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SportsTranscript
00:00Let's get started and talk about the offshore market and lead off with Bovada, a company
00:08that used to be supremely popular all over before the legalization of sports betting.
00:12They have been deemed restricted now in more than a dozen states, and they seem to be complying
00:18with that, which I guess was my biggest surprise.
00:21Yeah, I agree with you there, Craig.
00:25The fact that these guys are offshore and so, you know, kind of by definition, they're
00:30not regulated in the U.S. to operate.
00:32So I know that there are plenty of people that want to argue that, yes, it is legal
00:36to bet with offshores.
00:37No, it's not.
00:39Let's get outside of that for a second.
00:40The fact that they are just complying with this is surprising to me.
00:45And you know what, Craig?
00:47Maybe it is a situation where Bovada wants to break good at some point.
00:53Maybe they want to get on the good side of these regulators.
00:56We saw that before with Five Dimes coming to a deal with the U.S. Attorney General and
01:02paying some fines and all that kind of stuff.
01:05So I don't know.
01:07There's two things that get me right now, Craig.
01:09One, I don't really understand why Bovada is complying.
01:11It's great that they're complying for the regulated sports betting industry.
01:15But yes, it confuses me why they're complying.
01:17And two, why is Bovada the only one that we're focusing on?
01:21And I understand that it's probably difficult because we don't always know where these offshores
01:29are located, right?
01:30It sounds like we got a tangible physical address for Bovada.
01:35And so they were able to actually serve them with legal documents.
01:40And that appears to be the why for now.
01:43But there are plenty of other offshores not named Bovada that do big business, Craig.
01:48And it's interesting because when the industry was being legalized, such a large part of
01:55it was bringing it into the light, getting people off of the offshores.
02:00And while that certainly has been something that everybody has wanted to do, there's not
02:05really an easy way to do that, is there?
02:09And it seems interesting now that we have the state rollout slowing down.
02:14We still have operators seeing their revenues grow because they're doing certain things
02:20and they're getting more out of older customers than they thought they might.
02:23But it is interesting now that we are entering this slower stage of sports betting.
02:28And now it seems to be like, oh, hey, we need to shut them down.
02:31We should shut them down.
02:32Let's shut them down.
02:33It's bad for the industry.
02:34Well, maybe it's bad for your bottom line.
02:36I don't know.
02:37But we're going to keep an eye on this.
02:39We'll keep watching what Bovada does.
02:42Like I said, there's bigger fish out there.
02:45And I'm interested to see where kind of that next step takes us.