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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