Why Michael Lewis is worried about the sports betting boom

16 snips

Feb 5, 2025

Michael Lewis, renowned author of bestsellers like "Moneyball" and "The Big Short," dives into the controversial sports betting boom and its rapid evolution in America. He discusses how sports fans are increasingly becoming gamblers and the cultural shifts that accompany this change. Lewis raises crucial questions about addiction and the role of technology in gambling, emphasizing the urgent need for regulation. He also reflects on the chaotic governance during Donald Trump's administration and how it informs public perception today.

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ANECDOTE

Podcast Focus

Michael Lewis's podcast, "Against the Rules," focuses on the sports betting boom's impact on fans.
He became increasingly concerned about its effects while researching.

INSIGHT

Shifting Norms

Sports betting was once taboo, with leagues and media avoiding association.
Now, gambling companies are seen as profit engines, marking a significant shift in norms.

INSIGHT

False Promises

Sports leagues initially claimed they would focus on converting illegal gamblers to legal ones.
They also promised to keep gambling separate from sports broadcasts, neither of which held true.

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The Fifth Risk

Michael Lewis

In *The Fifth Risk*, Michael Lewis delves into the Trump administration’s botched presidential transition, highlighting the consequences of willful ignorance and greed among its leaders. The book explores the critical services managed by the U.S. government, including ensuring food and drug safety, predicting extreme weather events, and tracking black market uranium. Lewis focuses on the Departments of Energy, Agriculture, and Commerce, revealing their often-overlooked roles and the dedicated employees who work within them. The title 'The Fifth Risk' refers to 'project management,' the unforeseen and long-term risks that only a vigilant and committed agency can forecast and prevent. Lewis's narrative is character-driven, featuring interviews with former federal staff members and historical context to illustrate the importance of effective government management and the dangers of short-term solutions[1][4][5].

Moneyball

The Art of Winning an Unfair Game

Michael Lewis

The book tells the story of the Oakland Athletics' 2002 season, where General Manager Billy Beane and his assistant Paul DePodesta used advanced statistical analysis, known as sabermetrics, to assemble a competitive team despite a limited budget. The approach, pioneered by Bill James, focused on metrics such as on-base percentage and slugging percentage rather than traditional measures like batting average and runs batted in. This data-driven strategy allowed the Athletics to compete with teams having much larger payrolls, like the New York Yankees, and achieve significant success, including a 20-game winning streak and a playoff appearance[2][3][5].

The big short

Inside the Doomsday Machine

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The Big Short tells the story of the 2007-08 financial crisis through the lens of several key players who predicted and profited from the collapse of the housing market. The book focuses on characters such as Steve Eisman, Mike Burry, Greg Lippmann, and the founders of Cornwall Capital, who saw the impending disaster and made significant gains by shorting the market. Lewis explains the complex financial instruments and the systemic failures that led to the crisis, making the narrative both accessible and engaging.

Blindsided

Corey Hirsch