Episode 4: A Hard Way to Make an Easy Living

Michael Lewis goes to Las Vegas to explore how sports betting used to work before its rapid legalization across the U.S. He talks with the sharp bettors who once set the odds that bookies relied on, until the arrival of mobile apps put a casino in everyone’s pocket. A key difference between the new online platforms and the old bookmaking model is that the apps don’t accept all bets, changing the risk dynamics of sports gambling.