On this special crossover episode of the Business of Betting podcast and Zero Latency: An Eilers & Krejcik Gaming Podcast, Jason Trost of Smarkets sits down with Brad Allen to explore the state of prediction markets, CFTC licensing, the regulatory battle over sports betting, and the future of exchanges in both the U.S. and U.K. Hear them discuss: 01:08 – Why “prediction markets” are just rebranded betting exchanges in the U.S. 02:29 – The CFTC application path and why Smarkets is going for a...
Jun 27, 2025•21 min•Ep. 252
On this episode of the Business of Betting Podcast, Jason is joined by Tony Trzeciak, angel investor and founder, to talk about betting data, AI, personal resilience, and one of the most powerful personal stories ever shared on the show. Content Disclaimer: This episode contains discussions of trauma, addiction, suicide, and recovery. Listener discretion is advised. Hear them discuss: 01:48 – How Tony’s paralysis and AI intersected, leading to startup innovation 03:27 – The life-changing moment ...
Jun 20, 2025•44 min•Ep. 251
On this episode of the Business of Betting Podcast, Jason returns for another Office Hours session, where he answers listener questions about the betting industry, regulation, funding strategy, and more. Hear him discuss: 02:00 – What Jason thinks about Illinois' new per-bet tax and FanDuel's surcharge from the perspectives of lawmakers, operators, and consumers 05:40 – Why the SBC America’s Conference was buzzing about prediction markets and federal regulatory potential 07:49 – What Jason learn...
Jun 13, 2025•17 min•Ep. 250
On this episode of the Business of Betting Podcast, Jason is joined by Daniel Wallach, sports law expert and founder of Wallach Legal. Hear them discuss: 04:35 - Daniel's leap from traditional law to sports betting and the challenges involved 06:08 - How Daniel became one of the first legal experts writing about sports betting 06:45 - The evolution of legal betting in New Jersey and Daniel’s early contributions 06:54 - Why appellate courts and the Supreme Court often get involved in major politi...
Jun 09, 2025•56 min•Ep. 249
On this episode of the Business of Betting podcast, Jason is joined by Tom Waterhouse, Managing Partner at Waterhouse VC and fourth-generation bookmaker. This episode was recorded in-person at the SBC Summit Americas in Fort Lauderdale. Hear them discuss: 01:06 – Tom’s family legacy and the founding of tomwaterhouse.com 02:13 – Australia’s gambling market and why racing still dominates 03:35 – No in-play sports betting and its impact on the industry 05:04 – The rise of online racing and round-th...
May 16, 2025•32 min•Ep. 248
On this episode of the Business of Betting Podcast, Jason is joined by Jesse Learmonth, host of the Betting Startups Podcast, who guest-hosts to interview Jason about his company, Smarkets, and its current efforts to raise $50,000,000 from investors. Hear them discuss: 09:37 - What it means for a company to raise money from investors 13:00 - Why Jason is going back to raise capital again for Smarkets 14:26 - The difference between raising money from angels vs. institutional investors 20:40 - How...
May 09, 2025•43 min•Ep. 247
On this episode of the Business of Betting podcast, Jason is joined by Katie Bo Lillis, CNN intelligence reporter and author of Death of a Racehorse: An American Story. Hear them discuss: 01:06 – Katie’s rural upbringing and start at the racetrack 02:28 – From walking hots to bloodstock reporting in Saratoga 03:10 – Thoroughbreds, quarter horses, and racing’s breed confusion 04:21 – How horse racing thrives globally in Ireland and Hong Kong 05:13 – Racing’s financial dependence on gambling and t...
May 02, 2025•40 min•Ep. 246
We're bringing back one of our all-time most popular episodes for a special re-release! Originally aired last year, this conversation with Matthew Trenhaile was a fan favorite. Matthew is one of the sharpest minds in the sports betting world, and his insights into exchanges, market making, and the future of the industry are as relevant today as they were then. Hear them discuss: 02:41 – The Smarkets origin story, and why Jason thought an exchange was needed 08:59 – How Smarkets almost became a s...
Apr 25, 2025•1 hr 8 min•Season 1Ep. 245
On this episode of the Business of Betting Podcast, Jason is joined by Thomas McGrath, Chief Revenue Officer at TXODDS. Hear them discuss: 01:29 - The founding story of TXODDS and its early product evolution 02:57 - Jason’s experience using TXODDS as a customer 04:06 - The role of TXODDS in data origination and live scouting 05:16 - Addressing historical issues with soft pricing and long-tail market coverage 06:10 - How TXODDS approaches market coverage and their Fusion feed upgrade 08:51 - Impr...
Apr 11, 2025•26 min•Season 1Ep. 244
On this episode of the Business of Betting Podcast, Jason returns for another Office Hours session, answering listener questions and reflecting on Smarkets’ journey, product-market fit, and the future of U.S. regulation. Hear him discuss: 03:00 – Lessons from building a global trading platform 04:50 – What Jason would’ve done differently with Smarkets 08:40 – Why sports betting should be separate from casino 10:40 – Ethics of limiting sharp bettors 13:00 – How his leadership style has evolved ov...
Apr 04, 2025•19 min•Season 1Ep. 243
On this episode of the Business of Betting podcast, Jason is joined by Roger Ehrenberg, founder of Eberg Capital and a seasoned investor with a background in Wall Street and venture capital. Hear them discuss: 05:43 - From Wall Street to sports: Jason’s trading roots and the power of price in investing 07:06 - Roger’s seed investing strategy: founders, pricing, and the long game in sports 09:58 - Luck, skill, or timing? Unpacking Roger’s unicorn wins in sports and beyond 12:32 - High stakes, big...
Mar 21, 2025•47 min•Season 1Ep. 242
On this episode of the Business of Betting podcast, Jason is joined by Alex Kane, CEO and founder of Sportrade. Hear them discuss: 03:13 - Alex’s balanced take on Trump’s policies, including the Department of Government Efficiency 07:43 - The evolving world of betting exchanges 08:33 - Alex on the potential of a CFTC-regulated betting exchange ecosystem 10:53 - Comparing the U.S. stock market’s competitive venues to betting exchanges 12:15 - Whether Sportrade is pursuing a DCM/DCO application 14...
Mar 14, 2025•33 min•Season 1Ep. 241
On this episode of the Business of Betting Podcast, Jason is joined by Travis Geiger, the CXO and Co-founder of WagerWire. Hear them discuss: 04:01 - How WagerWire was founded from a real-life betting moment 05:33 - What WagerWire does and how it creates a secondary market for sports bets 06:32 - The process of selling a bet through WagerWire 07:51 - How WagerWire ensures bet validation and handles settlement 09:10 - How operators react to WagerWire and their incentive to collaborate 10:06 - The...
Mar 08, 2025•27 min•Season 1Ep. 240
On this episode of the Business of Betting podcast, Jason is joined by Greg Wolfe, CEO and co-founder of The Wolfline. Greg, an options trader turned sports betting analytics expert and advocate for consumer protection, shares his unique perspective on the industry. Hear them discuss: 01:32 - How Greg got started in sports betting at just five years old 02:42 - His journey from betting and bookmaking to options trading 04:43 - Why he left the financial markets for sports betting analytics 07:50 ...
Feb 28, 2025•38 min•Season 1Ep. 239
On this episode of the Business of Betting podcast, Jason is joined by Manuel Stan, CEO of Catena Media. Hear them discuss: 01:01 - Manuel’s journey to Las Vegas and what it’s like calling it home 03:07 - An overview of what Catena Media does and its role in the sports betting ecosystem 04:03 - How shifts in the U.S. market are impacting Catena Media’s business 07:21 - How affiliates are evolving and why engagement is becoming more important 08:00 - Why Catena Media doesn’t operate its own sport...
Feb 14, 2025•23 min•Season 1Ep. 238
On this episode of the Business of Betting Podcast, Jason is joined by Mark Phillip, CEO and founder of MetaBet and Are You Watching This?! Hear them discuss: 01:03 - Mark’s take on life in Austin, Texas—Is it worth the hype? 06:30 - The changing landscape of sports media and viewership habits 08:20 - Will younger generations maintain the same level of passion for sports? 09:56 - How sports leagues are adapting to shorter attention spans 14:00 - Why finding where to watch your favorite sports is...
Jan 31, 2025•28 min•Season 1Ep. 237
On this episode of the Business of Betting Podcast, Jason is joined by Captain Jack Andrews, Co-Founder of Unabated. Hear them discuss: 02:20 - How Captain Jack's first trip to Las Vegas ignited his passion for gambling 06:10 - His advocacy for fairness in sports betting inspired by personal experiences with limitations 07:40 - Why he believes sports betting offers more edges than card counting 11:20 - Reflections on missed opportunities to influence early sports betting legislation 15:20 - How ...
Jan 24, 2025•46 min•Season 1Ep. 236
On this episode of the Business of Betting Podcast, Jason is joined by Steven Salz, Co-Founder and CEO of Rivalry, a Canadian company focused on serving a new generation of bettors with a mix of eSports, traditional sports, and gaming products. Hear them discuss: 01:53 - Steven’s view on Canada’s current state, including challenges in healthcare and housing 02:10 - The cost of living in Canada and its impact on citizens 10:49 - Why Rivalry avoided an RTO and opted for a direct listing 20:05 - Th...
Jan 17, 2025•37 min•Season 1Ep. 235
On this episode of the Business of Betting Podcast, Jason hosts an office hours session to kick off 2025. Hear him discuss: 03:40 - DraftKings’ latest attempt to monetize through subscription fees and his perspective on the move 05:30 - Bet365’s impressive revenue growth and its controversial market practices 08:50 - Reflections on the U.S. election results and expectations for Trump’s new administration 14:30 - Jason's New Year’s resolutions, including healthier habits and reduced screen time 1...
Jan 10, 2025•20 min•Season 1Ep. 234
On this episode of the Business of Betting Podcast, Jason is joined by Adam Krejcik, co-founder and partner at Eilers & Krejcik Gaming. Hear them discuss: 00:50 - How Adam's company name creates lasting impressions 03:20 - The services Eilers & Krejcik Gaming provides and their value to stakeholders 07:16 - Adam’s background and his path into the gaming industry 08:50 - The evolving culture of gaming and sports betting in California 12:10 - Challenges and opportunities in regulating gami...
Dec 20, 2024•32 min•Season 1Ep. 233
On this episode of the Business of Betting Podcast, Jason is joined by Nigel Eccles, founder of BetHog and co-founder of FanDuel. Hear them discuss: 3:11 - Why the UK startup scene struggles to compete with the US. 8:23 - Founding FanDuel and the challenges of building a billion-dollar company. 14:27 - Why Nigel stayed in the US and the entrepreneurial energy it offers. 21:00 - Raising massive funding rounds at FanDuel and what it taught him. 38:50 - The FanDuel sale to Flutter and why it wasn’t...
Dec 13, 2024•1 hr•Season 1Ep. 232
On this episode of the Business of Betting Podcast, Jason is joined by Jeff Ifrah, Founding & Managing Partner at Ifrah Law. Hear them discuss: 01:30 - Jeff’s reaction to U.S. midterm results and their impact on sports betting. 02:13 - Insights into New Jersey legislation and the issue of "skins." 04:00 - Balancing political realities with free-market ideals in regulation. 07:00 - Legal takes on sweepstakes models and their viability. 09:20 - Why regulators are slow to act on sweepstakes iss...
Dec 06, 2024•36 min•Season 1Ep. 231
On this episode of the Business of Betting Podcast, Jason is joined by Rob Davies, COO of PowerPlay. Hear them discuss: 01:00 - Rob’s unique background in philosophy and his PhD on religious toleration 02:15 - Why Rob will always be a Bolton Wanderers fan, no matter what! 03:00 - The importance of accepting fallibility in business and decision-making 06:10 - How Rob transitioned from academia to the betting industry through William Hill 08:40 - Rob and Jason laugh about always being surprised by...
Nov 29, 2024•33 min•Season 1Ep. 230
On this episode of the Business of Betting Podcast, Jason is joined by writer, David Hill to discuss his Rolling Stone feature - "Is the $11 Billion Online Sportsbook Bubble About to Burst?" Hear them discuss: 00:51 - David's transition from a union organizer to becoming a writer and how it shaped his immersive storytelling approach. 07:30 - David's upbringing in Hot Springs, Arkansas, a historic gambling hub, and its influence on his interest in gambling. 09:00 - The morality of gambling, socie...
Nov 22, 2024•44 min•Season 1Ep. 229
On this episode of the Business of Betting Podcast, Jason is joined by Jeff Benson, Director of Operations at Circa Sports. Hear them discuss: 02:10 - How Jeff got started in the sports betting industry 03:30 - What brought Jeff to Circa Sports and his early impressions of the company 06:40 - The growth strategy for Circa Sports and its approach to expansion 08:05 - The unique aspects of Circa’s sportsbook operation model 10:50 - How Circa approaches customer service and client relations 12:35 -...
Nov 15, 2024•30 min•Season 1Ep. 228
On this episode of the Business of Betting Podcast, Jason is joined by his coach, Liam Forde, Founder and CEO of The Zone. Hear them discuss: 03:00 - How Jason first met Liam and began coaching with him 05:20 - Liam’s views on when strict coaching models may or may not work 06:30 - How to motivate employees without anger, and why clarity and responsibility matter 09:20 - How Jason’s coaching helped him shift from an “angry coach” approach 11:00 - The concept of “flow” and why rest is crucial to ...
Nov 08, 2024•39 min•Season 1Ep. 227
On this episode of the Business of Betting Podcast, Jason is joined by Sue Schneider, Co-Founder at Defy the Odds. Hear them discuss: 03:15 - How Sue got started in the betting industry 07:42 - The early days of online gaming and betting 12:33 - Challenges Sue faced in building an industry presence 16:50 - The evolution of regulatory frameworks in online gambling 21:17 - Key milestones in the global expansion of sports betting 27:20 - Sue’s role and experiences working at SBC 29:30 - The role of...
Nov 04, 2024•29 min•Season 1Ep. 226
On this episode of the Business of Betting Podcast, Jason is joined by Adam Small, founder of Third Planet Affiliates. Hear them discuss: 02:01 - Adam’s background and entry into the betting industry 02:40 - Election mania and its impact on business sentiment 03:24 - The role of affiliates in the betting industry 04:23 - Industry insights and trends impacting affiliates 13:44 - Reflecting on the affiliate sector's recent challenges 14:31 - Examining examples of affiliate revenue "baskets" 16:22 ...
Nov 01, 2024•39 min•Season 1Ep. 225
On this episode of the Business of Betting Podcast, Jason answers listener-submitted questions and shares his insights on the latest developments in the industry, including the proposed UK gambling tax, sweepstakes models, and NCAA player prop markets. Hear him discuss: 01:26 - His recent trip to Vegas and G2E conference highlights 03:30 - Impact of proposed UK gambling tax increase 08:00 - Sweepstake models and their rise in the United States 10:45 - Industry optimism from recent G2E and SBC co...
Oct 18, 2024•30 min•Season 1Ep. 224
On this episode of the Business of Betting Podcast, Jason is joined by Stuart Simms, the CEO of FairPlay Sports Media, recorded live at G2E in Las Vegas. Hear them discuss: 01:10 - The strategic shift from OddsChecker to Fairplay Sports Media 04:10 - Stuart’s personal health journey and diagnosis with cancer 08:20 - The impact of diet on health and cancer treatment 12:00 - Key takeaways from G2E and networking insights 13:30 - The changes in OddsChecker’s business model 16:40 - Acquisition of Qu...
Oct 11, 2024•34 min•Season 1Ep. 223
