On this episode of the Business of Betting Podcast, Jason is joined by Davis Catlin, Managing Partner at Discerning Capital, an investment firm focused on regulated gambling across sports, media, and technology.

Hear them discuss:

02:23 – How Discerning Capital supports startups that can't raise traditional capital

03:48 – Why sweepstakes businesses may struggle to raise capital going forward

05:29 – The “Big Beautiful Bill” and its proposal to limit gambling loss deductions

10:11 – Why unregulated models like sweeps and CFTC markets are gaining appeal

13:16 – Why startup sportsbooks can’t afford compliance in today’s environment

15:37 – Where Davis sees growth in category-agnostic infrastructure like payments

17:16 – Their thesis behind investing in challenger brands like Picklebet and Midnight

26:26 – How Davis explains the ethics of gambling to his kids, and reconciles it with faith

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