28And now it seems to be like, oh, hey, we need to shut them down.

02:31We should shut them down.

02:32Let's shut them down.

02:33It's bad for the industry.

02:34Well, maybe it's bad for your bottom line.

02:36I don't know.

02:37But we're going to keep an eye on this.

02:39We'll keep watching what Bovada does.

02:42Like I said, there's bigger fish out there.

02:45And I'm interested to see where kind of that next step takes us.

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