Host in the hot seat: Jeff Edelstein on US sports betting since PASPA

About eight years after PASPA fell, US sports betting looks less like a gold rush and more like a squeeze, and prediction markets are the new disruptor. On the Business of Betting Podcast the host swaps seats: Adam Small, Jeff Edelstein's boss at Third Planet, interviews In Game senior analyst Jeff Edelstein about what changed and what comes next.

In this episode

• Edelstein says legal sports betting is not the "golden goose" states expected, more of a bronze goose; New York set a 51% tax rate and New Jersey has raised its own (3:29, 3:42, 4:19).

• He argues that anyone who shows a pulse at regulated books gets limited or asked to leave, and calls DraftKings' Sports Betting National Championship the high water mark of the post-PASPA era (4:28, 7:10).

• Edelstein sees room for invention in cracking community, which he says no one has done yet; Small notes poker had a lot of success with it (10:06, 10:35).

• Small notes Kalshi was reportedly raising at a $40 billion valuation, while Flutter's market cap was $19 billion when he last checked (19:30).

• Edelstein calls investing in Kalshi "a classic six-leg parlay" that depends on legal and political outcomes (22:19).

• He worries that 14- to 25-year-olds are being sold gambling as easy money, and predicts DraftKings or FanDuel will lead if sports betting moves to prediction markets (26:51, 30:29).

Episode from the Business of Betting Podcast with Jeff Edelstein, published on YouTube.