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00:00Okay, so Superbook stepping back, Betfred stepping back, ESPN Bet having their troubles
00:10as well.
00:11I mean, that seems like the story that we're sort of headed for here over the next six
00:15months.
00:16And Pat, what I really find interesting about this is that some of these smaller sports
00:19betting operators and the ones you're saying they're not getting the market share, they're
00:23not even willing to wait, it seems like, for California to go live and Texas to go live,
00:28because when those states go live too, you would think there'd be an influx.
00:32But I guess that's kind of where we're headed, is the leaders in sports betting are going
00:35to continue to be the leaders, TBD, until anything changes soon.
00:41Yeah, I think we're seeing true consolidation at the top.
00:45I mean, FanDuel and DraftKings are very clearly one and two in sports betting handle and market
00:50share.
00:51BetMGM, Caesars not far behind, Fanatics are right there.
00:55And even BetRivers has generated probably enough market share to say this is worth it.
01:01And then the rest are just kind of trying to fight out with what's left.
01:05And then you have to figure out the business side of it for them, is that handle and revenue
01:10enough to make it worthwhile and have a profit share?
01:13And as we mentioned, I mean, multiple books now this year alone have said, no way, we
01:19can't do this.
01:20From Saharabet, which was only in Arizona, to Unibet and Bet365 saying, you know, this
01:26is not 365, we'll talk about that in a minute.
01:30Betway, you know, European operators saying, this market just isn't us, we're not being
01:35very successful, we can't make this work.
01:38I mean, that's five this year.
01:40We've got 12, I think, was Matt's count on Saturday when he wrote up the Superbook story
01:45as since the, you know, PASPA passed, fell.
01:51I mean, that's a huge amount of operators in six years to say, let's try it.
01:55Oops, it didn't work and pull out.
01:58Meanwhile, we've got multiple operators at the top just really raking it in.
02:03We've got a few operators, one we'll talk about in a minute, still trying to make it
02:07work.
02:08You've got Underdog Fantasy that they're making their way with the Sportsbook Endeavor.
02:12So there's still some new, you know, entrants really trying to drum up some business.
02:16But for the most part, the small ones, as you're mentioning, they're just struggling
02:21to secure any significant market share and seeing that as a problem towards profitability
02:26in the long term.
02:27So, you know, like you said, you could stick it out for maybe Texas or California.
02:32But again, who knows how long that's going to be.
02:36And so how much more money do you have to bleed to make sure you're going to hit that
02:40those populations and will anything change if you do get to that?
02:44And if it doesn't, then you've just wasted even more money.
02:46So it's a whole thing.
02:48And it's just continuing to be interesting to watch.
02:50But between the kind of consolidation and the dropping out of the market to the legislative
02:56side where nothing really happened this year in terms of new states legalizing, this has
03:01been a really interesting kind of slow negative year in sports betting news, I suppose, if
03:06you wanted to kind of qualify it.