Nevada Clamps Down on the Unregulated Betting Markets

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00:00Okay, so the state of Nevada stepping up here and basically, Pat, and I read the story of

00:05Legal Sports Report.

00:06We also followed the story last year.

00:07The state of Nevada has come out and basically said, hey, look, if you're going to let everybody

00:12open up sports betting markets, including prediction markets, and we can't guarantee

00:16to have this responsible gaming and things of that nature, that's sort of what they're

00:20saying here.

00:21And I guess I would ask you the question, Pat.

00:23They're really aiming at this company called Calshi, which has been around for a long period

00:27of time.

00:28You want to predict who's going to win the Golden Globe.

00:31You want to know who's going to win the president.

00:33You can wager or whatever bet, predict on those sort of things.

00:37Opening weekend at the box office.

00:39Some very non-outcome when it comes to sports prediction-based analysis here.

00:45And it seems to me that they just don't want them operating at all because, again, these

00:49are not things that were common in the United States in the past.

00:52What do you think that the real reason behind Nevada doing this is?

00:55Yeah, so Calshi really, I think, started getting a lot of buzz with the November election and

01:01started with election betting.

01:02But then come the Super Bowl, it started opening up to sports markets.

01:07And then we're seeing more.

01:08And you've even got other operators like Robinhood, the commercial trading, day trading, consumer

01:15app.

01:16You know, they're looking at doing it.

01:18Crypto.com's thought about doing it or is doing it.

01:22It's interesting because it is regulated at a federal level now with the CFTC saying

01:26it's okay.

01:27You know, there's some nuances there that you can dive into and they're going to start

01:31looking at it with some roundtables here soon.

01:34But the Nevada gaming regulators say, no, you can't do it in our state, which brings

01:39an interesting question of kind of what happens now if it's regulated at a federal level for

01:43nationwide in every state to the Nevada regulators saying, get out, you can't do it here.

01:49There could be some interesting battles there coming up.

01:52But really it comes down to, I think Nevada regulators, you know, gaming is Nevada's thing.

01:57They love it.

01:58They have regulated it a long time.

02:01They're always ahead of kind of keeping people, offshore operators out of there.

02:06You know, Bovada was one of, it was the first state Bovada was, you know, restricted users.

02:11And now that that number is up to 17 states or something like that.

02:14But basically, yeah, they just, they want to regulate the gaming that goes on in Nevada.

02:19That's what Nevada is known for.

02:21That's what they need to keep on lockdown.

02:25And so they do, we'll see what happens if Cal, she pulls out or if there's a lawsuit

02:31or what happens, we'll see.

02:33But yeah, basically it was like, if you're not regulated to do it and our sports books

02:37aren't allowed to offer what you're offering, this is not okay.

02:40And that's where we're at.

02:41And we'll see what happens.

02:43It will be interesting to see if other states kind of follow suit, you know, a state like

02:48Michigan here, which we talk about a lot recently in sending seasoned assist to offshore operators.

02:53They've sent something like 20.

02:55It wouldn't kind of surprise me to see them follow suit and say, Hey, if Nevada's, you

02:59know, the leading gaming regulator of, in a lot of ways says, no, you can't do it while

03:04we're going to follow suit and do that as well.

03:06So we'll see what happens if, if there's any action from Cal, she to say, Hey, no, we're

03:13going to stay here or challenges legally or what, or if more states follow suit.

03:18And I don't know, it's just kind of an interesting new development in these kinds of, I mean,

03:24it is federally regulated, but gray market, you know, operators that we were seeing pop

03:29up that are finding loopholes, you know, like the DFS 2.0 saga we saw two years ago and

03:35still trying to see, or the sweepstakes things we've been talking about more and more recently.

03:41So yeah, Nevada just saying, Hey, let's let's keep it regulated in by us.

03:47And if you're not, you can't operate here.

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