Against the Rules with Michael Lewis Episode 7: Little Big Short
176 snips
Dec 3, 2024 
Sean Kelly, an analyst at Bank of America specializing in the casino and sports gambling sectors, joins the conversation to unravel the complexities of sports betting in the U.S. He discusses the cultural clash and evolving acceptance of sports gambling post-2018 Supreme Court ruling. Kelly also dives into the economic and historical tensions between California tribes and major gambling companies. The discussion touches on technological impacts and market integrity, revealing the competitive dynamics of modern sportsbooks and the role of short sellers.
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First Vegas Bets
- Michael Lewis placed his first sports bets at a Vegas casino, betting on a parlay and a first-inning score.
- He lost his first bet but remained hopeful about his parlay, highlighting his initial gambling naiveté.
Vegas vs. Online Gambling
- Vegas casinos represent the past of sports gambling, not the future.
- The future lies in online platforms, which are restricted in California.
Moral Objections to Gambling
- Many states oppose sports gambling due to moral concerns, particularly in the South.
- Reverend Joe Godfrey, a lobbyist, cites biblical arguments against gambling's "get-rich-quick" mentality.