On this episode of the Business of Betting Podcast, Jason is joined by Daniel Wallach, sports law expert and founder of Wallach Legal.
Hear them discuss: 04:35 - Daniel's leap from traditional law to sports betting and the challenges involved 06:08 - How Daniel became one of the first legal experts writing about sports betting 06:45 - The evolution of legal betting in New Jersey and Daniel’s early contributions 06:54 - Why appellate courts and the Supreme Court often get involved in major political cases 10:24 - Daniel’s opinion on the legality and process of sports prediction markets 12:36 - Why Daniel believes sports betting via the CFTC lacks congressional authorization 13:00 - The impact of Kalshi's operations on state-licensed betting ecosystems 17:00 - Daniel’s view on how Kalshi is skirting existing federal laws like the Wire Act 21:00 - How Kalshi's arguments for federal preemption may be flawed 34:44 - The challenges and delays in becoming a Designated Contract Market (DCM) 36:00 - How Kalshi may have accidentally discovered a legal loophole in sports prediction markets 39:00 - Can the CFTC’s self-certification model really regulate sports integrity? 41:40 - Are prediction markets more like financial instruments or gambling products? 43:00 - Why Daniel thinks sports betting needs more integrity safeguards than financial markets 46:49 - Daniel’s support for innovation but insistence on regulation 48:00 - Jason’s critique of state-level betting regulation and support for disruptive innovation 50:00 - The legal definition of gambling and why Daniel believes it applies to Kalshi
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