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SportsTranscript
00:00the senate getting involved on uh to figure out whether or not these should exist that's really
00:04the bottom line uh what are prediction markets let's educate people here these are companies
00:10that basically have listed the possibility of you putting money on something that can be predicted
00:16in the future does it sound like sports betting yes it does do they say it's sports betting no
00:22they don't so naturally sam eventually this summer or in the fall this is going to come to a head
00:28one way or the other sam prediction markets are going to either be eliminated or they're going to
00:34pop up everywhere around the united states and sports betting is going to be the wild wild west
00:39yeah and by the way craig they already are popping up everywhere if you open up a robin hood app right
00:47now you can not only uh pay for your uh finance your uber eats order or your doordash order but
00:53you can be asked if you want to bet on the outcome of a game but like you so eloquently put it
00:57not actually betting you just had to use a lot of words to explain what the actual process was
01:03and then you have to take five seconds and say wait that sounds a lot like sports betting and for
01:07lawmakers it's the same they just held a hearing this week on the new uh nominee to head the cftc
01:13which supposedly is going to be the agency that figures all this out when this comes to a head this
01:19summer they've talked about having a hearing to be the first step of figuring out what the heck we do
01:25in this process because you've had companies like calci polymarket just launch these markets in 50
01:30states and say whoa we're not sports betting we can keep acting and by the way they don't have to
01:36get any of their markets approved by anybody they can offer whatever whenever because they operate
01:41via a self-certification process meanwhile the cftc has done nothing there's a new commissioner that's
01:46been nominated the senate is hearing the nomination and trump's nominee to head the cftc which is supposedly
01:54going to figure out whether these prediction markets are sports betting or whether they are not
01:58like you put it craig he is actually a board member of calci which is the biggest company in this space
02:03he was grilled by senators at the hearing this week about potential conflict of interest he said he'll
02:08recluse himself uh if he gets nominated but a lot of senators have brought up the fact that you know
02:13you'll still kind of have a bias against us so on top of that donald trump's son donald trump jr
02:19is also a member of calci and works for that company so it'd be very favorable for the administration
02:25and the guy who has been nominated to figure this all out if this stuff continues meanwhile other people
02:32have called for them to reject his domination i think only about nine cabinet members or federal
02:36agency members have ever been rejected in u.s history the last one being in 1983 so that would be
02:42very unlikely uh but it is possible that he withdraws his name if this gets enough kind of attention
02:47about the potential conflict of interest so they're going to decide on this process in the coming
02:53weeks whether he's confirmed or not um but it just adds to the growing uncertainty around this crazy
02:57prediction market stuff which again is technically not sports betting but it kind of is