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SportsTranscript
00:00So, the biggest story that we have to talk about today is kind of like a breaking story,
00:09but we're both Pat and I, by the way, we're trying to make heads or tails of this one.
00:14This is a difficult one.
00:16So there is a cryptocurrency exchange called Crypto.com.
00:20I'm very familiar with them.
00:22I'll leave it at that, but Crypto.com, they're a cryptocurrency exchange.
00:28And they made an announcement today that essentially you could have what's called sports
00:35event trading on their app.
00:39Now, Pat, what is the difference between sports event trading and sports betting?
00:47Because they're framing this, interestingly enough, in a way where you can bet, as what
00:52I see on the app right here, any team you can bet on to win the Super Bowl for a certain
00:57amount of money, $20, $10, $5.
01:02And in the end, you win 100 if you win the Super Bowl, it's like a straight bet.
01:06So naturally, some purchases are less than others.
01:08For example, the Bills, you buy them for 20, if they win, you win 100.
01:12So it's five to one, same thing with the Chiefs.
01:14The Dolphins are 2%, so it's two bucks to win 100, it's a much longer odd.
01:19But I'm saying something that's not true.
01:21It's not betting though, according to them, it's not betting, it's sports event trading.
01:25How in the world did this pop up like this?
01:29And very specifically, what is California and Texas going to have to say about this?
01:36Maybe it's also in places where you can use crypto.com.
01:38My understanding is, I think it's throughout the country, United States, you can use it.
01:41So a lot to unpack here for me, and I guess I'm going to probably need more time understanding
01:46this.
01:47I mean, hey, it just popped up right before the show started.
01:51I came on here just trying to wrap my head around it myself.
01:54But it is actually very similar to the election betting.
01:57It is registered and regulated by the Commodity Futures Trading Commission.
02:03And so it is a nationwide thing.
02:04It is basically, again, a stock market like purchase.
02:08So this is something that people have looked at and when Robin Hood started talking about
02:12offering sports betting, potentially, it's great for futures bets, and futures prop bets
02:18and season win totals and whatever you want to say, because you can buy into it and then
02:22watch it go throughout the year and see what happens.
02:26Yeah, so it's not necessarily straight betting.
02:29I would expect kind of similar thought processes behind what the politicians behind the
02:36banning of the election betting is doing, because, you know, it is an interesting kind
02:41of workaround from the state by state level regulations for sports betting that we've
02:46seen, you know, pop up over the last eight years.
02:50Yeah, I mean, as you said, you're still trying to wrap your head around.
02:53I am too.
02:54I know as soon as I get off the show here, I'm going to have to go kind of bang heads
03:00together with our team and figure out exactly what we need to do, because what a day to
03:05do this before the Christmas holiday to bring this news out there.
03:09And as a news reporter, I have to figure it out.
03:11So, yeah, kind of your guess is as good as mine right now as to how other how it's going
03:16to be received by customers and states and see what it goes.
03:22But it is federally regulated at this point, it sounds like from the CFTC.
03:25So we'll see.
03:29It's going to be fun to watch.
03:30I'm not super happy that it's happening over the holidays, though.