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Welcome to Better Offline.

I am, of course, your host, Ed Zittron.

Better Offline. Now, we're back in the studio in beautiful New York City, New York State.

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Of course, we have these beautiful fuck data center t-shirts, subscribe to my newsletter,

and so on and so forth.

But today joining me at Swaggage Claim are two of Barron's finest reporters,

the legendary Nick Devere who handles the gambling industry and the Wall Street reporting legend,

Rebecca Ungarino.

Thank you so much for joining us.

Now, Nick, we have had so many people emailing about prediction markets, and you cover the gambling

industry as well. How are they different? How are they not the same thing? Because they very

much seem similar. Yeah, I think from a consumer point of view, there's very little difference

between these products. You put money on the line. If your team wins, you get paid out. So from like a layman's

point of view, I think there's very little difference. However, there is a difference. In gambling,

you're betting against the house. So the betting firm sets the odds that you're betting against, right?

Whereas in a prediction market,

your counterparty is another trader. So, prediction markets are just essentially brokers that are

putting two traders together on one contract. And I can explain that in a little more detail if you

like. Please. So prediction markets sell what are called event contracts.

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