Michael Lewis- Sports Betting, Challenges Facing Youth, & Fall of Sam Bankman

Michael Lewis- Sports Betting, Challenges Facing Youth, & Fall of Sam Bankman | Prof G Conversations

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The Prof G Pod – Scott Galloway

Күн бұрын

Пікірлер: 205

@Tussing42 Ай бұрын

Galloway & Lewis need to have more frequent meet ups like this

@pt9845 Ай бұрын

Why didn't they talk about Scott Galloway losing $350k on a bet for Kamala?

@NarrativeMam978 22 күн бұрын

@@pt9845 HA! because that is not how the left operates. Also, Michael Lewis, like always, is a dramatic b word. SBF will serve 40% to 50% less time than he gets. that is never mentioned because like always the media is here to manipulate...

@kathleencrandall5821 Ай бұрын

Michael Lewis is a national treasure. Thanks for this talk. He has the soul of a guy from New Orleans and the brains of the folks in Berkeley.

@christinecamley Ай бұрын

@@kathleencrandall5821 Agreed!!

@NarrativeMam978 22 күн бұрын

he is a fear mongering clown. SBF will only serve 50% of his sentence.

@Aeyekay0 Ай бұрын

The growth of online and sports gambling is deeply troubling and just as you said it will take years of things getting worse before something gets done about it

@andythompson2122 Ай бұрын

This is by far my favorite interview/conversation on this pod.

@themadlibrarian2933 Ай бұрын

People who study gambling have long argued that age of onset of gambling, frequency of gambling, the speed of the game, and the variety of games that you play contribute to the probability of developing a gabling addiction. My brother-in-law was a fantasy sports player for well over a decade. Imagine my surprise when I learned that their house, which they had owned for 25 years, had been foreclosed upon and sold.

@andrewstorm8240 18 күн бұрын

These need to host a dual podcast

@WinonaNagy Ай бұрын

I'm with Michael Lewis on this - the sports betting industry is a disaster waiting to happen. Young men are being exploited and it's only a matter of time before we see the devastating consequences.

@NarrativeMam978 22 күн бұрын

you are a clown... in every point in society similar statements have been made... michael lewis is just part of the media machine to manipulate society. as philosopher Osho said: society does not want you to be wise. in fact, what do you think they say in China right now? "video games are killing our young men." what do you think they are saying in the Middle East right now: "Western culture is killing our young men" and then repeat this over the past 5,000 years.

@WillJohnston-wg9ew Ай бұрын

Between gambling and crypto, it's a sad reality for young men in our country. Shame on Lebron, Steph and Kevin Hart for promoting these corrosive addictions.

@magicllama9614 Ай бұрын

Opioids crisis was able to run for 20 years, and 750k people died. And it was about AS VISIBLE as an epidemic as you can have. Powerful statement....

@NarrativeMam978 22 күн бұрын

yea well no one cares about poor people (no matter their nationality, their race, their sex). poor = not relevant. if this statement upsets you, please read the above statement: 750k dead. let me give a hint...no one cares, the same number of people are dying of opioids today as there were 20 years ago.

@-Gramps Ай бұрын

Simply put- one of your best, Scott.

@roderickmacdonald4026 Ай бұрын

I worked at a sportsbook in the 90's. It was interesting how many people laid down bets vs. collect winnings. The ratio of losers/winners was like 10:1 in my experience. I briefly got addicted. Sitting there watching games all day, the temptation to have a little action going was hard to resist. It took a real toll on my mental health. As I got deeper, my stress/anxiety spiked to unhealthy levels. Thankfully I overcame the habit, but it wasn't easy.

@AMCNolan Ай бұрын

Australia has been having this conversation for a while. Incremental improvements because the gambling "industry" makes so much easy cash, and they have great parties for the politicians. Kids are learning the odds quicker than adults, it's called math.

@creativeslink Ай бұрын

Music production relies on men in halfway houses for day work. We had a problem staffing with fentanyl, but now the workers don’t get out of the parking lot before their checks are gone. Gambling on phones is stronger crack. I’m so scared for the young dudes.

@AntalDarin-ly6os Ай бұрын

It was a pleasure to listen to you guys talk ❗️

@sampaxinos Ай бұрын

Americans have no idea what they’re in for here. Sports betting has been highly accessible for over twenty years in Australia and we have a horrendous gambling addiction as a country. We even build state holidays around gambling events like horse racing. The industry is predatory, it’s become deeply lobbied in major sports and politics and has essentially become a hidden epidemic here with young men. Interested to see how it pans out in the US.

@annettekearney9798 Ай бұрын

I predict a disaster as the prof says…

@lucid685 Ай бұрын

No one seems to care about the common good. Its about one thing MONEY

@NarrativeMam978 22 күн бұрын

@jenniferbaldwin3912 Ай бұрын

Love Michael Lewis! Great conversation

@jet4tv Ай бұрын

Great Interview Scott... Thank you :)

@stevenstewart6349 Ай бұрын

I could listen to these two for many hours. ✌

@julieb7785 26 күн бұрын

These two guys are smart and wise; their mutual courteousness is exemplary.

@JS-ir9sv 18 күн бұрын

I'm disgusted with sport leagues promoting gambling.

@oneoldboytotheothers Ай бұрын

One of my favorite Prof G interviews and one of my favorite Michael Lewis interviews.

@NarrativeMam978 22 күн бұрын

@jerrypetrov6594 Ай бұрын

As a young man who recently graduated, If anything you are understating the problem. The American public is fucked

@stevencooke1027 23 күн бұрын

I love the advice Michael gives at the end. Arbitraging your personality is something I might try despite my age. I too idolize him, Scott. I've read just about everything he's ever written. He makes everything seem interesting.

@MFunkibut Ай бұрын

The world actually doesn't give a shit about us. The world is out to get us. These are the lessons young people *should* be learning.

@MatheusBauer Ай бұрын

This crossover is just amazing

@monicalamas534 Ай бұрын

What a great conversation!

@markspoor4663 Ай бұрын

Wow. Great interview and fun back and forth. 😀

@obijuan3004 Ай бұрын

Great video. These guys need to meetup more often. Two great storytellers with access to cash flow.

@eghansen21 Ай бұрын

SBF deserves life in jail

@isaiahayers1550 Ай бұрын

No, he absolutely doesn't. Why is our society so insanely punitive? Other countries put murderers in prison for like 20 years and they have far better outcomes than us, and this guy should be imprisoned for life for losing people's money?

@pat557 18 күн бұрын

10:03 THIS is the difference between the deadbeats at Fan duel and DraftKings and LEGITIMATE Sportsbooks in Nevada; Nevada isn't afraid to payout a bet. Those online cowards should be banned.

@Illiteratechimp Ай бұрын

Bad times make strong regulation Strong regulation makes good times Good times make weak regulations Weak regulations make bad times

@ainslie187 18 күн бұрын

The United States is like an open air casino now. Everyone scrolling on their phones like it’s a slot machine, even while driving their cars. People watching sports are simultaneously scrolling on their slot machine/phone looking for new prop bets. Old rusted out industrial towns put up casinos in a last ditch effort to bring in tax revenue. Even some colleges are partnering with casinos to entice students to open an account (LSU and Caesars).

@dawnfmEnthusiast Ай бұрын

Reminder: This guy defended SBF. He continues to defend SBF.

@RyanOrWelshy Ай бұрын

Lewis defends SBF up to a point. He thinks a 25 year sentence is excessive but accepts that SBF committed a crime and should be imprisoned for that.

@DethWench Ай бұрын

I agree with you. He had bad judgment then continues to double down.

@pt9845 Ай бұрын

These 2 guys are pretty evil, so it makes sense. At least karma hit Scott with a $350k loss on Kamala bet.

@isaiahayers1550 Ай бұрын

@@pt9845evil??? Based on what?

@josteengonzales Ай бұрын

Great episode. Didn’t even know this guy wrote some of my favorite films.

@BlakeMerriam 2 күн бұрын

Michel Lewis for president!!!

@HeyThisIsAndrew Ай бұрын

Just listen to this while running a 5K one of the best podcasts I’m gonna hold onto the “ arbitrating your personality against the world”

@boom2.0 Ай бұрын

One guy jumped on a judge and got 60 years behind bars. Another guy stole $11 Billion from families and got 25 years. And that's too excessive? What kind of world is this guy living in? Oh I forgot - a gated community. Enuff said.

@dawnfmEnthusiast Ай бұрын

@@boom2.0 Lewis is compromised. He was invited into SBF’s circle to write a book glorifying him. Luckily for everyone, SBF got exposed and unluckily for Lewis this was literally a month into his book tour 😂

@jshyoungblood Ай бұрын

Was thinking the same.

@isaiahayers1550 Ай бұрын

So you're saying because one guy's sentence was even more excessive, that another guy's sentence can't be excessive? Both those punishments can be too harsh at the same time.

@boom2.0 Ай бұрын

@@isaiahayers1550It's not about the sum total of the theft (SBF did) - it's really about the total number of lives destroyed in one fell swoop. Plus SBF wasn't truly remorseful (just regretful he got caught). I don't know if the time match the crime - that's for the families affected to decide - not some dude on a podcast.

@isaiahayers1550 Ай бұрын

@boom2.0 actually we're all entitled to decide our opinions on these things.

@jet4tv Ай бұрын

Grrat interview Scott! e

@ryanh8764 Ай бұрын

Good interview

@ARIZJOE Ай бұрын

During law school I was an associate of the biggest bookie in Ohio after Jimmy the Greek. After a weekend of NCAA and NFL football, he took a valise of money out of the office. So gambling has always been around, but it was underground. You had to get with a guy who was doing it illegally. It took effort to make that connection. Now, it is done with a tap on your phone. It's a serious vice. Gee, what could go wrong? Porn was legal. But it was adults only in a red light district. Now, it's ubiquitous for pimple-faced schnooks. What could go wrong?

@sup8857 Ай бұрын

Woah. These are my guys!

@mccarthyd6603 Ай бұрын

Good discussion but halfway thru I realized I had not placed my Parlay yet for the Vikes/Bears game tonight....do I have problem 🤔

@EasyTiger.01343 Ай бұрын

Well, that really depends on whether you think "being a moron" is a problem. Some people really enjoy it, and spend their whole life indulging in it.

@drdontpassone8164 Ай бұрын

top shelf presenation..

@Gsp_in_NYC Ай бұрын

gambling wasn't my thing, but drugs and alcohol almost destroyed me.

@dermic Ай бұрын

I’m addicted to podcasts with boomer who know

@michae1601 Ай бұрын

Thousands of years of human history. Do we need another study on the effects of gambling ? Its obvious that its only going to lead down some dark roads ahead

@deliberatingtruth Ай бұрын

8:40 - absolutely, winner take all

@HKS-Digital Ай бұрын

Day 71: Please bring on Gary Stevenson (Garys Economics)! Thanks!

@BongShlong Ай бұрын

@annettekearney9798 Ай бұрын

God this is depressing. And again it’s young men that’s become the problem primarily.

@thecommish1976 Ай бұрын

Indeed. Some of the same young men that created the technologies that they are using to communicate. People always forget that.

@rubyaliza1854 Ай бұрын

True Bromance going on here!!!

@johnc3886 Ай бұрын

Both Scott Galloway and Mike Lewis are excellent storytellers - just like Anthony Bourdain. Being great storytellers captures the attention of many; valuable gift if you possess it.

@dantemple482 Ай бұрын

Disappointing to hear so little condemnation of SBF, who basically took the life savings of thousands of unwitting ordinary people and went to the casino with them. If the bet pays off that does not mitigate the crime. And, er, maybe also a bit less thoughtful than usual to brag about having bought claims at 10 cents on the dollar - big win for Prof G who has the cash to speculate, not so much for the probably desperate victim that sold for what they thought they could get. Otherwise big fan but I have to say this.

@marcusmatthews8255 Ай бұрын

My admire Michael Lewis insights on sports gambling, but stigmatizing people who have an account in good standing will have very LOW impact on changing people’s behavior. That’s like stigmatizing drug use. And just say no to drug campaigns. It didn’t stop drug use.

@themadlibrarian2933 Ай бұрын

I knew that we were in trouble with sports betting during shutdown, when the only sports available to bet on were table tennis from Russia and basketball from China. There probably was some baseball and basketball from somewhere else. Betting on table tennis? I can't think of a sport easier to fix, given how unregulated it was.

@thecommish1976 Ай бұрын

So, we are going to account for the 20-30 percent hike in bankruptcies to the allowance of sports betting in these states and not due to the rising cost of inflation that has doubled expenses for most Americans for the past four years? Would love to see some evidence on this before spouting such nonsense. Yes, is the legalization of sports betting going to create more bankruptcies? Of course, it would be foolish to say otherwise, but in a time when rents, interest rates and basic expenditures have a country crippled in debt, sports betting probably plays less of a factor. What they did not tell you is that the taxes on the revenues of the sportsbooks is new found money to the states. The average is around 10 percent of all sportsbook profits. The State of New York has reaped billions with an absolutely astronomical 51 percent tax on profits. This high of an amount should be illegal and you know that there will no forensic accounting done on where these state funds go. Sports betting like alcohol and tobacco which have killed many more millions of people will always remain legal as long as the government gets to excise tax the bejeezus out of it and spend it in other places. The government knew full well sports betting has been going on forever with taxation except in Nevada. One day, prostitution will get the same treatment. This is something that people want. They crave action, so you might as well legalize it, tax it highly and create a few resources to help those who get addicted. What I do not like about the industry is that I do not believe odds should be talked about on a show and especially during games. No child should have to ask their parents what does plus-6.5 minus-125 mean? The leagues have all cozied up with the bookmakers and this what is truly wrong. The leagues talked about the integrity of the game for a century and then as soon as those checks came in from gambling companies, they threw their logos right beside them.

@minimo_io Ай бұрын

Addictive behavior is just that. Sports betting or betting in the markets, same thing if you have and or cultivate that trait. To narrow of a view these nice guys have

@brianschlottman9681 Ай бұрын

While I don't always agree with Scott, I can double down on his concern for sports gambling's effects on society.

@ahopefiend1867 Ай бұрын

G's fav word is "DOPA!"

@obtain60 Ай бұрын

No excuses for SBF. He was a crook

@tonynelson5229 Ай бұрын

How do you differentiate between online gambling and states lottery/scratch offs/keno/etc?

@toddknode752 19 күн бұрын

you don't.

@sdfeinstein Ай бұрын

When I first saw the TV ads for DraftKings and Fan Duel, I commented that this was exactly the same method ofhow dealers sold crack their victims in the 1980s.

@jsfnnyc Ай бұрын

Two of my favorite people in the same conversation. Thank you for this podcast.🎉

@NarrativeMam978 22 күн бұрын

@wkenney Ай бұрын

this is excellent. you should do a project together

@mikem668 23 күн бұрын

So I watch the NFL. Most of the players come from the most innumerate ethnic group in America. I studied statistics at Wharton and co-authored 15 scientific papers. I listen to the gambling ads and I can't figure out the terms. If I can't, most of the bettors can't. I also played poker in Vegas for a year and understood the math. More importantly, I learned that the best seat at the table was the house. The house took a rake on every hand, while the players competed for what was constantly diminishing, like water out of a leaky bucket. The beauty was that the game allowed everyone to win with any hand, so most players lost slowly. So they kept playing. Sports betting is a sophisticated con-game.

@wecandobetter9821 Ай бұрын

It’s sickening how professional sports has sold its soul to the sports betting industry. The advertising is overwhelming so no wonder a lot of people who never gamble are caught up in this BS. Like most everything else in our world its all about the money and too hell with the consequences

@kickhuggy Ай бұрын

Great convo, but the comments defending gambling are hilarious lmao

@truman4956 20 күн бұрын

We need to call out the celebrities shilling for these companies.

@fraac Ай бұрын

gambling is cool

@CunningDrueger Ай бұрын

He's married to Tabatha Soren!? I did not have that on my bingo card. I guess he really does have the best view.

@CJK-bt4ll Ай бұрын

Many of us warned of this problem. But why listen to us...there was a reason sports betting was illegal or carefully controlled. We're a nation of addicts. People are weak. Back in the day, society understood that. All we want now is the "bag." Too much pot, too much gambling, too many video games = more lonely, broke, desperate dudes.

@larrygerry985 Ай бұрын

Men like risk..... it is not an issue

@matthewmccarter3284 23 күн бұрын

I'm 67 and have never understood the allure of gambling. I've put a dollar or two on a football pool just to be sociable and I buy a single lottery ticket when it's a really high payout knowing full well the ridiculous odds but for the most part I've never gotten any thrill out of gambling. Guess I'm just weird.

@samcarson8161 23 күн бұрын

I'm also 67 and I've never done ANY gambling, and for no obvious reason, gambling has ZERO appeal for me. I think a female comedian (can't recall who) hit the bullseye when she said "I figure my chance of winning is just as good whether I buy a ticket or not."

@Derayne33 6 сағат бұрын

46 and my behavior is similar. One time in high school I got into a football betting pool and it taught me that it I cannot be involved in anything like that ever again. Some people just cannot watch sports without action on the event. Sad state of affairs. The sites also make it way too easy to get involved. A bunch of free $ up front and you’re hooked. Not different than someone giving a junkie a free bag of dope.

@Unbedingt0815 19 күн бұрын

"Everybody " is not getting their money back. Claims were calculated into USD at the lowest point and now a fraction is paid back in the FIAT amount while the Crypto deposit (on hold) made 5x. Lawyers stole effectively more than SBF.

@ben-arte8936 Ай бұрын

10/10 interivew

@nasemoney Ай бұрын

These two shook their fist about online gambling & didn't come up with any kind of real suggestions. States make out better than the companies themselves with the tax revenue they collect off of the top line. So they are incentivized to care about this issue only optically. Most companies not named FanDuel or DraftKings have gone or are going out of business. There's a reason guys are interested in the things that have been featured on Prof G Markets like Wall St Bets, crypto, sports bets. Guys like playing the various markets.

@IanBlumberg Ай бұрын

Lol oh the world ISNT out to get me? 😂😂

@soundofsilence21 20 күн бұрын

Sorry, where does one but distressed shares of a company like ftx?

@Nytegard Ай бұрын

To be on a more positive note (albeit not exactly positive), I think that we're looking at the worst end of sports betting of society (USA wise). While sports betting isn't a new thing, when it becomes legal, it should ramp up. And of course it has. Where I feel he's wrong though is that thinking many people are just being introduced to the dopamine hit. But for the past decade, video games targeting children, including all the psychological tricks used by casinos to where the games were practically just gambling. E.g. Loot boxes. We've already primed this entire generation of young adults and children to be gambling addicts, so sports betting is just a natural progression.

@robertewalt7789 28 күн бұрын

Sports betting online on smart phones, using credit cards. More dangerous than when it was illegal.

@toddknode752 19 күн бұрын

he got 25 years because he thought he could lie his way out of it and purgered himself on the stand. If he had not testified, or had not lied, his sentence would not have been as high. Like the initial theft, this is entirely his fault.

@GomerBarnFloyd 16 күн бұрын

30 minute episode on sports betting, but no locks?!

@RightTailAngst Ай бұрын

People forget quick how bad opioids were and this is the same thing if anything worse because gambling is more insidious because it can be hidden better than other addictions

@themadlibrarian2933 Ай бұрын

Cortisol needs to be cnsidered along with dopamine. It isn't an accident that the proliferation of slot machines led to the rollout of bariatric-rated seating at slot machines.

@christopherbyrnes2718 Ай бұрын

Problem with these sports books is that they only want recreational players and they try to keep them, once they see you know what you are doing aka sharp trader they will kick you out or limit your trading.

@randoroo2540 Ай бұрын

FTX creditors didn't get their money back. They got dollars back based on the value of the bitcoin at the low part of the market, but they didn't fully recoup the bitcoin held at FTX. So, if they held 1 BTC at FTX, they didn't get the 1 BTC back, they just got the dollar value of BTC once it started trading higher. I haven't looked into the exact conversion, but as an example they could have gotten back like 0.5 BTC. So, the creditors did not get their full money back.

@mose27 28 күн бұрын

His prison sentence is deserved.

@Timeus Ай бұрын

A sentence of that length for a guy his age sounds like a death sentence. Free DPR.

@paulaallen4106 Ай бұрын

What about LongTerm Capital Management? Didn't they use customers' money?

@ARIZJOE Ай бұрын

Yes, they did. But that was in the contract made with the customer. LTCM just made bad bets, and the customers willingly assumed the risk.

@christopherd.winnan8701 Ай бұрын

Interesting content, but why no mention of Polymarket and its ilk?

@john-s3w6c Ай бұрын

Is it ironic that Bankman-Fried.....fried the bank man....

@AmericanTrueCrime 15 күн бұрын

Corzine used seg funds to buy European bonds. A big, big industry no-no. He was chasing yield.

@mangos2888 20 күн бұрын

Life has taught me that the world really doesn't give a shit about you, and the sooner you go on the defense against the world, the safer you become. Maybe it's good for young men to learn this early. The laws clearly have set it up that way. I do think other aw this coming - the dessenters against legalizing sports gambling. Also, likely any public health professional saw this train coming as they were losing their jobs.

@djpuplex Ай бұрын

Sadly I actually make money on the social casino with daily logins a smart gaming made $1400 this year and I'm sitting on $600 I can cash out for next year.

@parkmannate4154 Ай бұрын

They will 100% shut you down if say you can write and train an algorithm that hits about a 65-70% win rate for a certain sport. Not that I know from experience. Ahem.

@smokeythecat8967 5 күн бұрын

It certainly isn't going to help the homelessness problem and then what kind of support may or may not be available for those that fall victim to the house always wins eventually business model.

@ARIZJOE Ай бұрын

FYI Professor Galloway: Senator Corzine's first name has no "h" in it. It's Jon Corzine. Me thinks this plethora of Galloway content is put together with AI. Also, despite his bad acts, Corzine made real positive contributions to society. Bankman-Fried did not. I would enjoy going to London to interview Galloway about the Arts & Sciences. I'd like to know what grades he got in chemistry in high school. I'd take him to the Tate Modern, and ask what Cy Tombly means. There's more to life than making money.

@thecommish1976 Ай бұрын

His last name is actually spelled Corslime.

@ARIZJOE Ай бұрын

@@thecommish1976 I would agree with that. I don't care for the guy either. However, at least he was not a MAGA GOP guy, trying to squeeze every drop of blood out of workers.

@kurts6741 Ай бұрын

Freedom is great. Life is a gamble. You only live once. No risk, no reward. A certain percentage of people will go to excess: drinking, eating, gambling, drugs, and just about everything else in life.