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Against the Rules with Michael Lewis
Michael Lewis on the Prof G Pod
Dec 24, 2024
Scott Galloway, Professor of marketing at NYU Stern, welcomes Michael Lewis for a deep dive into the alarming rise of sports betting in the U.S. They discuss its potential societal consequences, likening it to historical crises. Lewis also shares insights from his latest book, touching on investment strategies born from distress, particularly after the FTX collapse, while encouraging listeners to pursue their personal passions over societal expectations. A compelling mix of gambling, economics, and authenticity awaits!
31:47
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Quick takeaways
- Michael Lewis highlights the rapid growth of sports betting in the US and warns of its potential disastrous social consequences, including rising gambling addiction and bankruptcies.
- The podcast emphasizes the need for public health measures to raise awareness about gambling addiction and reduce the normalization of betting in society.
Deep dives
The Impact of Legalized Sports Betting
Legalizing sports betting in the United States has transformed it into a significant industry, with 39 states allowing it and two-thirds of the population having access to mobile betting. Following the Supreme Court's repeal of the federal ban in 2018, the market has grown from a few billion to over 100 billion annually. Major companies like FanDuel and DraftKings dominate the space, having evolved from daily fantasy sports platforms to leading gambling enterprises. However, while access to betting has increased, concerns about the potential negative social impacts, including rising bankruptcies and gambling addiction, have also emerged.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode