Original subtitles

Heat.

Heat.

Welcome, welcome, welcome to Last Week

Welcome, welcome, welcome to Last Week

Welcome, welcome, welcome to Last Week Tonight. I'm Jon. Thank you SO MUCH FOR

Tonight. I'm Jon. Thank you SO MUCH FOR

Tonight. I'm Jon. Thank you SO MUCH FOR JOINING US. WE ARE BACK AND IT HAS BEEN

JOINING US. WE ARE BACK AND IT HAS BEEN

JOINING US. WE ARE BACK AND IT HAS BEEN a busy week. Eric Swallwell's political

a busy week. Eric Swallwell's political

a busy week. Eric Swallwell's political career justifiably imploded. A jury

career justifiably imploded. A jury

career justifiably imploded. A jury found that Life Nation runs a monopoly,

found that Life Nation runs a monopoly,

found that Life Nation runs a monopoly, which is no surprise to anyone who's

which is no surprise to anyone who's

which is no surprise to anyone who's ever had to deal with them. And

ever had to deal with them. And

ever had to deal with them. And Hungary's Victor Orban was kicked out of

Hungary's Victor Orban was kicked out of

Hungary's Victor Orban was kicked out of OFFICE WITH ONE PARTICULAR MOMENT IN THE

OFFICE WITH ONE PARTICULAR MOMENT IN THE

OFFICE WITH ONE PARTICULAR MOMENT IN THE aftermath catching everyone's attention.

aftermath catching everyone's attention.

aftermath catching everyone's attention. The shackles are off and they're dancing

The shackles are off and they're dancing

The shackles are off and they're dancing to a different tune. This viral video of

to a different tune. This viral video of

to a different tune. This viral video of Hungary's expected new health minister

Hungary's expected new health minister

Hungary's expected new health minister encapsulating the party mood. I love it.

encapsulating the party mood. I love it.

encapsulating the party mood. I love it. Celebrating an autocrat's downfall by

Celebrating an autocrat's downfall by

Celebrating an autocrat's downfall by dancing like your drunkest uncle during

dancing like your drunkest uncle during

dancing like your drunkest uncle during the last 20 minutes of a wedding is

the last 20 minutes of a wedding is

the last 20 minutes of a wedding is incredible. And while I am happy for

incredible. And while I am happy for

incredible. And while I am happy for Hungary, I'm also a bit jealous because

Hungary, I'm also a bit jealous because

Hungary, I'm also a bit jealous because they're getting this guy as their health

they're getting this guy as their health

they're getting this guy as their health minister. While we are stuck with this

minister. While we are stuck with this

minister. While we are stuck with this beefy creep who just this week, we

beefy creep who just this week, we

beefy creep who just this week, we learned once cut the penis off a

learned once cut the penis off a

learned once cut the penis off a roadkill racoo. As a purely vibes-based

roadkill racoo. As a purely vibes-based

roadkill racoo. As a purely vibes-based matchup, we have lost heavily.

matchup, we have lost heavily.

matchup, we have lost heavily. Meanwhile, our tentative ceasefire with

Meanwhile, our tentative ceasefire with

Meanwhile, our tentative ceasefire with Iran seems to be holding so far. Though,

Iran seems to be holding so far. Though,

Iran seems to be holding so far. Though, as of taping, the straightup moves

as of taping, the straightup moves

as of taping, the straightup moves remains in chaos with jeweling blockades

remains in chaos with jeweling blockades

remains in chaos with jeweling blockades from the US and Iran causing widespread

from the US and Iran causing widespread

from the US and Iran causing widespread confusion. Even the pope has now seemed

confusion. Even the pope has now seemed

confusion. Even the pope has now seemed to criticize the war, saying, quote,

to criticize the war, saying, quote,

to criticize the war, saying, quote, "Whoever is a disciple of Christ, the

"Whoever is a disciple of Christ, the

"Whoever is a disciple of Christ, the Prince of Peace, never stands on the

Prince of Peace, never stands on the

Prince of Peace, never stands on the side of those who yesterday wielded a

side of those who yesterday wielded a

side of those who yesterday wielded a sword and today drop bombs." It was one

sword and today drop bombs." It was one

sword and today drop bombs." It was one of a series of statements that made

of a series of statements that made

of a series of statements that made Trump lose his First, he posted

Trump lose his First, he posted

Trump lose his First, he posted this screed, which began with, "Pope Leo

this screed, which began with, "Pope Leo

this screed, which began with, "Pope Leo is weak on crime," which in terms of

is weak on crime," which in terms of

is weak on crime," which in terms of insults just doesn't work. It's like

insults just doesn't work. It's like

insults just doesn't work. It's like saying, "This possum is weak on Balkan

saying, "This possum is weak on Balkan

saying, "This possum is weak on Balkan geography." Okay, but who gives a

geography." Okay, but who gives a

geography." Okay, but who gives a It's not a possum's job to correctly

It's not a possum's job to correctly

It's not a possum's job to correctly place Bosnia and Herzgavina on a map.

place Bosnia and Herzgavina on a map.

place Bosnia and Herzgavina on a map. Her job is to eat garbage, hang upside

Her job is to eat garbage, hang upside

Her job is to eat garbage, hang upside down, and by this evidence,

down, and by this evidence,

down, and by this evidence, But Trump wasn't done because he then

But Trump wasn't done because he then

But Trump wasn't done because he then posted this image, which understandably

posted this image, which understandably

posted this image, which understandably generated fierce backlash, and his

generated fierce backlash, and his

generated fierce backlash, and his excuse was pretty weak. Tonight,

excuse was pretty weak. Tonight,

excuse was pretty weak. Tonight, President Trump is defending his social

President Trump is defending his social

President Trump is defending his social media post of this AI generated image

media post of this AI generated image

media post of this AI generated image that depicts him as Jesus Christ. I did

that depicts him as Jesus Christ. I did

that depicts him as Jesus Christ. I did post it and I thought it was me as a

post it and I thought it was me as a

post it and I thought it was me as a doctor and had to do with Red Cross as a

doctor and had to do with Red Cross as a

doctor and had to do with Red Cross as a Red Cross worker there which we support.

Red Cross worker there which we support.

Red Cross worker there which we support. >> Oh, that makes sense. A doctor. You know

>> Oh, that makes sense. A doctor. You know

>> Oh, that makes sense. A doctor. You know how when you go to the doctor and you

how when you go to the doctor and you

how when you go to the doctor and you get checked in by a nurse and a few bald

get checked in by a nurse and a few bald

get checked in by a nurse and a few bald eagles and then the doctor comes in and

eagles and then the doctor comes in and

eagles and then the doctor comes in and he's wearing an ancient tunic and says,

he's wearing an ancient tunic and says,

he's wearing an ancient tunic and says, "We to get you started on antibiotics

"We to get you started on antibiotics

"We to get you started on antibiotics and on orbs of light born from my very

and on orbs of light born from my very

and on orbs of light born from my very skin. Take them with food." You know,

skin. Take them with food." You know,

skin. Take them with food." You know, the doctor. Meanwhile, caught in the

the doctor. Meanwhile, caught in the

the doctor. Meanwhile, caught in the middle of all this was J. D. Vance, who

middle of all this was J. D. Vance, who

middle of all this was J. D. Vance, who actually has a new book coming out

actually has a new book coming out

actually has a new book coming out that's literally about his decision to

that's literally about his decision to

that's literally about his decision to convert to Catholicism with, fun fact, a

convert to Catholicism with, fun fact, a

convert to Catholicism with, fun fact, a stock photo of a Methodist church on the

stock photo of a Methodist church on the

stock photo of a Methodist church on the cover. Now, when pressed on the Pope's

cover. Now, when pressed on the Pope's

cover. Now, when pressed on the Pope's remarks, Vance took a bold swing.

remarks, Vance took a bold swing.

remarks, Vance took a bold swing. >> When the Pope says that God is never on

>> When the Pope says that God is never on

>> When the Pope says that God is never on the side of those who wield the sword,

the side of those who wield the sword,

the side of those who wield the sword, there is a thousand-year more than a

there is a thousand-year more than a

there is a thousand-year more than a thousand-y year tradition of just war

thousand-y year tradition of just war

thousand-y year tradition of just war theory. Okay? Now, we can of course have

theory. Okay? Now, we can of course have

theory. Okay? Now, we can of course have disagreements about whether this or that

disagreements about whether this or that

disagreements about whether this or that conflict is just. But I think that it's

conflict is just. But I think that it's

conflict is just. But I think that it's important in the same way that it's

important in the same way that it's

important in the same way that it's important for the vice president of the

important for the vice president of the

important for the vice president of the United States to be careful when I talk

United States to be careful when I talk

United States to be careful when I talk about matters of public policy. I think

about matters of public policy. I think

about matters of public policy. I think it's very very important for the Pope to

it's very very important for the Pope to

it's very very important for the Pope to be careful when he talks about matters

be careful when he talks about matters

be careful when he talks about matters of theology.

of theology.

of theology. >> Yeah, that is JD Vance doucheplaining

>> Yeah, that is JD Vance doucheplaining

>> Yeah, that is JD Vance doucheplaining theology to the Pope, which is

theology to the Pope, which is

theology to the Pope, which is objectively crazy. It'd be like me

objectively crazy. It'd be like me

objectively crazy. It'd be like me explaining to JD Vance where the is

explaining to JD Vance where the is

explaining to JD Vance where the is on a TOGO SECTIONAL. WHY WOULD I even

on a TOGO SECTIONAL. WHY WOULD I even

on a TOGO SECTIONAL. WHY WOULD I even try to do that? He spent his life

try to do that? He spent his life

try to do that? He spent his life devoted to this very subject. I'm out of

devoted to this very subject. I'm out of

devoted to this very subject. I'm out of my lane there. Also, be careful. The

my lane there. Also, be careful. The

my lane there. Also, be careful. The Pope's got a lifetime gig. He doesn't

Pope's got a lifetime gig. He doesn't

Pope's got a lifetime gig. He doesn't need to be cautious about what he says.

need to be cautious about what he says.

need to be cautious about what he says. He could start tweeting, "Where's the

He could start tweeting, "Where's the

He could start tweeting, "Where's the album at Rihanna?" every day for the

album at Rihanna?" every day for the

album at Rihanna?" every day for the rest of his life, and that still

rest of his life, and that still

rest of his life, and that still wouldn't change the fact HE'S CONSIDERED

wouldn't change the fact HE'S CONSIDERED

wouldn't change the fact HE'S CONSIDERED THE VICER OF CHRIST. LITERALLY THE ONLY

THE VICER OF CHRIST. LITERALLY THE ONLY

THE VICER OF CHRIST. LITERALLY THE ONLY THING HE should probably be careful

THING HE should probably be careful

THING HE should probably be careful about is not meeting with JD Vance

about is not meeting with JD Vance

about is not meeting with JD Vance because historically that has been fatal

because historically that has been fatal

because historically that has been fatal for Pope. But incredibly, the president

for Pope. But incredibly, the president

for Pope. But incredibly, the president still wasn't done. He reposted this AI

still wasn't done. He reposted this AI

still wasn't done. He reposted this AI image of Jesus hugging him, which had

image of Jesus hugging him, which had

image of Jesus hugging him, which had the caption, "I was never a very

the caption, "I was never a very

the caption, "I was never a very religious man." But doesn't it seem with

religious man." But doesn't it seem with

religious man." But doesn't it seem with all these satanic demonic child

all these satanic demonic child

all these satanic demonic child sacrificing monsters being exposed that

sacrificing monsters being exposed that

sacrificing monsters being exposed that God might be playing his trump card? for

God might be playing his trump card? for

God might be playing his trump card? for someone who was repeatedly photographed

someone who was repeatedly photographed

someone who was repeatedly photographed with society's buzziest child

with society's buzziest child

with society's buzziest child sacrificing monster is a bold thing to

sacrificing monster is a bold thing to

sacrificing monster is a bold thing to repost. And on Thursday, he couldn't

repost. And on Thursday, he couldn't

repost. And on Thursday, he couldn't resist taking one more swing.

resist taking one more swing.

resist taking one more swing. >> Before leaving for Las Vegas, the

>> Before leaving for Las Vegas, the

>> Before leaving for Las Vegas, the president was asked about his feud with

president was asked about his feud with

president was asked about his feud with the Pope over the war.

the Pope over the war.

the Pope over the war. >> I'm not fighting with it. The Pope made

>> I'm not fighting with it. The Pope made

>> I'm not fighting with it. The Pope made a statement. He says Iran can have a

a statement. He says Iran can have a

a statement. He says Iran can have a nuclear weapon. I say Iran cannot have a

nuclear weapon. I say Iran cannot have a

nuclear weapon. I say Iran cannot have a nuclear weapon.

nuclear weapon.

nuclear weapon. >> Pope Leo has never said Iran should have

>> Pope Leo has never said Iran should have

>> Pope Leo has never said Iran should have a nuclear weapon. pressed on whether he

a nuclear weapon. pressed on whether he

a nuclear weapon. pressed on whether he would be willing to meet with the Pope.

would be willing to meet with the Pope.

would be willing to meet with the Pope. Trump said,

Trump said,

Trump said, >> "I don't think it's necessary."

>> "I don't think it's necessary."

>> "I don't think it's necessary." >> Yeah, I don't really think it's

>> Yeah, I don't really think it's

>> Yeah, I don't really think it's necessary either. This battle of words

necessary either. This battle of words

necessary either. This battle of words has not gone well for Trump. Plus, I

has not gone well for Trump. Plus, I

has not gone well for Trump. Plus, I don't think they'd see eye to eye on

don't think they'd see eye to eye on

don't think they'd see eye to eye on much other than maybe whether it's a

much other than maybe whether it's a

much other than maybe whether it's a good idea to cover your workplace in

good idea to cover your workplace in

good idea to cover your workplace in more gold that seems physically

more gold that seems physically

more gold that seems physically possible. The point is, Trump seems to

possible. The point is, Trump seems to

possible. The point is, Trump seems to be on an epic run of picking losing

be on an epic run of picking losing

be on an epic run of picking losing fights. And whatever air of

fights. And whatever air of

fights. And whatever air of invincibility he had last year is fading

invincibility he had last year is fading

invincibility he had last year is fading fast. All of which is a pretty good

fast. All of which is a pretty good

fast. All of which is a pretty good reminder that one day he is going to be

reminder that one day he is going to be

reminder that one day he is going to be gone. And on that day it will be time to

gone. And on that day it will be time to

gone. And on that day it will be time to as I believe the phrase now goes dance

as I believe the phrase now goes dance

as I believe the phrase now goes dance like a Hungarian health minister. And

like a Hungarian health minister. And

like a Hungarian health minister. And now this. And now local Pittsburgh

now this. And now local Pittsburgh

now this. And now local Pittsburgh newscasters try to pronounce their

newscasters try to pronounce their

newscasters try to pronounce their ballpark's new snack.

ballpark's new snack.

ballpark's new snack. >> The team unveiled a slew of new food

>> The team unveiled a slew of new food

>> The team unveiled a slew of new food options available at PNC Park. Some of

options available at PNC Park. Some of

options available at PNC Park. Some of the new food items include the Boracula

the new food items include the Boracula

the new food items include the Boracula dog.

dog.

dog. >> The Boricula dog brings a bit of Puerto

>> The Boricula dog brings a bit of Puerto

>> The Boricula dog brings a bit of Puerto Rican flavor.

Rican flavor.

Rican flavor. >> A Boria dog. This is a Puerto Rican

>> A Boria dog. This is a Puerto Rican

>> A Boria dog. This is a Puerto Rican inspired hot dog.

inspired hot dog.

inspired hot dog. >> Then there's the Borakua dog.

>> Then there's the Borakua dog.

>> Then there's the Borakua dog. >> The the Borula dog.

>> The the Borula dog.

>> The the Borula dog. The Boroqua dog.

The Boroqua dog.

The Boroqua dog. Boraqua dog. They include a Borqua dog.

Boraqua dog. They include a Borqua dog.

Boraqua dog. They include a Borqua dog. This is this Puerto Rican inspired hot

This is this Puerto Rican inspired hot

This is this Puerto Rican inspired hot dog gear with a Pittsburgh twist.

>> Moving on, our main story tonight

>> Moving on, our main story tonight

>> Moving on, our main story tonight concerns prediction markets, the fast

concerns prediction markets, the fast

concerns prediction markets, the fast growing platforms where you can bet on

growing platforms where you can bet on

growing platforms where you can bet on basically anything. As this Tik Tocker

basically anything. As this Tik Tocker

basically anything. As this Tik Tocker explains,

explains,

explains, >> I've been making a ton of money on this

>> I've been making a ton of money on this

>> I've been making a ton of money on this app that lets you bet on anything in the

app that lets you bet on anything in the

app that lets you bet on anything in the world. I bet that GTA 6 won't be

world. I bet that GTA 6 won't be

world. I bet that GTA 6 won't be released on time. I bet that Trump would

released on time. I bet that Trump would

released on time. I bet that Trump would pardon Young Thug this year. I'm

pardon Young Thug this year. I'm

pardon Young Thug this year. I'm predicting Delta Airlines will be the

predicting Delta Airlines will be the

predicting Delta Airlines will be the first airline to sell Zen on their

first airline to sell Zen on their

first airline to sell Zen on their flights. I made money off Trump being

flights. I made money off Trump being

flights. I made money off Trump being elected president and cuz Kla Harris

elected president and cuz Kla Harris

elected president and cuz Kla Harris didn't go on Joe Rogan's podcast. When I

didn't go on Joe Rogan's podcast. When I

didn't go on Joe Rogan's podcast. When I was in New York, I bet that it would

was in New York, I bet that it would

was in New York, I bet that it would rain and it did. So, I won money. I bet

rain and it did. So, I won money. I bet

rain and it did. So, I won money. I bet that Justin Bieber will go to the Diddy

that Justin Bieber will go to the Diddy

that Justin Bieber will go to the Diddy trial. When I was in Chicago, I bet on

trial. When I was in Chicago, I bet on

trial. When I was in Chicago, I bet on him the temperature and won. Okay. Shout

him the temperature and won. Okay. Shout

him the temperature and won. Okay. Shout out to that guy Kaden Booth for having

out to that guy Kaden Booth for having

out to that guy Kaden Booth for having such a diverse set of interests. The

such a diverse set of interests. The

such a diverse set of interests. The first half of his bets are strictly Gen

first half of his bets are strictly Gen

first half of his bets are strictly Gen Z boy, Grand Theft Auto, Young Thug, Zin

Z boy, Grand Theft Auto, Young Thug, Zin

Z boy, Grand Theft Auto, Young Thug, Zin Rogan, but the back half is 100%

Rogan, but the back half is 100%

Rogan, but the back half is 100% suburban mom. Potential rain, the

suburban mom. Potential rain, the

suburban mom. Potential rain, the temperature, grizzly celebrity trials.

temperature, grizzly celebrity trials.

temperature, grizzly celebrity trials. Cade, you contain multitudes.

Cade, you contain multitudes.

Cade, you contain multitudes. Prediction markets are basically

Prediction markets are basically

Prediction markets are basically platforms where you can wager on the

platforms where you can wager on the

platforms where you can wager on the outcome of future events. The companies

outcome of future events. The companies

outcome of future events. The companies decide on the questions to list and

decide on the questions to list and

decide on the questions to list and right now you can wager on anything from

right now you can wager on anything from

right now you can wager on anything from will traffic in a straight of Hormuz

will traffic in a straight of Hormuz

will traffic in a straight of Hormuz return to normal by the end of April to

return to normal by the end of April to

return to normal by the end of April to will the US confirm that aliens exist

will the US confirm that aliens exist

will the US confirm that aliens exist before 2027. These markets have seen

before 2027. These markets have seen

before 2027. These markets have seen exponential growth in recent months,

exponential growth in recent months,

exponential growth in recent months, logging billions of dollars in bets

logging billions of dollars in bets

logging billions of dollars in bets every week. You may have heard about

every week. You may have heard about

every week. You may have heard about them on the news or seen ads or stumbled

them on the news or seen ads or stumbled

them on the news or seen ads or stumbled across influencers like this guy who is

across influencers like this guy who is

across influencers like this guy who is constantly updating his followers on how

constantly updating his followers on how

constantly updating his followers on how his various wages about the Trump

his various wages about the Trump

his various wages about the Trump administration are going. And I'll warn

administration are going. And I'll warn

administration are going. And I'll warn you, it's a real roller coaster.

you, it's a real roller coaster.

you, it's a real roller coaster. >> China question.

>> China question.

>> China question. >> High-end chips to China. But the Wall

>> High-end chips to China. But the Wall

>> High-end chips to China. But the Wall Street JOURNAL REPORTED YESTERDAY

Street JOURNAL REPORTED YESTERDAY

Street JOURNAL REPORTED YESTERDAY >> MY HERO.

>> MY HERO.

>> MY HERO. >> THE PRESIDENT HAS made his position on

>> THE PRESIDENT HAS made his position on

>> THE PRESIDENT HAS made his position on this very clear both to the Chinese

this very clear both to the Chinese

this very clear both to the Chinese that's not something we're interested in

that's not something we're interested in

that's not something we're interested in selling to China.

selling to China.

selling to China. >> Yes.

>> Yes.

>> Yes. YES.

YES.

YES. BARACK HUSSEIN OBAMA

BARACK HUSSEIN OBAMA

BARACK HUSSEIN OBAMA BARACK HUSSEIN OBAMA

BARACK HUSSEIN OBAMA

BARACK HUSSEIN OBAMA >> GETTING RAPED JEFFREY EPSTE. ALL THE

>> GETTING RAPED JEFFREY EPSTE. ALL THE

>> GETTING RAPED JEFFREY EPSTE. ALL THE FILES DROPPED. YEAH.

FILES DROPPED. YEAH.

FILES DROPPED. YEAH. >> IS DONALD TRUMP NAMED IN THE FILES?

>> IS DONALD TRUMP NAMED IN THE FILES?

>> IS DONALD TRUMP NAMED IN THE FILES? THEY'RE ALL REDACTED.

THEY'RE ALL REDACTED.

THEY'RE ALL REDACTED. >> YEAH. A lot more screaming than you

>> YEAH. A lot more screaming than you

>> YEAH. A lot more screaming than you thought they are. And it's kind of

thought they are. And it's kind of

thought they are. And it's kind of amazing to witness someone absolutely

amazing to witness someone absolutely

amazing to witness someone absolutely furious that Trump's name was redacted

furious that Trump's name was redacted

furious that Trump's name was redacted from the Epstein files for a completely

from the Epstein files for a completely

from the Epstein files for a completely different reason than the rest of us.

different reason than the rest of us.

different reason than the rest of us. The point is a lot of people are getting

The point is a lot of people are getting

The point is a lot of people are getting into prediction markets thanks in part

into prediction markets thanks in part

into prediction markets thanks in part to an aggressive marketing push by the

to an aggressive marketing push by the

to an aggressive marketing push by the two big players in this space KI and

two big players in this space KI and

two big players in this space KI and Poly Market. Koshi recently locked in a

Poly Market. Koshi recently locked in a

Poly Market. Koshi recently locked in a $22 billion valuation from investors

$22 billion valuation from investors

$22 billion valuation from investors doubling its valuation from just a few

doubling its valuation from just a few

doubling its valuation from just a few months earlier and Poly Markets

months earlier and Poly Markets

months earlier and Poly Markets currently trying to do the same.

currently trying to do the same.

currently trying to do the same. Meanwhile, dozens of new entrance like

Meanwhile, dozens of new entrance like

Meanwhile, dozens of new entrance like Coinbase, Robin Hood, and even Truth

Coinbase, Robin Hood, and even Truth

Coinbase, Robin Hood, and even Truth Social are also trying to get in on the

Social are also trying to get in on the

Social are also trying to get in on the action. It is shocking the extent to

action. It is shocking the extent to

action. It is shocking the extent to which prediction markets have

which prediction markets have

which prediction markets have proliferated and sometimes it's been a

proliferated and sometimes it's been a

proliferated and sometimes it's been a little unnerving given the things that

little unnerving given the things that

little unnerving given the things that you can now bet on. Ali Kani out as

you can now bet on. Ali Kani out as

you can now bet on. Ali Kani out as supreme leader of Iran. Will Nancy

supreme leader of Iran. Will Nancy

supreme leader of Iran. Will Nancy Guthri's kidnapper be arrested by the

Guthri's kidnapper be arrested by the

Guthri's kidnapper be arrested by the end of February?

end of February?

end of February? Those are just two events offered on

Those are just two events offered on

Those are just two events offered on popular prediction markets in the US

popular prediction markets in the US

popular prediction markets in the US over the last couple of weeks where

over the last couple of weeks where

over the last couple of weeks where people could have put their money down

people could have put their money down

people could have put their money down betting on the outcome. There's a lot of

betting on the outcome. There's a lot of

betting on the outcome. There's a lot of bad stuff going on in the world and

bad stuff going on in the world and

bad stuff going on in the world and being able to bet on just like horrible

being able to bet on just like horrible

being able to bet on just like horrible things like that. Like when somebody's

things like that. Like when somebody's

things like that. Like when somebody's going to be found, like that's not

going to be found, like that's not

going to be found, like that's not that's really dark to me.

that's really dark to me.

that's really dark to me. >> Yeah, he's right. The impulse to try and

>> Yeah, he's right. The impulse to try and

>> Yeah, he's right. The impulse to try and make money betting on war or an

make money betting on war or an

make money betting on war or an unfolding tragedy is really dark. When

unfolding tragedy is really dark. When

unfolding tragedy is really dark. When someone dies, you're supposed to send

someone dies, you're supposed to send

someone dies, you're supposed to send their family a card that says, "Sorry

their family a card that says, "Sorry

their family a card that says, "Sorry for your loss," and not one that says,

for your loss," and not one that says,

for your loss," and not one that says, "Thanks for covering the spread." That's

"Thanks for covering the spread." That's

"Thanks for covering the spread." That's just one of many issues associated with

just one of many issues associated with

just one of many issues associated with these sites. And given that tonight,

these sites. And given that tonight,

these sites. And given that tonight, let's take a look at prediction markets

let's take a look at prediction markets

let's take a look at prediction markets and try to answer a few questions that

and try to answer a few questions that

and try to answer a few questions that you might have. Where exactly did these

you might have. Where exactly did these

you might have. Where exactly did these sites come from? What purpose, if any,

sites come from? What purpose, if any,

sites come from? What purpose, if any, do they serve? And how on earth is any

do they serve? And how on earth is any

do they serve? And how on earth is any of this legal? And let's start with the

of this legal? And let's start with the

of this legal? And let's start with the fact that the broad concept of

fact that the broad concept of

fact that the broad concept of prediction markets on news events is

prediction markets on news events is

prediction markets on news events is nothing new. In the late 80s, economists

nothing new. In the late 80s, economists

nothing new. In the late 80s, economists at the University of Iowa created the

at the University of Iowa created the

at the University of Iowa created the Iowa electronic markets as an

Iowa electronic markets as an

Iowa electronic markets as an experiment, allowing students and

experiment, allowing students and

experiment, allowing students and faculty to buy and sell predictions

faculty to buy and sell predictions

faculty to buy and sell predictions about upcoming elections. And

about upcoming elections. And

about upcoming elections. And interestingly, they began to outperform

interestingly, they began to outperform

interestingly, they began to outperform many leading polls. The theory was that

many leading polls. The theory was that

many leading polls. The theory was that the wisdom of crowds in the form of

the wisdom of crowds in the form of

the wisdom of crowds in the form of people putting actual money behind their

people putting actual money behind their

people putting actual money behind their opinions can produce useful forecasts.

opinions can produce useful forecasts.

opinions can produce useful forecasts. And controversial uses of these markets

And controversial uses of these markets

And controversial uses of these markets are not new either. After 9/11, the

are not new either. After 9/11, the

are not new either. After 9/11, the Pentagon actually flirted with creating

Pentagon actually flirted with creating

Pentagon actually flirted with creating a market where experts could wager on

a market where experts could wager on

a market where experts could wager on future events, hoping it could help

future events, hoping it could help

future events, hoping it could help predict events in the Middle East. But

predict events in the Middle East. But

predict events in the Middle East. But it quickly got shut down once members of

it quickly got shut down once members of

it quickly got shut down once members of Congress found out about it and voiced

Congress found out about it and voiced

Congress found out about it and voiced their disgust.

their disgust.

their disgust. >> This betting parlor on the internet will

>> This betting parlor on the internet will

>> This betting parlor on the internet will include wagers, for example, as the the

include wagers, for example, as the the

include wagers, for example, as the the examples on the internet site put up by

examples on the internet site put up by

examples on the internet site put up by the Department of Defense would include

the Department of Defense would include

the Department of Defense would include will uh Mr. Arafat be assassinated? Uh

will uh Mr. Arafat be assassinated? Uh

will uh Mr. Arafat be assassinated? Uh will there be missile attacks from North

will there be missile attacks from North

will there be missile attacks from North Korea? Will the king of Jordan be

Korea? Will the king of Jordan be

Korea? Will the king of Jordan be overthrown? Just as an example, I think

overthrown? Just as an example, I think

overthrown? Just as an example, I think this is unbelievably stupid. It's not

this is unbelievably stupid. It's not

this is unbelievably stupid. It's not only it it is well that is a gentle

only it it is well that is a gentle

only it it is well that is a gentle thing to say about a program that is so

thing to say about a program that is so

thing to say about a program that is so devoid of value. It it combines the

devoid of value. It it combines the

devoid of value. It it combines the worst of all of our instincts in my

worst of all of our instincts in my

worst of all of our instincts in my judgment.

judgment.

judgment. >> Yeah. He was justifiably upset at the

>> Yeah. He was justifiably upset at the

>> Yeah. He was justifiably upset at the notion of people betting on geopolitical

notion of people betting on geopolitical

notion of people betting on geopolitical events that would affect millions of

events that would affect millions of

events that would affect millions of lives. As we all know, the only groups

lives. As we all know, the only groups

lives. As we all know, the only groups the society's decided are allowed to

the society's decided are allowed to

the society's decided are allowed to profit from instability are military

profit from instability are military

profit from instability are military contractors, members of the Trump

contractors, members of the Trump

contractors, members of the Trump family, and the Mormon wives. Whitney

family, and the Mormon wives. Whitney

family, and the Mormon wives. Whitney joined the cast of Chicago on Broadway

joined the cast of Chicago on Broadway

joined the cast of Chicago on Broadway and Taylor gets announced as

and Taylor gets announced as

and Taylor gets announced as Bachelorette and then notably

Bachelorette and then notably

Bachelorette and then notably unannounced. I don't know how these

unannounced. I don't know how these

unannounced. I don't know how these women do it, but I cannot stop watching.

women do it, but I cannot stop watching.

women do it, but I cannot stop watching. The point is back then the concept of

The point is back then the concept of

The point is back then the concept of betting on grim outcomes seems beyond

betting on grim outcomes seems beyond

betting on grim outcomes seems beyond the pale. But everything started

the pale. But everything started

the pale. But everything started changing a few years ago when Calian

changing a few years ago when Calian

changing a few years ago when Calian Poly Market launched as startups opening

Poly Market launched as startups opening

Poly Market launched as startups opening the door to the freefor-all that we have

the door to the freefor-all that we have

the door to the freefor-all that we have now. Initially, Khi sought regulatory

now. Initially, Khi sought regulatory

now. Initially, Khi sought regulatory approval and in 2020 it was approved as

approval and in 2020 it was approved as

approval and in 2020 it was approved as the first regulated exchange. But Poly

the first regulated exchange. But Poly

the first regulated exchange. But Poly Market went a different way, launching

Market went a different way, launching

Market went a different way, launching without approval and seeming to be

without approval and seeming to be

without approval and seeming to be comfortable working outside the rules.

comfortable working outside the rules.

comfortable working outside the rules. The government actually accused Poly

The government actually accused Poly

The government actually accused Poly Market of operating an unlicensed

Market of operating an unlicensed

Market of operating an unlicensed exchange. And as part of a 2022

exchange. And as part of a 2022

exchange. And as part of a 2022 settlement, it agreed to pay 1.4 million

settlement, it agreed to pay 1.4 million

settlement, it agreed to pay 1.4 million and block Americans from trading on the

and block Americans from trading on the

and block Americans from trading on the platform while admitting no wrongdoing.

platform while admitting no wrongdoing.

platform while admitting no wrongdoing. And it is worth watching Poly Market CEO

And it is worth watching Poly Market CEO

And it is worth watching Poly Market CEO Shane CPA tried to spin that penalty.

Shane CPA tried to spin that penalty.

Shane CPA tried to spin that penalty. >> It was a $ 1.4 million fine. And also

>> It was a $ 1.4 million fine. And also

>> It was a $ 1.4 million fine. And also >> was a settlement

>> was a settlement

>> was a settlement >> and you could not have customers in the

>> and you could not have customers in the

>> and you could not have customers in the United States. Yeah, we had to go and

United States. Yeah, we had to go and

United States. Yeah, we had to go and geobblock trading in the US and move

geobblock trading in the US and move

geobblock trading in the US and move certain operations offshore. And it

certain operations offshore. And it

certain operations offshore. And it wasn't, hey, you're banned from trading

wasn't, hey, you're banned from trading

wasn't, hey, you're banned from trading in the US. It's like until you're

in the US. It's like until you're

in the US. It's like until you're licensed.

licensed.

licensed. >> I mean, it was breaking the law.

>> I mean, it was breaking the law.

>> I mean, it was breaking the law. >> I mean, people say breaking the law.

>> I mean, people say breaking the law.

>> I mean, people say breaking the law. It's like, which law? You know, so if

It's like, which law? You know, so if

It's like, which law? You know, so if anything, it's incompatible.

anything, it's incompatible.

anything, it's incompatible. >> It's incompatible with the law.

>> It's incompatible with the law.

>> It's incompatible with the law. >> Yeah. With the regulatory matrix that

>> Yeah. With the regulatory matrix that

>> Yeah. With the regulatory matrix that existed.

existed.

existed. >> Look, incompatible with the law is

>> Look, incompatible with the law is

>> Look, incompatible with the law is clearly ridiculous. But please don't

clearly ridiculous. But please don't

clearly ridiculous. But please don't overlook the line, people say breaking

overlook the line, people say breaking

overlook the line, people say breaking the law, and it's like, which law? You

the law, and it's like, which law? You

the law, and it's like, which law? You know, I'm sorry, what? I'm pretty

know, I'm sorry, what? I'm pretty

know, I'm sorry, what? I'm pretty confident there is a specific law you

confident there is a specific law you

confident there is a specific law you broke given, you know, you paid a $1.4

broke given, you know, you paid a $1.4

broke given, you know, you paid a $1.4 million penalty. Regulators weren't just

million penalty. Regulators weren't just

million penalty. Regulators weren't just like, "Shit, he just asked which law?"

like, "Shit, he just asked which law?"

like, "Shit, he just asked which law?" Oh, uh, the the Chinese Exclusion Act of

Oh, uh, the the Chinese Exclusion Act of

Oh, uh, the the Chinese Exclusion Act of 1882.

1882.

1882. From the start, Poly Market took an

From the start, Poly Market took an

From the start, Poly Market took an extremely libertarian approach, allowing

extremely libertarian approach, allowing

extremely libertarian approach, allowing users to use crypto to bet anonymously

users to use crypto to bet anonymously

users to use crypto to bet anonymously on things like war. And while it's

on things like war. And while it's

on things like war. And while it's currently rolling out a new app to US

currently rolling out a new app to US

currently rolling out a new app to US users that does have government

users that does have government

users that does have government approval, it is way more limited and

approval, it is way more limited and

approval, it is way more limited and mostly offers trading on sports. The

mostly offers trading on sports. The

mostly offers trading on sports. The vast majority of its business is still

vast majority of its business is still

vast majority of its business is still done on Poly Market's international

done on Poly Market's international

done on Poly Market's international version, which is based offshore in

version, which is based offshore in

version, which is based offshore in Panama and on which American users have

Panama and on which American users have

Panama and on which American users have to mask their location if they want to

to mask their location if they want to

to mask their location if they want to trade. And while doing that might be a

trade. And while doing that might be a

trade. And while doing that might be a high technological bar to clear for

high technological bar to clear for

high technological bar to clear for someone like me, using a VPN is

someone like me, using a VPN is

someone like me, using a VPN is something anyone under 25 learns to do

something anyone under 25 learns to do

something anyone under 25 learns to do before they learn how to write a cursive

before they learn how to write a cursive

before they learn how to write a cursive capital G. Mostly because that is an

capital G. Mostly because that is an

capital G. Mostly because that is an impossible letter invented by someone

impossible letter invented by someone

impossible letter invented by someone who wanted to make children suffer. It

who wanted to make children suffer. It

who wanted to make children suffer. It looks like someone stabbing himself in

looks like someone stabbing himself in

looks like someone stabbing himself in the stomach with a pencil because that's

the stomach with a pencil because that's

the stomach with a pencil because that's exactly what trying to write that letter

exactly what trying to write that letter

exactly what trying to write that letter makes you want to do. But but

makes you want to do. But but

makes you want to do. But but regardless of how these companies got to

regardless of how these companies got to

regardless of how these companies got to this point, both enjoyed a huge surge of

this point, both enjoyed a huge surge of

this point, both enjoyed a huge surge of attention about a year and a half ago

attention about a year and a half ago

attention about a year and a half ago after this happened.

after this happened.

after this happened. >> Kelshi made a name for itself in the

>> Kelshi made a name for itself in the

>> Kelshi made a name for itself in the 2024 election.

2024 election.

2024 election. >> Just over one week away from election

>> Just over one week away from election

>> Just over one week away from election day and the race is neck and neck.

day and the race is neck and neck.

day and the race is neck and neck. >> It looked close unless you were keeping

>> It looked close unless you were keeping

>> It looked close unless you were keeping an eye on Kelshi, which called the race

an eye on Kelshi, which called the race

an eye on Kelshi, which called the race well before the TV networks did.

well before the TV networks did.

well before the TV networks did. >> It was like Koshi then Fox then CNN.

>> It was like Koshi then Fox then CNN.

>> It was like Koshi then Fox then CNN. >> How did that feel?

>> How did that feel?

>> How did that feel? It was crazy.

It was crazy.

It was crazy. >> Yeah. Khi predicted Trump would win, as

>> Yeah. Khi predicted Trump would win, as

>> Yeah. Khi predicted Trump would win, as did Poly Market, whose CEO then tweeted,

did Poly Market, whose CEO then tweeted,

did Poly Market, whose CEO then tweeted, "Make no mistake, Poly Market

"Make no mistake, Poly Market

"Make no mistake, Poly Market single-handedly called the election

single-handedly called the election

single-handedly called the election before anything else. The global truth

before anything else. The global truth

before anything else. The global truth machine is here, powered by the people."

machine is here, powered by the people."

machine is here, powered by the people." And while it is not the most important

And while it is not the most important

And while it is not the most important thing, you have now met the CEOs of

thing, you have now met the CEOs of

thing, you have now met the CEOs of these two companies, and I'm just going

these two companies, and I'm just going

these two companies, and I'm just going to say it, they are two of the most

to say it, they are two of the most

to say it, they are two of the most extras in a Tatino pizza rolls

extras in a Tatino pizza rolls

extras in a Tatino pizza rolls commercial looking I have

commercial looking I have

commercial looking I have ever seen in my life. Anyway, since then

ever seen in my life. Anyway, since then

ever seen in my life. Anyway, since then they've both been scrambling for market

they've both been scrambling for market

they've both been scrambling for market dominance, which is why Kelsey, for

dominance, which is why Kelsey, for

dominance, which is why Kelsey, for instance, has run TV ads LIKE THIS.

instance, has run TV ads LIKE THIS.

instance, has run TV ads LIKE THIS. >> INDIANA GONNA WIN, BABY.

>> INDIANA GONNA WIN, BABY.

>> INDIANA GONNA WIN, BABY. >> WE'RE IN FLORIDA ASKING PEOPLE WHAT THEY

>> WE'RE IN FLORIDA ASKING PEOPLE WHAT THEY

>> WE'RE IN FLORIDA ASKING PEOPLE WHAT THEY PUT THEIR MONEY ON. I'M ALL IN ON OKC.

PUT THEIR MONEY ON. I'M ALL IN ON OKC.

PUT THEIR MONEY ON. I'M ALL IN ON OKC. >> INDIANA GOT THAT DOG in them.

>> INDIANA GOT THAT DOG in them.

>> INDIANA GOT THAT DOG in them. >> Will egg prices go up this month?

>> Will egg prices go up this month?

>> Will egg prices go up this month? >> I think we'll hit $20. How many

>> I think we'll hit $20. How many

>> I think we'll hit $20. How many hurricanes do you think we'll HAVE THIS

hurricanes do you think we'll HAVE THIS

hurricanes do you think we'll HAVE THIS YEAR?

KELSHI KELCHI LETS you legally trade on

KELSHI KELCHI LETS you legally trade on

KELSHI KELCHI LETS you legally trade on anything anywhere in the US.

anything anywhere in the US.

anything anywhere in the US. >> OKCI.

>> OKAY, that visual cacophony is an AI

>> OKAY, that visual cacophony is an AI

>> OKAY, that visual cacophony is an AI slop atrocity. It contained two

slop atrocity. It contained two

slop atrocity. It contained two alligators, four shirtless or nearly

alligators, four shirtless or nearly

alligators, four shirtless or nearly shirtless old guys, one egg freak, three

shirtless old guys, one egg freak, three

shirtless old guys, one egg freak, three different people being pursued by the

different people being pursued by the

different people being pursued by the police, one woman I'm kind of rooting

police, one woman I'm kind of rooting

police, one woman I'm kind of rooting for, one USDA inspector's

for, one USDA inspector's

for, one USDA inspector's nightmare, and one alien seemingly

nightmare, and one alien seemingly

nightmare, and one alien seemingly rooting for Duke, which honestly tracks.

rooting for Duke, which honestly tracks.

rooting for Duke, which honestly tracks. And the whole thing ends with the

And the whole thing ends with the

And the whole thing ends with the world's gone mad. Trade it. Although

world's gone mad. Trade it. Although

world's gone mad. Trade it. Although given everything that came before, a

given everything that came before, a

given everything that came before, a more honest tagline might have been,

more honest tagline might have been,

more honest tagline might have been, "Fuck empathy, get money, cowshit." And

"Fuck empathy, get money, cowshit." And

"Fuck empathy, get money, cowshit." And again, that is the one that likes to

again, that is the one that likes to

again, that is the one that likes to present itself as the more button-down

present itself as the more button-down

present itself as the more button-down rule- abiding company of the two. And at

rule- abiding company of the two. And at

rule- abiding company of the two. And at this point, you might be thinking, wait,

this point, you might be thinking, wait,

this point, you might be thinking, wait, isn't that an ad for a gambling site?

isn't that an ad for a gambling site?

isn't that an ad for a gambling site? But both Ky and Poly Market will

But both Ky and Poly Market will

But both Ky and Poly Market will fiercely argue that that's not what they

fiercely argue that that's not what they

fiercely argue that that's not what they are at all. They argue that gambling

are at all. They argue that gambling

are at all. They argue that gambling involves playing against the house while

involves playing against the house while

involves playing against the house while their users are trading against each

their users are trading against each

their users are trading against each other with the companies typically just

other with the companies typically just

other with the companies typically just charging a fee on trades. They'll also

charging a fee on trades. They'll also

charging a fee on trades. They'll also insist that they're simply modern

insist that they're simply modern

insist that they're simply modern versions of commodity futures markets

versions of commodity futures markets

versions of commodity futures markets which have been around for over a

which have been around for over a

which have been around for over a century. If you're not familiar with

century. If you're not familiar with

century. If you're not familiar with them, they're a place where people can

them, they're a place where people can

them, they're a place where people can speculate about the future price of

speculate about the future price of

speculate about the future price of things like corn or natural gas. And

things like corn or natural gas. And

things like corn or natural gas. And crucially, they will argue that the bets

crucially, they will argue that the bets

crucially, they will argue that the bets they sell are financial instruments that

they sell are financial instruments that

they sell are financial instruments that enable ordinary people to hedge against

enable ordinary people to hedge against

enable ordinary people to hedge against future risks like betting that say a

future risks like betting that say a

future risks like betting that say a hurricane will hit or that the US

hurricane will hit or that the US

hurricane will hit or that the US government will shut down. Here is how

government will shut down. Here is how

government will shut down. Here is how Kowi CEO frames it. We had a market

Kowi CEO frames it. We had a market

Kowi CEO frames it. We had a market about whether student loan are going to

about whether student loan are going to

about whether student loan are going to be forgiven or not this year. And so a

be forgiven or not this year. And so a

be forgiven or not this year. And so a lot of people were hedging using that

lot of people were hedging using that

lot of people were hedging using that market. And so if it wasn't forgiven,

market. And so if it wasn't forgiven,

market. And so if it wasn't forgiven, they would get paid some amount of money

they would get paid some amount of money

they would get paid some amount of money that they could use to basically pay the

that they could use to basically pay the

that they could use to basically pay the student loan. And that's why this is

student loan. And that's why this is

student loan. And that's why this is very important,

very important,

very important, >> right? Apparently, they're just trying

>> right? Apparently, they're just trying

>> right? Apparently, they're just trying to help people make wise planning

to help people make wise planning

to help people make wise planning decisions. It's the kind of responsible

decisions. It's the kind of responsible

decisions. It's the kind of responsible financial thinking that you intuitively

financial thinking that you intuitively

financial thinking that you intuitively associate with a company that advertises

associate with a company that advertises

associate with a company that advertises itself with a shirtless old man being

itself with a shirtless old man being

itself with a shirtless old man being arrested or an alien pledging Sigma Kai.

arrested or an alien pledging Sigma Kai.

arrested or an alien pledging Sigma Kai. And look, that might make some sense

And look, that might make some sense

And look, that might make some sense when you're talking about an economic

when you're talking about an economic

when you're talking about an economic indicator or a specific event that might

indicator or a specific event that might

indicator or a specific event that might impact you personally, but what exactly

impact you personally, but what exactly

impact you personally, but what exactly is the financial loss I'm hedging

is the financial loss I'm hedging

is the financial loss I'm hedging against if I bet on the next winner of

against if I bet on the next winner of

against if I bet on the next winner of the masked singer or whether or not Mr.

the masked singer or whether or not Mr.

the masked singer or whether or not Mr. Beast will say feastable? And when you

Beast will say feastable? And when you

Beast will say feastable? And when you watch some of Koshi's actual customers

watch some of Koshi's actual customers

watch some of Koshi's actual customers in action, the notion that this is about

in action, the notion that this is about

in action, the notion that this is about sober risk management feels absurd. I'll

sober risk management feels absurd. I'll

sober risk management feels absurd. I'll tell you if I didn't win this election

tell you if I didn't win this election

tell you if I didn't win this election and if you had a like Kamla or a

and if you had a like Kamla or a

like sleepy JOE

>> BANG

>> BANG

>> BANG >> BANG NUMBER one sleepy joke we're

>> BANG NUMBER one sleepy joke we're

>> BANG NUMBER one sleepy joke we're looking good so far

looking good so far

looking good so far >> easy bro okay all right all right we we

>> easy bro okay all right all right we we

>> easy bro okay all right all right we we made about 200 bucks

made about 200 bucks

made about 200 bucks >> okay all right

>> okay all right

>> okay all right >> 200 bucks

>> 200 bucks

>> 200 bucks >> men playing IN WOMEN'S SPORTS

>> men playing IN WOMEN'S SPORTS

>> men playing IN WOMEN'S SPORTS >> WAIT

>> WAIT

>> WAIT >> TRANSGENDER

HEY,

HEY,

HEY, >> WE ARE OFF TO A GREAT START.

>> WE ARE OFF TO A GREAT START.

>> WE ARE OFF TO A GREAT START. >> YAY. WE HIT ON THAT IMMEDIATELY.

>> YAY. WE HIT ON THAT IMMEDIATELY.

>> YAY. WE HIT ON THAT IMMEDIATELY. >> SLEEPY JOE.

>> SLEEPY JOE.

>> SLEEPY JOE. >> WE GOT SLEEPY JOE TRANSGENDER IN LIKE

>> WE GOT SLEEPY JOE TRANSGENDER IN LIKE

>> WE GOT SLEEPY JOE TRANSGENDER IN LIKE THE FIRST 5 MINUTES, BRO.

THE FIRST 5 MINUTES, BRO.

THE FIRST 5 MINUTES, BRO. >> BRO, WE'RE up like 500 bucks.

>> BRO, WE'RE up like 500 bucks.

>> BRO, WE'RE up like 500 bucks. >> WE GOT TO MAKE A THOUSAND.

>> WE GOT TO MAKE A THOUSAND.

>> WE GOT TO MAKE A THOUSAND. >> YEAH, we got to make00. All right. All

>> YEAH, we got to make00. All right. All

>> YEAH, we got to make00. All right. All right.

right.

right. >> I I have no like I couldn't even tell

>> I I have no like I couldn't even tell

>> I I have no like I couldn't even tell you what the this man is saying. Like he

you what the this man is saying. Like he

you what the this man is saying. Like he just says a soup of random words.

just says a soup of random words.

just says a soup of random words. Somehow Joel is just deciphering this

Somehow Joel is just deciphering this

Somehow Joel is just deciphering this and just making money. Yeah, that is not

and just making money. Yeah, that is not

and just making money. Yeah, that is not using a financial instrument to hedge

using a financial instrument to hedge

using a financial instrument to hedge risk. It's taking advantage of a sun

risk. It's taking advantage of a sun

risk. It's taking advantage of a sun downing geriatrics rapidly declining

downing geriatrics rapidly declining

downing geriatrics rapidly declining verbal abilities. Oh, you bet he's going

verbal abilities. Oh, you bet he's going

verbal abilities. Oh, you bet he's going to say the word nasty. Great guess,

to say the word nasty. Great guess,

to say the word nasty. Great guess, dude. It's one of the last 200 words he

dude. It's one of the last 200 words he

dude. It's one of the last 200 words he has left.

has left.

has left. Honestly, that clip is unsettling on

Honestly, that clip is unsettling on

Honestly, that clip is unsettling on multiple fronts. One, because the

multiple fronts. One, because the

multiple fronts. One, because the president's harmful rhetoric is being

president's harmful rhetoric is being

president's harmful rhetoric is being divorced from its actual meaning. But

divorced from its actual meaning. But

divorced from its actual meaning. But two, because that's not what these bros

two, because that's not what these bros

two, because that's not what these bros are supposed to be doing. They shouldn't

are supposed to be doing. They shouldn't

are supposed to be doing. They shouldn't be betting on Trump's speeches. They

be betting on Trump's speeches. They

be betting on Trump's speeches. They should be sitting on that same couch and

should be sitting on that same couch and

should be sitting on that same couch and watching YouTube highlight reels of

watching YouTube highlight reels of

watching YouTube highlight reels of Kevin Love outlet passes six mellos in

Kevin Love outlet passes six mellos in

Kevin Love outlet passes six mellos in forging a deep beautiful friendship that

forging a deep beautiful friendship that

forging a deep beautiful friendship that will last for 40 years and that they

will last for 40 years and that they

will last for 40 years and that they will never ever discuss. Nature has lost

will never ever discuss. Nature has lost

will never ever discuss. Nature has lost its course. The point is that sure looks

its course. The point is that sure looks

its course. The point is that sure looks like gambling and it is pretty telling

like gambling and it is pretty telling

like gambling and it is pretty telling that while political mentions markets

that while political mentions markets

that while political mentions markets like that get a lot of attention around

like that get a lot of attention around

like that get a lot of attention around 90% of trading volume on Koshi is on

90% of trading volume on Koshi is on

90% of trading volume on Koshi is on sports. But you can see why these

sports. But you can see why these

sports. But you can see why these companies are so insistent that they are

companies are so insistent that they are

companies are so insistent that they are not gambling sites. Just 39 states, DC

not gambling sites. Just 39 states, DC

not gambling sites. Just 39 states, DC and Puerto Rico, have some form of

and Puerto Rico, have some form of

and Puerto Rico, have some form of legalized sports betting with only 32 of

legalized sports betting with only 32 of

legalized sports betting with only 32 of those allowing online gambling, leaving

those allowing online gambling, leaving

those allowing online gambling, leaving some pretty attractive mega states like

some pretty attractive mega states like

some pretty attractive mega states like California and Texas on the table. And

California and Texas on the table. And

California and Texas on the table. And by insisting they are financial

by insisting they are financial

by insisting they are financial exchanges offering not bets, but event

exchanges offering not bets, but event

exchanges offering not bets, but event contracts, prediction markets are not

contracts, prediction markets are not

contracts, prediction markets are not only able to operate in states where

only able to operate in states where

only able to operate in states where gambling isn't legal, but also get

gambling isn't legal, but also get

gambling isn't legal, but also get around state taxes and minimum age

around state taxes and minimum age

around state taxes and minimum age requirements in states where it is. And

requirements in states where it is. And

requirements in states where it is. And they've sometimes talked out of both

they've sometimes talked out of both

they've sometimes talked out of both sides of their mouth on this because in

sides of their mouth on this because in

sides of their mouth on this because in ads like this one, Couchy's called

ads like this one, Couchy's called

ads like this one, Couchy's called itself the first nationwide legal sports

itself the first nationwide legal sports

itself the first nationwide legal sports betting platform. But when asked about

betting platform. But when asked about

betting platform. But when asked about it, it later tried to qualify that

it, it later tried to qualify that

it, it later tried to qualify that statement, saying the bet language is

statement, saying the bet language is

statement, saying the bet language is only used in the sense that any

only used in the sense that any

only used in the sense that any financial position can be considered a

financial position can be considered a

financial position can be considered a bet on the future. And that is so dumb

bet on the future. And that is so dumb

bet on the future. And that is so dumb it is almost charming. It's like seeing

it is almost charming. It's like seeing

it is almost charming. It's like seeing a sign outside a strip club that says

a sign outside a strip club that says

a sign outside a strip club that says girls, girls, girls. And then seeing the

girls, girls, girls. And then seeing the

girls, girls, girls. And then seeing the manager come out and say, "We meant

manager come out and say, "We meant

manager come out and say, "We meant girls, girls, girls who code. We support

girls, girls, girls who code. We support

girls, girls, girls who code. We support women in STEM." Sure you do, buddy. Nice

women in STEM." Sure you do, buddy. Nice

women in STEM." Sure you do, buddy. Nice try. But these companies insistence that

try. But these companies insistence that

try. But these companies insistence that they are not gambling platforms is

they are not gambling platforms is

they are not gambling platforms is actually one of the two most irritating

actually one of the two most irritating

actually one of the two most irritating claims that they tend to make. The other

claims that they tend to make. The other

claims that they tend to make. The other is that they're actually incredibly

is that they're actually incredibly

is that they're actually incredibly important to society because they can

important to society because they can

important to society because they can help us more accurately predict the

help us more accurately predict the

help us more accurately predict the future. The head of polyarkets even

future. The head of polyarkets even

future. The head of polyarkets even called it the most accurate thing we

called it the most accurate thing we

called it the most accurate thing we have as mankind right now and has

have as mankind right now and has

have as mankind right now and has bragged that the predictions it

bragged that the predictions it

bragged that the predictions it generates can save lives. When I get hit

generates can save lives. When I get hit

generates can save lives. When I get hit up by people in the Middle East who are

up by people in the Middle East who are

up by people in the Middle East who are saying that, hey, you know, we're

saying that, hey, you know, we're

saying that, hey, you know, we're looking at poly market to decide whether

looking at poly market to decide whether

looking at poly market to decide whether we sleep near the bomb shelter. Like, we

we sleep near the bomb shelter. Like, we

we sleep near the bomb shelter. Like, we look at it every day and I'm like, oh,

look at it every day and I'm like, oh,

look at it every day and I'm like, oh, it's really that popular over there.

it's really that popular over there.

it's really that popular over there. Like, are you are you kidding me? Like,

Like, are you are you kidding me? Like,

Like, are you are you kidding me? Like, do you not even know what's going on?

do you not even know what's going on?

do you not even know what's going on? Like, everyone's relying on this. Um,

Like, everyone's relying on this. Um,

Like, everyone's relying on this. Um, that's very powerful. That that's like a

that's very powerful. That that's like a

that's very powerful. That that's like a a you know, an undeniable value

a you know, an undeniable value

a you know, an undeniable value proposition that did not exist before.

proposition that did not exist before.

proposition that did not exist before. >> Hey, quick question. What exact stage of

>> Hey, quick question. What exact stage of

>> Hey, quick question. What exact stage of capitalism are we in when the child CEO

capitalism are we in when the child CEO

capitalism are we in when the child CEO of an offshore gambling platform refers

of an offshore gambling platform refers

of an offshore gambling platform refers to betting odds on bombings as an

to betting odds on bombings as an

to betting odds on bombings as an undeniable value proposition? Because it

undeniable value proposition? Because it

undeniable value proposition? Because it feels like we're in paliotative care at

feels like we're in paliotative care at

feels like we're in paliotative care at this point. But I guess that is the

this point. But I guess that is the

this point. But I guess that is the point you reach when you're a

point you reach when you're a

point you reach when you're a 27-year-old billionaire surrounded by

27-year-old billionaire surrounded by

27-year-old billionaire surrounded by yesmen who will never tell you the

yesmen who will never tell you the

yesmen who will never tell you the truth. something I know for sure because

truth. something I know for sure because

truth. something I know for sure because no one in his life told him never TO

no one in his life told him never TO

no one in his life told him never TO EVER WEAR THAT jacket which when he is

EVER WEAR THAT jacket which when he is

EVER WEAR THAT jacket which when he is sitting like that unmistakably says peed

sitting like that unmistakably says peed

sitting like that unmistakably says peed rider though for all the talk of these

rider though for all the talk of these

rider though for all the talk of these sites unparalleled accuracy you should

sites unparalleled accuracy you should

sites unparalleled accuracy you should know that's a bit of an oversell they

know that's a bit of an oversell they

know that's a bit of an oversell they have shown promise in some areas a

have shown promise in some areas a

have shown promise in some areas a recent paper found koshi's predictions

recent paper found koshi's predictions

recent paper found koshi's predictions were roughly consistent with those of

were roughly consistent with those of

were roughly consistent with those of professional forecasters when it came to

professional forecasters when it came to

professional forecasters when it came to the economy and federal reserve policy

the economy and federal reserve policy

the economy and federal reserve policy but they've also had some big misses for

but they've also had some big misses for

but they've also had some big misses for instance both favor the Chiefs to win

instance both favor the Chiefs to win

instance both favor the Chiefs to win last year's Super Bowl and also whiffed

last year's Super Bowl and also whiffed

last year's Super Bowl and also whiffed the recent Texas Republican Senate

the recent Texas Republican Senate

the recent Texas Republican Senate primary with Poly Mark even posting a

primary with Poly Mark even posting a

primary with Poly Mark even posting a breaking alert that morning announcing

breaking alert that morning announcing

breaking alert that morning announcing Ken Paxton was projected to win with

Ken Paxton was projected to win with

Ken Paxton was projected to win with their odds giving him an 83% chance and

their odds giving him an 83% chance and

their odds giving him an 83% chance and you know he didn't do that and look all

you know he didn't do that and look all

you know he didn't do that and look all of that would be fine these are just

of that would be fine these are just

of that would be fine these are just odds and real life can defy odds were it

odds and real life can defy odds were it

odds and real life can defy odds were it not for the fact that these companies

not for the fact that these companies

not for the fact that these companies are actively selling themselves as

are actively selling themselves as

are actively selling themselves as basically oracles and they've even tried

basically oracles and they've even tried

basically oracles and they've even tried to bolster that reputation by entering

to bolster that reputation by entering

to bolster that reputation by entering paid partnership deals with news

paid partnership deals with news

paid partnership deals with news organizations. Dow Jones, parent company

organizations. Dow Jones, parent company

organizations. Dow Jones, parent company of the Wall Street Journal, announced a

of the Wall Street Journal, announced a

of the Wall Street Journal, announced a partnership with Poly Market earlier

partnership with Poly Market earlier

partnership with Poly Market earlier this year, while CNN, CNBC, and Fox News

this year, while CNN, CNBC, and Fox News

this year, while CNN, CNBC, and Fox News all signed deals with Koshi, which even

all signed deals with Koshi, which even

all signed deals with Koshi, which even sponsors segments on CNN that feature

sponsors segments on CNN that feature

sponsors segments on CNN that feature Kouch's odds on various future events

Kouch's odds on various future events

Kouch's odds on various future events scrolling across the bottom of the

scrolling across the bottom of the

scrolling across the bottom of the screen. AND I DO NOT WANT the CNN ticker

screen. AND I DO NOT WANT the CNN ticker

screen. AND I DO NOT WANT the CNN ticker to have betting odds on news events. I

to have betting odds on news events. I

to have betting odds on news events. I don't really want anything on there

don't really want anything on there

don't really want anything on there except maybe the odd distractingly weird

except maybe the odd distractingly weird

except maybe the odd distractingly weird headline that takes my mind off things

headline that takes my mind off things

headline that takes my mind off things for a second. You know, something like

for a second. You know, something like

for a second. You know, something like giraffe escapes from zoo, please say it

giraffe escapes from zoo, please say it

giraffe escapes from zoo, please say it has a gun. You know, something fun to

has a gun. You know, something fun to

has a gun. You know, something fun to Google later. But having their logo like

Google later. But having their logo like

Google later. But having their logo like that on CNN is a big win for Koshi, just

that on CNN is a big win for Koshi, just

that on CNN is a big win for Koshi, just as is a big win for them to have

as is a big win for them to have

as is a big win for them to have influencers like that guy from earlier

influencers like that guy from earlier

influencers like that guy from earlier saying how easy it is to win money.

saying how easy it is to win money.

saying how easy it is to win money. Though you should know after we asked,

Though you should know after we asked,

Though you should know after we asked, Kelsey told us that they paid him for

Kelsey told us that they paid him for

Kelsey told us that they paid him for that post. And it feels like deals like

that post. And it feels like deals like

that post. And it feels like deals like those should really be more transparent.

those should really be more transparent.

those should really be more transparent. It makes me a little annoyed and to be

It makes me a little annoyed and to be

It makes me a little annoyed and to be honest, even more hungry. And you know,

honest, even more hungry. And you know,

honest, even more hungry. And you know, when I need something nutritious, yet in

when I need something nutritious, yet in

when I need something nutritious, yet in a can, I know where to turn. Bushes,

a can, I know where to turn. Bushes,

a can, I know where to turn. Bushes, baked beans.

baked beans.

baked beans. But full disclosure, I was paid $40 to

But full disclosure, I was paid $40 to

But full disclosure, I was paid $40 to say that. thing is it's worth knowing

say that. thing is it's worth knowing

say that. thing is it's worth knowing that in reality as with sports books

that in reality as with sports books

that in reality as with sports books researchers have found that most users

researchers have found that most users

researchers have found that most users of couching and poly market lose money.

of couching and poly market lose money.

of couching and poly market lose money. As we've discussed before casual

As we've discussed before casual

As we've discussed before casual gamblers are always going to be easy

gamblers are always going to be easy

gamblers are always going to be easy prey for more sophisticated operators

prey for more sophisticated operators

prey for more sophisticated operators with advanced systems to give them an

with advanced systems to give them an

with advanced systems to give them an edge which is probably why while Poly

edge which is probably why while Poly

edge which is probably why while Poly market has more than 2 million users one

market has more than 2 million users one

market has more than 2 million users one analysis found more than 2/3 of all

analysis found more than 2/3 of all

analysis found more than 2/3 of all money won on it was held by just 740

money won on it was held by just 740

money won on it was held by just 740 accounts. And if you're thinking how

accounts. And if you're thinking how

accounts. And if you're thinking how exactly are these companies getting away

exactly are these companies getting away

exactly are these companies getting away with all this? Well, a lot has to do

with all this? Well, a lot has to do

with all this? Well, a lot has to do with who is in the White House right

with who is in the White House right

with who is in the White House right now. Both companies have fostered strong

now. Both companies have fostered strong

now. Both companies have fostered strong connections with the Trump family. In

connections with the Trump family. In

connections with the Trump family. In fact, Don Jr. is both an investor in and

fact, Don Jr. is both an investor in and

fact, Don Jr. is both an investor in and an unpaid adviser to Poly Market and a

an unpaid adviser to Poly Market and a

an unpaid adviser to Poly Market and a paid adviser to Cali. And look, I am not

paid adviser to Cali. And look, I am not

paid adviser to Cali. And look, I am not saying that Don Jr. isn't providing

saying that Don Jr. isn't providing

saying that Don Jr. isn't providing important or valuable insight. Although

important or valuable insight. Although

important or valuable insight. Although in a much truer sense, I very much am

in a much truer sense, I very much am

in a much truer sense, I very much am saying that. I'm just saying it's

saying that. I'm just saying it's

saying that. I'm just saying it's notable just how hard it was for Koshi's

notable just how hard it was for Koshi's

notable just how hard it was for Koshi's CEO to answer a series of basic

CEO to answer a series of basic

CEO to answer a series of basic questions about Don Junior's role.

questions about Don Junior's role.

questions about Don Junior's role. >> Why did you guys make Donald Trump Jr. a

>> Why did you guys make Donald Trump Jr. a

>> Why did you guys make Donald Trump Jr. a strategic adviser?

strategic adviser?

strategic adviser? >> We have a lot of adviserss.

>> We have a lot of adviserss.

>> We have a lot of adviserss. >> Mhm.

>> Mhm.

>> Mhm. >> Um and they span across the board across

>> Um and they span across the board across

>> Um and they span across the board across different functions. Um but really this

different functions. Um but really this

different functions. Um but really this is all about growing this industry, the

is all about growing this industry, the

is all about growing this industry, the prediction market industry that a lot of

prediction market industry that a lot of

prediction market industry that a lot of people really believe in.

people really believe in.

people really believe in. >> What kind of advice does he give you? So

>> What kind of advice does he give you? So

>> What kind of advice does he give you? So it really is again about growing

it really is again about growing

it really is again about growing prediction markets. You know he believes

prediction markets. You know he believes

prediction markets. You know he believes in prediction markets. We believe in

in prediction markets. We believe in

in prediction markets. We believe in prediction markets. A lot of people

prediction markets. A lot of people

prediction markets. A lot of people believe in prediction markets and it's

believe in prediction markets and it's

believe in prediction markets and it's really about go to market and expansion

really about go to market and expansion

really about go to market and expansion plans.

plans.

plans. >> Does he come to meetings? How much do

>> Does he come to meetings? How much do

>> Does he come to meetings? How much do you pay him? What's his role? I mean

you pay him? What's his role? I mean

you pay him? What's his role? I mean this is the son of the president.

this is the son of the president.

this is the son of the president. >> We again I mean we have a lot of

>> We again I mean we have a lot of

>> We again I mean we have a lot of adviserss and whether it's our

adviserss and whether it's our

adviserss and whether it's our investors, whether it's uh people that

investors, whether it's uh people that

investors, whether it's uh people that we really trust and respect.

we really trust and respect.

we really trust and respect. >> He's not just any adviser. He's a direct

>> He's not just any adviser. He's a direct

>> He's not just any adviser. He's a direct line to the White House.

line to the White House.

line to the White House. >> We have a lot of adviserss. Yeah, turns

>> We have a lot of adviserss. Yeah, turns

>> We have a lot of adviserss. Yeah, turns out it's pretty hard to justify hiring a

out it's pretty hard to justify hiring a

out it's pretty hard to justify hiring a Nepo baby or in Don Junior's case, a

Nepo baby or in Don Junior's case, a

Nepo baby or in Don Junior's case, a Nepo divorced dad. But the thing is, if

Nepo divorced dad. But the thing is, if

Nepo divorced dad. But the thing is, if hiring Don Jr. helped get these

hiring Don Jr. helped get these

hiring Don Jr. helped get these companies on Trump's good side, it's a

companies on Trump's good side, it's a

companies on Trump's good side, it's a bet that's paid off massively for them.

bet that's paid off massively for them.

bet that's paid off massively for them. Because while the Biden administration

Because while the Biden administration

Because while the Biden administration had at least tried to re in some of what

had at least tried to re in some of what

had at least tried to re in some of what these markets were doing, the Trump

these markets were doing, the Trump

these markets were doing, the Trump administration has gone hard in the

administration has gone hard in the

administration has gone hard in the other direction. And to understand the

other direction. And to understand the

other direction. And to understand the degree to which that's the case, take a

degree to which that's the case, take a

degree to which that's the case, take a look at the CFTC or Commodity Futures

look at the CFTC or Commodity Futures

look at the CFTC or Commodity Futures Trading Commission. It regulates these

Trading Commission. It regulates these

Trading Commission. It regulates these platforms and it was actually empowered

platforms and it was actually empowered

platforms and it was actually empowered under the DoddFrank Act in 2010 to block

under the DoddFrank Act in 2010 to block

under the DoddFrank Act in 2010 to block event contracts about terrorism,

event contracts about terrorism,

event contracts about terrorism, assassination, war, and gaming. You

assassination, war, and gaming. You

assassination, war, and gaming. You know, a bunch of what you've seen so far

know, a bunch of what you've seen so far

know, a bunch of what you've seen so far tonight. But it is clearly not doing

tonight. But it is clearly not doing

tonight. But it is clearly not doing that. And it doesn't even seem to be

that. And it doesn't even seem to be

that. And it doesn't even seem to be trying. In fact, while the CFTC is

trying. In fact, while the CFTC is

trying. In fact, while the CFTC is supposed to be comprised of five

supposed to be comprised of five

supposed to be comprised of five commissioners, two of whom are required

commissioners, two of whom are required

commissioners, two of whom are required to belong to the minority party, it

to belong to the minority party, it

to belong to the minority party, it currently only has this guy, Michael

currently only has this guy, Michael

currently only has this guy, Michael Celich, a Trump appointee, who's a

Celich, a Trump appointee, who's a

Celich, a Trump appointee, who's a massive cheerleader for this industry.

massive cheerleader for this industry.

massive cheerleader for this industry. He completely buys into their whole this

He completely buys into their whole this

He completely buys into their whole this is all about hedging risk argument to

is all about hedging risk argument to

is all about hedging risk argument to the point that he once suggested that

the point that he once suggested that

the point that he once suggested that somebody with a medical condition could

somebody with a medical condition could

somebody with a medical condition could manage the potential risk of having a

manage the potential risk of having a

manage the potential risk of having a future treatment or medical costs by

future treatment or medical costs by

future treatment or medical costs by placing a bet on the likelihood of

placing a bet on the likelihood of

placing a bet on the likelihood of something passing a drug trial which is

something passing a drug trial which is

something passing a drug trial which is and I don't say this lightly one of the

and I don't say this lightly one of the

and I don't say this lightly one of the most up suggestions I have ever

most up suggestions I have ever

most up suggestions I have ever heard for this country's gernica ass

heard for this country's gernica ass

heard for this country's gernica ass health care system and while Celix

health care system and while Celix

health care system and while Celix recently made noises about stronger

recently made noises about stronger

recently made noises about stronger enforcement it is hard to take him at

enforcement it is hard to take him at

enforcement it is hard to take him at his heard given that during his

his heard given that during his

his heard given that during his confirmation hearings he told Congress

confirmation hearings he told Congress

confirmation hearings he told Congress he'd let courts decide whether these

he'd let courts decide whether these

he'd let courts decide whether these companies constitute gambling but in

companies constitute gambling but in

companies constitute gambling but in office he's done the exact opposite of

office he's done the exact opposite of

office he's done the exact opposite of that in fact more than a dozen states

that in fact more than a dozen states

that in fact more than a dozen states are currently suing prediction markets

are currently suing prediction markets

are currently suing prediction markets but rather than let that play out in the

but rather than let that play out in the

but rather than let that play out in the courts like he promised CLI posted this

courts like he promised CLI posted this

courts like he promised CLI posted this video

video

video >> to those who seek to challenge our

>> to those who seek to challenge our

>> to those who seek to challenge our authority in this space let me be clear

authority in this space let me be clear

authority in this space let me be clear we will see you in court

we will see you in court

we will see you in court >> what a weasel. That guy has both

>> what a weasel. That guy has both

>> what a weasel. That guy has both the energy and fashion sense of a suits

the energy and fashion sense of a suits

the energy and fashion sense of a suits villain who goes toe-to-toe with Harvey

villain who goes toe-to-toe with Harvey

villain who goes toe-to-toe with Harvey and Mike all season long while Lewis and

and Mike all season long while Lewis and

and Mike all season long while Lewis and Meghan Markle, I don't care what you

Meghan Markle, I don't care what you

Meghan Markle, I don't care what you say, that's a character name to me,

say, that's a character name to me,

say, that's a character name to me, watch on. But he's done more than just

watch on. But he's done more than just

watch on. But he's done more than just threaten. See led his agency to sue

threaten. See led his agency to sue

threaten. See led his agency to sue three states to get them to back off

three states to get them to back off

three states to get them to back off trying to regulate prediction markets.

trying to regulate prediction markets.

trying to regulate prediction markets. So right now, these companies are able

So right now, these companies are able

So right now, these companies are able to operate under extremely friendly

to operate under extremely friendly

to operate under extremely friendly conditions. And given that, it's worth

conditions. And given that, it's worth

conditions. And given that, it's worth looking at some of the problems that

looking at some of the problems that

looking at some of the problems that have already begun to emerge. Starting

have already begun to emerge. Starting

have already begun to emerge. Starting with the fact that for a lot of these

with the fact that for a lot of these

with the fact that for a lot of these bets, it is incredibly easy for

bets, it is incredibly easy for

bets, it is incredibly easy for individuals to manipulate the outcomes.

individuals to manipulate the outcomes.

individuals to manipulate the outcomes. Some have even joked about that. For

Some have even joked about that. For

Some have even joked about that. For instance, on a recent earnings call, the

instance, on a recent earnings call, the

instance, on a recent earnings call, the CEO of Coinbase said this.

CEO of Coinbase said this.

CEO of Coinbase said this. >> I was a little distracted because I was

>> I was a little distracted because I was

>> I was a little distracted because I was tracking the prediction market about

tracking the prediction market about

tracking the prediction market about what Coinbase will say on their next

what Coinbase will say on their next

what Coinbase will say on their next earnings call. And I just want to, you

earnings call. And I just want to, you

earnings call. And I just want to, you know, add here the words Bitcoin,

know, add here the words Bitcoin,

know, add here the words Bitcoin, Ethereum, blockchain, staking,

Ethereum, blockchain, staking,

Ethereum, blockchain, staking, and web 3 to make sure we get those in

and web 3 to make sure we get those in

and web 3 to make sure we get those in before the end of the call.

before the end of the call.

before the end of the call. >> Yeah, he saw people's bets online and

>> Yeah, he saw people's bets online and

>> Yeah, he saw people's bets online and just rattled off words that they bet on

just rattled off words that they bet on

just rattled off words that they bet on him saying. And it really feels like

him saying. And it really feels like

him saying. And it really feels like manipulating betting outcomes should be

manipulating betting outcomes should be

manipulating betting outcomes should be more difficult than that. In the old

more difficult than that. In the old

more difficult than that. In the old days, you at least had to sneak cocaine

days, you at least had to sneak cocaine

days, you at least had to sneak cocaine to a racehorse, not just rattle off a

to a racehorse, not just rattle off a

to a racehorse, not just rattle off a list of the most punchable words in the

list of the most punchable words in the

list of the most punchable words in the English language. We even realized while

English language. We even realized while

English language. We even realized while researching this piece that there was

researching this piece that there was

researching this piece that there was betting happening around this show,

betting happening around this show,

betting happening around this show, specifically on what words I'd say

specifically on what words I'd say

specifically on what words I'd say during our show on February 22nd, which

during our show on February 22nd, which

during our show on February 22nd, which is stupid for multiple reasons,

is stupid for multiple reasons,

is stupid for multiple reasons, including that we tape on Saturday in

including that we tape on Saturday in

including that we tape on Saturday in front of a studio audience, all of whom

front of a studio audience, all of whom

front of a studio audience, all of whom would then have a massive information

would then have a massive information

would then have a massive information advantage and more than 24 hours before

advantage and more than 24 hours before

advantage and more than 24 hours before the betting window closed. Now,

the betting window closed. Now,

the betting window closed. Now, thankfully, we wipe every audience

thankfully, we wipe every audience

thankfully, we wipe every audience member's memory before we let them out

member's memory before we let them out

member's memory before we let them out of the taping.

of the taping.

of the taping. try to erase only the last couple of

try to erase only the last couple of

try to erase only the last couple of hours, but sometimes we do wipe clean

hours, but sometimes we do wipe clean

hours, but sometimes we do wipe clean and milestone birthday. That's on us and

and milestone birthday. That's on us and

and milestone birthday. That's on us and we're constantly calibrating the

we're constantly calibrating the

we're constantly calibrating the technology. You've been warned. You you

technology. You've been warned. You you

technology. You've been warned. You you won't remember, but you've been warned.

won't remember, but you've been warned.

won't remember, but you've been warned. And there are markets where it is way

And there are markets where it is way

And there are markets where it is way too easy for anyone to manipulate

too easy for anyone to manipulate

too easy for anyone to manipulate outcomes. Just last summer, you might

outcomes. Just last summer, you might

outcomes. Just last summer, you might remember a bunch of started

remember a bunch of started

remember a bunch of started throwing dildos on the court during WNBA

throwing dildos on the court during WNBA

throwing dildos on the court during WNBA games to promote a crypto memecoin. And

games to promote a crypto memecoin. And

games to promote a crypto memecoin. And if that wasn't already a cursed enough

if that wasn't already a cursed enough

if that wasn't already a cursed enough sentence, I'll let this South African

sentence, I'll let this South African

sentence, I'll let this South African man fill you in on what happened next.

man fill you in on what happened next.

man fill you in on what happened next. >> Did you know you can actually bet on

>> Did you know you can actually bet on

>> Did you know you can actually bet on whether a dildo will be thrown at the

whether a dildo will be thrown at the

whether a dildo will be thrown at the WNBA game on August 9th, August 11th,

WNBA game on August 9th, August 11th,

WNBA game on August 9th, August 11th, that's today, and August 12th right here

that's today, and August 12th right here

that's today, and August 12th right here on on Poly Market. I had no idea

on on Poly Market. I had no idea

on on Poly Market. I had no idea actually I had no idea what the WNBA was

actually I had no idea what the WNBA was

actually I had no idea what the WNBA was either until, you know, You could place

either until, you know, You could place

either until, you know, You could place a bet on whether a dildo would be thrown

a bet on whether a dildo would be thrown

a bet on whether a dildo would be thrown at it.

at it.

at it. >> Yeah, none of that is great. And it is

>> Yeah, none of that is great. And it is

>> Yeah, none of that is great. And it is pretty depressing that the way he

pretty depressing that the way he

pretty depressing that the way he learned about the existence of the WNBA

learned about the existence of the WNBA

learned about the existence of the WNBA was finding out you could bet on whether

was finding out you could bet on whether

was finding out you could bet on whether a dildo would be thrown at one of its

a dildo would be thrown at one of its

a dildo would be thrown at one of its games. It'd be like finding out about

games. It'd be like finding out about

games. It'd be like finding out about the existence of Robert Dairo by

the existence of Robert Dairo by

the existence of Robert Dairo by googling the cast OF DIRTY GRANDPA. Oh

googling the cast OF DIRTY GRANDPA. Oh

googling the cast OF DIRTY GRANDPA. Oh no, no, don't not like this. Don't learn

no, no, don't not like this. Don't learn

no, no, don't not like this. Don't learn about him like this. But it is true.

about him like this. But it is true.

about him like this. But it is true. People started betting whether dildos

People started betting whether dildos

People started betting whether dildos would be thrown again. And Poly Market

would be thrown again. And Poly Market

would be thrown again. And Poly Market even put up this tweet promoting the

even put up this tweet promoting the

even put up this tweet promoting the bets. And sure enough, more dildos got

bets. And sure enough, more dildos got

bets. And sure enough, more dildos got thrown. And that could well have been

thrown. And that could well have been

thrown. And that could well have been because Poly Market had just created a

because Poly Market had just created a

because Poly Market had just created a situation where you could easily make

situation where you could easily make

situation where you could easily make money by betting someone would throw a

money by betting someone would throw a

money by betting someone would throw a dildo and then going to a game with a

dildo and then going to a game with a

dildo and then going to a game with a dildo and throwing it. There have also

dildo and throwing it. There have also

dildo and throwing it. There have also been multiple instances of people

been multiple instances of people

been multiple instances of people seeming to use inside information to

seeming to use inside information to

seeming to use inside information to game these markets. Last year, a trader

game these markets. Last year, a trader

game these markets. Last year, a trader made over a million dollars with a

made over a million dollars with a

made over a million dollars with a series of accurate bets about Google's

series of accurate bets about Google's

series of accurate bets about Google's rankings of its most searched people of

rankings of its most searched people of

rankings of its most searched people of 2025. That same person, by the way, had

2025. That same person, by the way, had

2025. That same person, by the way, had also earned over $150,000 by correctly

also earned over $150,000 by correctly

also earned over $150,000 by correctly predicting the exact release date of

predicting the exact release date of

predicting the exact release date of Google's Gemini 3 model, which really

Google's Gemini 3 model, which really

Google's Gemini 3 model, which really makes you think that that person either

makes you think that that person either

makes you think that that person either worked for Google or knew someone who

worked for Google or knew someone who

worked for Google or knew someone who did, or maybe managed to hack Google

did, or maybe managed to hack Google

did, or maybe managed to hack Google from the outside. In which case, would

from the outside. In which case, would

from the outside. In which case, would it kill you to do a Google doodle for my

it kill you to do a Google doodle for my

it kill you to do a Google doodle for my birthday? It is on Thursday, by the way.

birthday? It is on Thursday, by the way.

birthday? It is on Thursday, by the way. And and Poly Market CEO has in the past

And and Poly Market CEO has in the past

And and Poly Market CEO has in the past openly celebrated the fact that this

openly celebrated the fact that this

openly celebrated the fact that this kind of thing can happen on his platform

kind of thing can happen on his platform

kind of thing can happen on his platform because he's argued it just makes its

because he's argued it just makes its

because he's argued it just makes its prediction abilities that much stronger.

prediction abilities that much stronger.

prediction abilities that much stronger. What do you guys do if anything to to

What do you guys do if anything to to

What do you guys do if anything to to basically guard against insider trading?

basically guard against insider trading?

basically guard against insider trading? >> Yeah. So, it goes back to this idea of

>> Yeah. So, it goes back to this idea of

>> Yeah. So, it goes back to this idea of information markets, right? Like you

information markets, right? Like you

information markets, right? Like you think about uh will when will Gemini 3

think about uh will when will Gemini 3

think about uh will when will Gemini 3 launch? Nobody is under the impression

launch? Nobody is under the impression

launch? Nobody is under the impression that nobody knows the answer, right?

that nobody knows the answer, right?

that nobody knows the answer, right? Like of course there's people who are

Like of course there's people who are

Like of course there's people who are working on it who know when it's going

working on it who know when it's going

working on it who know when it's going to come. And I think what's cool about

to come. And I think what's cool about

to come. And I think what's cool about poly market is that it creates this

poly market is that it creates this

poly market is that it creates this financial incentive to go for people to

financial incentive to go for people to

financial incentive to go for people to go and divulge the information to the

go and divulge the information to the

go and divulge the information to the market and the market to change and all

market and the market to change and all

market and the market to change and all all of a sudden it's trading at 95 cents

all of a sudden it's trading at 95 cents

all of a sudden it's trading at 95 cents and people are like

and people are like

and people are like >> mean you think you when you say divulge

>> mean you think you when you say divulge

>> mean you think you when you say divulge you mean the people who actually know?

you mean the people who actually know?

you mean the people who actually know? >> Yeah. Or someone tells someone and then

>> Yeah. Or someone tells someone and then

>> Yeah. Or someone tells someone and then the market responds.

the market responds.

the market responds. >> Yeah. He basically just answered the

>> Yeah. He basically just answered the

>> Yeah. He basically just answered the question, how do you guard against

question, how do you guard against

question, how do you guard against insider trading there with no? And he

insider trading there with no? And he

insider trading there with no? And he did it with a fashion choice SOMEHOW

did it with a fashion choice SOMEHOW

did it with a fashion choice SOMEHOW EVEN WORSE THAN HIS BIKER JACKET.

EVEN WORSE THAN HIS BIKER JACKET.

EVEN WORSE THAN HIS BIKER JACKET. Because what in the NYU army fatigues is

Because what in the NYU army fatigues is

Because what in the NYU army fatigues is that That sweater looks like it

that That sweater looks like it

that That sweater looks like it was made from illegally poached grimace.

was made from illegally poached grimace.

was made from illegally poached grimace. But also, I don't care how many

But also, I don't care how many

But also, I don't care how many statement sweaters you wear or how many

statement sweaters you wear or how many

statement sweaters you wear or how many Ben Platt and Dear Evan Hansen haircuts

Ben Platt and Dear Evan Hansen haircuts

Ben Platt and Dear Evan Hansen haircuts you have. You're not describing some

you have. You're not describing some

you have. You're not describing some edgy chill way to divulge information to

edgy chill way to divulge information to

edgy chill way to divulge information to the market. You're describing insider

the market. You're describing insider

the market. You're describing insider trading. And it gets genuinely chilling

trading. And it gets genuinely chilling

trading. And it gets genuinely chilling when you realize that people seem to be

when you realize that people seem to be

when you realize that people seem to be using insider info to bet on life or

using insider info to bet on life or

using insider info to bet on life or death events. In January, after the US

death events. In January, after the US

death events. In January, after the US seized Nicholas Maduro, an anonymous

seized Nicholas Maduro, an anonymous

seized Nicholas Maduro, an anonymous trader pocketed more than $400,000 off

trader pocketed more than $400,000 off

trader pocketed more than $400,000 off bets that that would happen with the

bets that that would happen with the

bets that that would happen with the bulk of those bets made mere hours

bulk of those bets made mere hours

bulk of those bets made mere hours before the raid was announced. In

before the raid was announced. In

before the raid was announced. In February, two Israelis were charged with

February, two Israelis were charged with

February, two Israelis were charged with using classified military information to

using classified military information to

using classified military information to place bets on poly markets. And in

place bets on poly markets. And in

place bets on poly markets. And in March, this happened.

March, this happened.

March, this happened. >> Deadly American strikes and some people

>> Deadly American strikes and some people

>> Deadly American strikes and some people may have made money from them. More than

may have made money from them. More than

may have made money from them. More than a dozen anonymous accounts placed bets

a dozen anonymous accounts placed bets

a dozen anonymous accounts placed bets predicting that the United States would

predicting that the United States would

predicting that the United States would strike Iran by Saturday, the 28th of

strike Iran by Saturday, the 28th of

strike Iran by Saturday, the 28th of February. Most of those wages were

February. Most of those wages were

February. Most of those wages were placed in the hours before the first

placed in the hours before the first

placed in the hours before the first bombs fell, and many of the accounts had

bombs fell, and many of the accounts had

bombs fell, and many of the accounts had been created only days earlier. One of

been created only days earlier. One of

been created only days earlier. One of the biggest winners used the account

the biggest winners used the account

the biggest winners used the account name MAGA, my man. The trader placed

name MAGA, my man. The trader placed

name MAGA, my man. The trader placed $87,000 on a war with Iran exactly 71

$87,000 on a war with Iran exactly 71

$87,000 on a war with Iran exactly 71 minutes before the first strike, winning

minutes before the first strike, winning

minutes before the first strike, winning a jackpot worth $515,000.

a jackpot worth $515,000.

a jackpot worth $515,000. >> Yeah, that sure feels like someone with

>> Yeah, that sure feels like someone with

>> Yeah, that sure feels like someone with inside information was betting on Poly

inside information was betting on Poly

inside information was betting on Poly Market. And I'd say that it wasn't a

Market. And I'd say that it wasn't a

Market. And I'd say that it wasn't a great idea to make their username

great idea to make their username

great idea to make their username Magabby Man, except it doesn't seem to

Magabby Man, except it doesn't seem to

Magabby Man, except it doesn't seem to matter anymore, does it? His username

matter anymore, does it? His username

matter anymore, does it? His username might as well have been Magma Man. Just

might as well have been Magma Man. Just

might as well have been Magma Man. Just kidding. My name is Dylan Bathwell and I

kidding. My name is Dylan Bathwell and I

kidding. My name is Dylan Bathwell and I work at the Department of Defense. He's

work at the Department of Defense. He's

work at the Department of Defense. He's not really risking much. Now, I should

not really risking much. Now, I should

not really risking much. Now, I should say Kowi just announced it took action

say Kowi just announced it took action

say Kowi just announced it took action in two insider trading cases and has

in two insider trading cases and has

in two insider trading cases and has taken out billboards bragging that it

taken out billboards bragging that it

taken out billboards bragging that it bans insider trading and also that it

bans insider trading and also that it

bans insider trading and also that it doesn't offer death markets, which is a

doesn't offer death markets, which is a

doesn't offer death markets, which is a little weird. It'd be like McDonald's

little weird. It'd be like McDonald's

little weird. It'd be like McDonald's putting up ads that its nuggets don't

putting up ads that its nuggets don't

putting up ads that its nuggets don't contain baby meat.

contain baby meat.

contain baby meat. Okay, mama. But now I have way more

Okay, mama. But now I have way more

Okay, mama. But now I have way more questions.

questions.

questions. For its part, Poly Market recently

For its part, Poly Market recently

For its part, Poly Market recently updated its rules to clarify that users

updated its rules to clarify that users

updated its rules to clarify that users can't act on stolen confidential

can't act on stolen confidential

can't act on stolen confidential information, wager using illegal tips,

information, wager using illegal tips,

information, wager using illegal tips, or bet if they're in a position to

or bet if they're in a position to

or bet if they're in a position to influence the outcome of an event.

influence the outcome of an event.

influence the outcome of an event. Although, it is not a great sign that

Although, it is not a great sign that

Although, it is not a great sign that just recently there was a suspicious

just recently there was a suspicious

just recently there was a suspicious spike in trading right before the

spike in trading right before the

spike in trading right before the ceasefire with Iran was announced as a

ceasefire with Iran was announced as a

ceasefire with Iran was announced as a group of new accounts on Poly Market

group of new accounts on Poly Market

group of new accounts on Poly Market made highly specific, well-timed bets

made highly specific, well-timed bets

made highly specific, well-timed bets about it, earning hundreds of thousands

about it, earning hundreds of thousands

about it, earning hundreds of thousands of dollars. So, it sure seems like right

of dollars. So, it sure seems like right

of dollars. So, it sure seems like right now we've effectively got gambling sites

now we've effectively got gambling sites

now we've effectively got gambling sites operating even in states where gambling

operating even in states where gambling

operating even in states where gambling is illegal and offering bets on things

is illegal and offering bets on things

is illegal and offering bets on things that they've been laws against for over

that they've been laws against for over

that they've been laws against for over a decade now. So, what can we do? Well,

a decade now. So, what can we do? Well,

a decade now. So, what can we do? Well, at the bare minimum, the CFTC should be

at the bare minimum, the CFTC should be

at the bare minimum, the CFTC should be doing more. And while it says it's

doing more. And while it says it's

doing more. And while it says it's writing new rules, I wouldn't expect

writing new rules, I wouldn't expect

writing new rules, I wouldn't expect much, especially for as long as this

much, especially for as long as this

much, especially for as long as this guy is in charge. As I said

guy is in charge. As I said

guy is in charge. As I said earlier, there are a bunch of cases

earlier, there are a bunch of cases

earlier, there are a bunch of cases making their way through the courts

making their way through the courts

making their way through the courts right now, but it's not clear how

right now, but it's not clear how

right now, but it's not clear how they'll resolve. and it's probably going

they'll resolve. and it's probably going

they'll resolve. and it's probably going to be in front of the Supreme Court.

to be in front of the Supreme Court.

to be in front of the Supreme Court. Meanwhile, Congress is considering a

Meanwhile, Congress is considering a

Meanwhile, Congress is considering a number of proposals tackling aspects of

number of proposals tackling aspects of

number of proposals tackling aspects of this issue. Although, given that the

this issue. Although, given that the

this issue. Although, given that the president of the United States has a kid

president of the United States has a kid

president of the United States has a kid currently advising both major companies,

currently advising both major companies,

currently advising both major companies, I wouldn't hold your breath. So,

I wouldn't hold your breath. So,

I wouldn't hold your breath. So, meaningful policy shifts in the near

meaningful policy shifts in the near

meaningful policy shifts in the near term do seem unlikely. But at some

term do seem unlikely. But at some

term do seem unlikely. But at some point, we do need to put in place some

point, we do need to put in place some

point, we do need to put in place some basic guard rails here. And until then,

basic guard rails here. And until then,

basic guard rails here. And until then, if we can't change how these sites

if we can't change how these sites

if we can't change how these sites operate, we should at least try and

operate, we should at least try and

operate, we should at least try and change how we individually see them. One

change how we individually see them. One

change how we individually see them. One thing that would frankly help is if news

thing that would frankly help is if news

thing that would frankly help is if news organizations stopped laundering these

organizations stopped laundering these

organizations stopped laundering these companies reputations for them by

companies reputations for them by

companies reputations for them by putting their odds on screen like they

putting their odds on screen like they

putting their odds on screen like they are actual news. Because is it a bad

are actual news. Because is it a bad

are actual news. Because is it a bad idea for them to be doing that? If I may

idea for them to be doing that? If I may

idea for them to be doing that? If I may quote the single loudest man in the

quote the single loudest man in the

quote the single loudest man in the world.

>> Yes, exactly. I couldn't have screamed

>> Yes, exactly. I couldn't have screamed

>> Yes, exactly. I couldn't have screamed it better myself. And look, on a

it better myself. And look, on a

it better myself. And look, on a personal level, if you're considering

personal level, if you're considering

personal level, if you're considering using these markets to gamble, try and

using these markets to gamble, try and

using these markets to gamble, try and remember that you are statistically

remember that you are statistically

remember that you are statistically likely to lose money. And while I am not

likely to lose money. And while I am not

likely to lose money. And while I am not against gambling per se, there is

against gambling per se, there is

against gambling per se, there is something so grim about these sites

something so grim about these sites

something so grim about these sites turning every aspect of our lives into a

turning every aspect of our lives into a

turning every aspect of our lives into a bet. Because sure, money can be won on

bet. Because sure, money can be won on

bet. Because sure, money can be won on them. But in that happening, something

them. But in that happening, something

them. But in that happening, something also gets lost. specifically a society

also gets lost. specifically a society

also gets lost. specifically a society where things aren't only weighed in

where things aren't only weighed in

where things aren't only weighed in financial terms and where people engage

financial terms and where people engage

financial terms and where people engage with news for what it means to human

with news for what it means to human

with news for what it means to human beings, not just because they have $50

beings, not just because they have $50

beings, not just because they have $50 writing on it. And and when something

writing on it. And and when something

writing on it. And and when something unexpected happens in the world, it

unexpected happens in the world, it

unexpected happens in the world, it would be really nice not to have to

would be really nice not to have to

would be really nice not to have to automatically question whether it's only

automatically question whether it's only

automatically question whether it's only because someone is trying to move a

because someone is trying to move a

because someone is trying to move a market. That is why I'm going to make

market. That is why I'm going to make

market. That is why I'm going to make you a promise tonight. I will never do

you a promise tonight. I will never do

you a promise tonight. I will never do anything because someone online placed a

anything because someone online placed a

anything because someone online placed a bet on it. So, you can be confident that

bet on it. So, you can be confident that

bet on it. So, you can be confident that if I ever say Bitcoin, Ethereum,

if I ever say Bitcoin, Ethereum,

if I ever say Bitcoin, Ethereum, blockchain, staking, and web 3, it won't

blockchain, staking, and web 3, it won't

blockchain, staking, and web 3, it won't be because I'm trying to move markets.

be because I'm trying to move markets.

be because I'm trying to move markets. It'll be because I'm having a stroke.

It'll be because I'm having a stroke.

It'll be because I'm having a stroke. And once you have that trust, you can

And once you have that trust, you can

And once you have that trust, you can feel secure in the knowledge that if a

feel secure in the knowledge that if a

feel secure in the knowledge that if a dildo ever lands on this desk, it's not

dildo ever lands on this desk, it's not

dildo ever lands on this desk, it's not because someone had a secret wager on

because someone had a secret wager on

because someone had a secret wager on it. It's because we weren't sure how to

it. It's because we weren't sure how to

it. It's because we weren't sure how to get out of a 32-minute segment on a

get out of a 32-minute segment on a

get out of a 32-minute segment on a quasi legal gambling industry. But we

quasi legal gambling industry. But we

quasi legal gambling industry. But we knew that a thrown dildo in the right

knew that a thrown dildo in the right

knew that a thrown dildo in the right circumstances and with the full consent

circumstances and with the full consent

circumstances and with the full consent of the person having it thrown at them

of the person having it thrown at them

of the person having it thrown at them would be undeniably funny. And if more

would be undeniably funny. And if more

would be undeniably funny. And if more than one dildo lands, if only because a

than one dildo lands, if only because a

than one dildo lands, if only because a fundamental rule of comedy is more

fundamental rule of comedy is more

fundamental rule of comedy is more dildos is more funny. AND IF IT TURNS

dildos is more funny. AND IF IT TURNS

dildos is more funny. AND IF IT TURNS OUT THERE ARE TOO MANY DILDOS FLYING

OUT THERE ARE TOO MANY DILDOS FLYING

OUT THERE ARE TOO MANY DILDOS FLYING THROUGH THE AIR. I PROMISE IT WILL ONLY

THROUGH THE AIR. I PROMISE IT WILL ONLY

THROUGH THE AIR. I PROMISE IT WILL ONLY BE because we didn't know how MANY TO

BE because we didn't know how MANY TO

BE because we didn't know how MANY TO BUY AND NOW we're sort of screwed CUZ I

BUY AND NOW we're sort of screwed CUZ I

BUY AND NOW we're sort of screwed CUZ I DON'T THINK YOU'RE ALLOWED TO RETURN

DON'T THINK YOU'RE ALLOWED TO RETURN

DON'T THINK YOU'RE ALLOWED TO RETURN THEM. That is our show. Thank you SO

THEM. That is our show. Thank you SO

THEM. That is our show. Thank you SO MUCH FOR WATCHING. See you next week.

MUCH FOR WATCHING. See you next week.

MUCH FOR WATCHING. See you next week. Good night. This is This is just too

Good night. This is This is just too

Good night. This is This is just too many dildos.