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    "text": "One of the most intense episodes of Decoder in a while -- Robinhood CEO Vlad Tenev and I talked about gambling and the American Dream for an hour www.theverge.com/decoder-podc...",
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          "alt": "The farmers have to stay in business. The utility of that remains exactly the same as it was when these regulations were initially passed. And then you need to do some market making. You need to have the speculators and the people doing arbitrage in order to create the market for the hedging. But the utility of that for the farmer and then downstream of the farmer, us literally filling our plates, is obvious. What is the utility of that for sports? For the Lakers. Are you trying to hedge against the risk of losing for the Los Angeles Lakers?\n\nI’ll tell you that sports is a big industry in the US. There’s lots and lots of different types of businesses that rely on sports and the sports industry economically. And it’s gotten much bigger. It’s not just like fans, but sports betting, since that’s been legalized, has just grown to tens of billions of dollars. And it’s still much smaller than what it would be in Europe.\n\nDo you think that’s good? Do you think sports betting is good?\n\nDo I think it’s good? My view is people should be allowed to do what they want with their money. Yeah, I think that markets are good, generally individual accountability is important. There’s folks that trade very, very actively and process lots of information and actually are quite scientific about taking advantage of mispricings. And as a former arbitrageur, I do think that that has value. I want to get away from actually trying to judge every contract on an individual level because I think you can get into trouble. Of course, maybe I can come and give you examples of contracts that I don’t think are great and I wouldn’t trade personally, but I think prediction markets does have significant societal value.",
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    "createdAt": "2025-04-14T14:22:19.611Z"
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