4.6 • 9.8K Ratings
🗓️ 12 November 2024
⏱️ 37 minutes
🧾️ Download transcript
Michael Lewis heads to Las Vegas to explore the way sports betting used to work, up until the day it was rapidly legalized by states around the country. We meet the betting sharps who figured out what others couldn’t and set the odds for other bookies. That is, up until everyone seemed to have a casino on their smartphone. But the new online casino differs from the old ones in an important way: It doesn’t take all bets.
For further reading:
Edward Thorp’s Beat the Dealer
“Cigars, Booze, Money: How a Lobbying Blitz Made Sports Betting Ubiquitous” by
Eric Lipton and Kenneth P. Vogel
See omnystudio.com/listener for privacy information.
Click on a timestamp to play from that location
0:00.0 | Pushkin. |
0:07.0 | Oh, yay, oh, yay, oh yay, oh yay. |
0:15.0 | May 2018, the United States Supreme Court strikes down the federal law that has effectively banned sports gambling in nearly every state. |
0:25.5 | What happens next, happens faster than anyone imagined. |
0:29.6 | It happens in so many places at once that it's basically impossible to follow it all in real time. |
0:36.0 | I ended up picking Mississippi and Kansas as the two states that I really decided to focus on |
0:41.5 | and merely was just there becoming a part of the furniture as the lobbyists were working |
0:47.1 | their magic. |
0:48.6 | That's Eric Lipton, New York Times reporter, who with his colleague Ken Vogel just sat and watched as lobbyists |
0:55.8 | created the conditions for a new industry to emerge overnight. Sports gambling. |
1:01.9 | And, you know, buttonholing various legislators, getting them to introduce language that they wanted |
1:07.4 | into the gambling bills, changing the tax rates, getting provisions |
1:14.0 | included that would allow them to entice betters with free bets that they wouldn't have |
1:18.9 | to pay taxes on. |
1:20.6 | Eric knows that state capitals are where the action is. He started his career covering state |
1:25.6 | governments for local papers. |
1:32.0 | When he returns to his old beat, he sees right away how much lonelier state capitals are, |
1:36.4 | because his old job, state house reporter, now barely exists. |
1:41.1 | There were times when I was in the state capital where I was pretty much the only reporter there while they were debating, you know, sports betting. |
1:46.0 | And I would stay until they wrapped up two in the morning as the session was closing and they were trying to get the bill |
1:51.2 | passed. And there were no other reporters present. It's like if you do something at the federal |
1:56.2 | level, there's going to be a lot of people watching still. A lot of reporters who will cover national politics. |
... |
Transcript will be available on the free plan in -57 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Pushkin Industries, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Pushkin Industries and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.