Against the Rules · December 3, 2024 · 43m

Episode 7: Little Big Short

Michael Lewis investigates why online sports betting remains illegal in California, a state where he himself can't place a bet. The episode examines a fierce $400 million lobbying battle pitting well-funded sports-betting companies against a strange-bedfellows coalition of pastors, Native American tribes, and short sellers. Lewis suggests that California's holdout is likely doomed despite the resistance.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Highlights

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The $400 Million Lobbying Battle

Online sports betting operators have poured $400 million into lobbying to legalize sports betting in California, facing a diverse coalition of opponents.

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Unlikely Coalition: Pastors, Tribes, and Short Sellers

The opposition to sports betting legalization is an unusual alliance of moral authorities, tribal gaming interests, and financial short sellers.

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California's Holdout Likely Doomed

Michael Lewis argues that California's ban on online sports betting is unlikely to last, given the industry's resources and nationwide momentum.

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The 'Little Big Short' on Sports Betting

The episode title plays off the film 'The Big Short,' highlighting investors who are betting against the sports betting industry's future.

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Misc

✧This episode has been corrected to reflect Victor Rocha's accurate title: Conference Chair of the Indian Gaming Association, not the Chair.

✧For further reading: Steve Ruddock's gaming newsletter Straight to the Point, and Gus Garcia-Roberts' Washington Post article 'Inside the $400 million fight to control California sports betting'.

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