E264 - Bernard Marantelli from White Swan Data

On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Bernard Marantelli, Founder of White Swan Data and Colossus Bets, to discuss his entrepreneurial journey, the evolution of pool betting, and what innovation looks like in a changing global gaming landscape.

Hear them discuss:
01:00 – Bernard’s background growing up in a family of bookmakers and how that shaped his career in data, biotech, and gambling
02:00 – The Texas Lottery caper: why a 2023 jackpot became +EV, how Bernard’s team bought 25M+ tickets, and the massive logistical hurdles they overcame
05:00 – The math behind beating a state lottery, from permutations to public participation to splitting risk across millions of tickets
10:30 – What it actually looks like to print, store, and organize millions of physical lottery slips (including hiring an Uber driver on the spot)
15:00 – Introducing iBankroll: why crypto casinos have a liquidity and credibility problem and how his company underwrites VIP risk
17:00 – Understanding “Black Swan” risk for high-stakes casino action and why decentralized bankrolls reduce catastrophic exposure
22:00 – Why crypto casinos are growing fast globally as regulated markets tighten KYC, RG, and deposit limits
24:30 – Bernard’s candid take on prediction markets, their regulatory uncertainty, and why the economics, not politics, may determine who survives
30:00 – Lessons from a lifetime in gambling: building edge, information, diversification, and the constant search for expected value
38:00 – Why opportunities are cyclical, why secrecy isn’t always the winning strategy, and why the next “Texas moment” is unlikely under modern rules

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