On this episode of the Business of Betting podcast, Jason is joined  by Tom Waterhouse, Managing Partner at Waterhouse VC and fourth-generation bookmaker. This episode was recorded in-person at the SBC Summit Americas in Fort Lauderdale.

Hear them discuss:

01:06 – Tom’s family legacy and the founding of tomwaterhouse.com

02:13 – Australia’s gambling market and why racing still dominates

03:35 – No in-play sports betting and its impact on the industry

05:04 – The rise of online racing and round-the-clock global action

06:09 – Why turnover tax reshaped the Australian betting ecosystem

08:12 – The consequences of pushing out sharp bettors

09:20 – The failure of Betfair and betting exchanges under turnover tax

10:30 – The case for U.S. federal betting regulation

11:28 – The vision for sports betting as a brokerage layer

13:10 – Why most bettors aren’t price-sensitive—and how to change that

15:01 – Has sports betting has become entertainment, not finance?

15:28 – Inside Waterhouse VC’s model: buying options, not equity

17:10 – Why options offer asymmetric upside with limited risk

19:15 – Waterhouse’s diligence process and market theses

22:48 – The fund’s structure, distributions, and public equities strategy

24:12 – Following 13F filings from top long-only fund managers

28:18 – Using gambling to teach kids probability and decision-making

29:33 – Why Tom’s staying in betting: edge, pace, and constant change

⚡️ Follow BoB on Twitter/X

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⚡️ Follow Jason on Twitter/X

⚡️ Apply to be a guest here

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