Everything Is a Bet
Stop Pretending It Isn't Gambling Warren Buffett recently suggeted America has a gambling problem. Coming from perhaps the greatest investor of our time, I understand exactly why he sees it that way. He looks at the explosion of sports betting, prediction markets, zero day options, and speculation replacing long term investing and sees a country increasingly obsessed with chasing the next score. That is the view from an investor's chair, and few have ever occupied that chair better than Warren Buffett. I just think he stopped counting too soon. Everything...
Protect the Brand, Not the Asset: The Playbook Every League Is Running
Crude Velocity wears down Englishman in the stretch to take the Pat Day Mile, Courtney Snow/Past The Wire Jon Stettin I've spent years around this business, and I've watched every version of the same lie. Leagues, commissions, and front offices love to tell you they're protecting the sport. What they're actually protecting is the brand. And there's a difference, a big one between an institution defending its stars and an institution defending its own image, even when defending the image means sacrificing the star. Look across racing, basketball, baseball, and...
The Good Old Days of Las Vegas
When Las Vegas Casino Hosts Had Clout The Good Old Days were not restricted to the '70s and '80s of horse racing, though those two decades serve as a sweet example. There was a time in Las Vegas when who you knew mattered as much as what you bet. Don't get me wrong, how much you bet certainly opened doors. But as I always say, it's not who you know, it's who knows you. Some may think Past The Wire expanding into sports wagering is a new concept for us,...
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