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What podcasters are saying about Sports, betting & prediction markets
Summary
In the past 30 days, 15 speakers on 11 finance podcasts discussed Sports, betting & prediction markets in 22 views. Chorus has followed Sports, betting & prediction markets since October 1, 2026.
Who talks about it most
- Mark Lasry · 3
- Nicole Polinross · 3
- Alex Sherman · 3
- Michael Selig · 2
- Michael Santoli · 1
- Vincent Deluard · 1
- Daniel Crosby · 1
- Dan Nathan · 1
- Patrick Harker · 1
- Michael Ozanian · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Nicole Polinross · Goldman Sachs
Sports investing is growing fast; private equity deals in sports rose from 50 in 2018 to 192 in 2025.
Polinross says Goldman's interest in sports investing has been tremendous since it started focusing on the area in 2018. Institutional capital shows the activity: there were 50 private equity deals in 2018 and 192 in 2025. That reflects rising interest and valuations, and requires more capital solutions. Clients from family offices to those seeking uncorrelated assets are all interested.
“In 2018, there were 50 private equity deals. In 2025, there were a 192.”at 30:17
Mark Lasry · Avenue Capital Group
Sports team valuations will keep rising as sports becomes an asset class with more capital chasing few teams.
Lasry says valuations have risen 20 to 25 times from when he first invested, and he was seen as wrong to do so then. He argues sports has become an asset class, with more people getting involved over the next five or ten years. As more capital flows in, valuations should keep rising, because the supply of teams is far smaller than the demand from investors.
“Valuations have gone up 20, 25 times from where I invested... it's become an asset class... then you're gonna start continuously valuations go up because there'll be more capital there. But the supply side dwarfs right now, the demand side.”at 32:55
Nicole Polinross · Goldman Sachs
Sports team valuations still have room to rise, depending on whether investors chase growth or mature leagues.
Polinross argues that the high valuations are not illogical. Some investors focus on growing businesses, such as women's sports, where profitability is strong for many WNBA teams, while others prefer mature, fully valued leagues such as the NFL. She says models based on those investors suggest there is room to go, and that creative financing from private banking is giving more investors exposure to the ecosystem.
“The models would say based on those investors that there is room to go.”at 35:24
Nicole Polinross · Goldman Sachs
Investor capacity for live sports is limited, so sports investments will compete and not all will succeed.
Polinross argues that live sports are an attractive asset, but that audiences have finite time, asking how many hours one can spend at live sports or watching a game. She concludes that competition among sports investments will happen naturally, that the market will sort out which investments are most meaningful and have the most opportunity to succeed, and that not every investment will succeed.
“But there is capacity. How many hours can you spend at live sports or watching a game? So there is a bit of competition, that will happen naturally.”at 37:08
Michael Santoli · CNBC
Former crypto traders appear to be shifting into prediction markets.
Santoli reads Robinhood's results as some evidence that many former crypto traders have moved to prediction markets. The supporting facts are that prediction-market revenue rose about sixfold year over year and brought in more revenue than equities trading, while crypto notional volume fell about 38%. He presents it as tentative and wants more detail from the analyst call.
“Maybe a little bit of evidence there that, a lot of the former crypto traders did move on to prediction markets of various types.”at 9:34
CNBC Closing Bell: Markets Brace for the Fed as Earnings Roll In 10/27/26 ·
Mark Lasry · Avenue Capital Group
Sports franchise values keep rising; a Las Vegas NBA team could become one of the most profitable.
Lasry says franchises are going up in value and have been for a while. He cites growing NBA interest internationally, including NBA Europe and Africa and rising viewership in Asia. He argues Las Vegas could be one of the most profitable franchises and the third big market after the Lakers and Knicks. The Lakers sold for about $12.5 billion, above the roughly $9 to $10 billion expected for Vegas, and he says he would pay 25% more for the Lakers. He says the buyers will make a fortune on that team, and his group is one of the finalists for the Vegas bid.
“I think, actually, Josh did a brilliant move there because he knew where Vegas was gonna trade at... Would you pay 25% more for the Lakers? The answer is yes.”at 35:01
Mark Lasry · Avenue Capital Group
Live sports can't be disintermediated by AI, so it's a hedge; sports valuations keep rising as an asset class.
Lasry argues AI cannot disintermediate sports or live entertainment, so as more people look at sports they will see it as a hedge against AI disruption of their companies. Unlike companies, sports franchises are not destroyed by competitors coming up. As evidence, he cites his Bucks purchase in 2012 for $500 million, the most ever paid for an NBA team at the time, when it was the league's worst team; franchise valuations have since risen 20 to 25 times. He says sports has become an asset class with growing interest and capital, so he expects valuations to keep rising over the next five or ten years, with supply still dwarfed by demand.
“the one thing that AI can't sort of disintermediate is sports, and it's live entertainment. ... they're gonna say that actually is a great hedge against AI. ... valuations have gone up 20, 25 times from where I invested. ... it's become an asset class. That's what's different.”at 36:47
Vincent Deluard · StoneX
Betting markets are not oracles; they got the Brazil election wrong and have misled before.
The Brazilian election result surprised markets and prediction markets such as Kalshi, which had expected a right-leaning candidate to win. Deluard says the market reaction reflected positioning as much as fundamentals. He argues that people overrate betting markets as an oracle, and that this is not the first time they have been wrong.
“there is this view that the betting markets are, you know, the oracle of truths, and this is not the first time that they get it wrong.”at 58:35
Monetary Matters: The Fed Put Is Dead: Why Stagflation & a Bear Market Are Next | Vincent Deluard | StoneX ·
Daniel Crosby · Orion
Sports betting and prediction markets have done a great disservice to the investing community and pose a formula for disaster.
Crosby argues that sports betting and prediction markets have harmed the wider investing community. He links this to economic strain: inflation and policy choices have left people, especially young people, feeling strapped and unable to follow the conventional path to wealth, so they 'throw Hail Marys.' Pairing that desperation with the easy access of sports betting and prediction markets makes a 'formula for disaster.' He also describes the apps as engineered for maximum addictiveness, with variable reward structures that make users feel expert, engaged and hopeful, and compares them unfavourably with long-term diversified index investing. He says people conflate gambling with long-term investing, which he calls 'the furthest thing from a casino.'
“I think that prediction markets and sports betting in particular have done a great disservice to the larger investing community.”at 24:48
Excess Returns: Dr. Daniel Crosby on Behaviorally Optimal Portfolios, Risk Composure and the Casino Myth ·
Dan Nathan · RiskReversal Media
Election prediction markets can sway opinion; midterm race betting has tripled 2024 levels.
Nathan says midterm betting on these platforms for congressional races has already tripled 2024 levels. Although the dollar amounts are small, tens of millions rather than billions, the odds can be quoted across news outlets and change hearts and minds. He sees risk that people with self-interest in an election can exploit that influence, which was not a concern a couple of decades ago.
“has tripled the twenty twenty four level for congressional races already.”at 26:26
CNBC Fast Money: Anthropic’s long-awaited IPO filing... And next Fed decision on deck 10/26/26 ·
Patrick Harker · The Wharton School, University of Pennsylvania
Most colleges lose money on athletics; pay-for-play undermines universities' purpose.
Harker argues that most US colleges and universities lose a lot of money on athletics. Public universities often subsidise athletics through student fees, which students increasingly question. He traces the current model to NCAA governance changes that concentrated money in the Power Five conferences, which he saw coming when he sat on the Division I board. He says the purpose of athletics is leadership, grit and character, not a farm system for pros, since most athletes never turn pro. He thinks universities should ask whether making money from athletes is worth their role. He says the Ivy League's simpler model is the one to keep.
“The vast majority of colleges and universities in America lose money on college athletics.”at 8:56
Macro Musings: Patrick Harker on Real-Time Payments and the Future of the Federal Reserve ·
Michael Selig · U.S. Commodity Futures Trading Commission (CFTC)
CFTC and exchanges will catch manipulation in political prediction-market contracts; risky contracts won't be listed.
Exchanges self-certify event contracts and review them for manipulation risk before listing, and trading volume is one factor in that assessment. Selig says the exchanges are surveilling their markets and will not list a contract that carries manipulation risk. He argues that people on either side of the midterm races could trade to boost the numbers on political contracts, and that the CFTC and exchanges are watching for this. He says the CFTC will investigate and prosecute any manipulation, wash trading or fraud it finds, while declining to comment on specific investigations.
“And the exchanges are doing the same, and [I] can assure you that whether... there's manipulation in the markets or, you know, any other type of nefarious activity, we're gonna catch it.”at 3:32
Bloomberg Talks: CFTC Chairman Michael Selig Talks Monitoring Prediction Markets ·
Michael Selig · U.S. Commodity Futures Trading Commission (CFTC)
Casino-style gambling isn't a CFTC derivative; order-book event contracts need uniform federal market regulation.
The CFTC is finalising a rule that excludes casino-style gambling from its jurisdiction, and it already has one rule finalised. Selig says the CFTC has never regulated casino gambling and never will. He argues casino-style gambling does not fit the statutory definition of a derivative, so it differs from event contracts traded on order books. He would be very concerned if a person could trade on an order book at a casino with no market-based regulation, no protections and nothing uniform across the country. Gensler's past concern about the boundary is, in his view, a bit silly.
“Well, we're gonna finalize the rules to protect the American people... We never have, never will. These types of transactions are very different from what's happening in our markets on order books.”at 4:23
Bloomberg Talks: CFTC Chairman Michael Selig Talks Monitoring Prediction Markets ·
Alex Sherman · CNBC
Brewers-Rays World Series will likely draw fewer viewers than the Dodgers' 15M-viewer series.
Sherman notes the last two World Series, won by the Dodgers, each averaged over 15 million viewers. The 2023 Rangers series averaged under 10 million. He expects the Brewers matchup to resemble the Rangers and Astros series more than the Dodgers series. He argues this supports the debate over whether fans want parity or dynasties, which he says is also a basketball question.
“I would imagine Brewer's [ratings] is probably gonna fall more in line with what we saw with the Rangers or the Astros the year before that”at 36:19
Alex Sherman · CNBC
MLB owners will likely lock out and push a salary cap over competitive-balance problems.
MLB's collective bargaining agreement expires at the end of the year, and a lockout with a push for a salary cap is described as a foregone conclusion. The owners' main argument is competitive balance: MLB is the only major American league without a salary cap, so big-market teams can outspend small-market ones, with the Dodgers the main culprit. The Dodgers' elimination weakens the owners' optics, since the World Series features Milwaukee, roughly the 19th-largest spender, and Tampa Bay, one of the lowest spenders, instead of the Dodgers, which would have made the case more visible.
“the Major League Baseball collective bargaining agreement is up at the end of the year, and it's sort of a foregone conclusion that the owners are going to lock out and push for a salary cap.”at 42:17
CNBC Power Lunch: Oil Hits 5-Month High, iPhone Duo Launch, Weekend Sports Slate 10/23/26 ·
Alex Sherman · CNBC
Brewers-Rays World Series ratings likely below Dodgers-era levels, possibly among the lowest ever.
The last two World Series featuring the Dodgers each averaged more than 15 million viewers, well above the previous two without them, when Texas (2023) drew under 10 million and Houston about 12 million. Without the Dodgers, he expects the Brewers-Rays series to land near the 2022-2023 levels, or somewhat lower. If it comes in lower, it could fall into the range of one of the lowest-rated World Series ever. He notes that both teams are strong, which partly offsets this.
“the last two world series that the dodgers have played have both averaged more than 15,000,000 viewers. That is much higher than the previous two world series that did not have the dodgers in it.”at 43:27
CNBC Power Lunch: Oil Hits 5-Month High, iPhone Duo Launch, Weekend Sports Slate 10/23/26 ·
Michael Ozanian · CNBC
NFL's new PE fund could significantly lift team values over the next several years.
Ozanian says the NFL's 32 Equity arm already produced gains from investments such as Fanatics and Hyperice, and the league has captured upside. The new fund, with General Atlantic, will invest in a global portfolio of sports-adjacent businesses as the league adds more games and grows internationally. The fund sits outside the 50% player revenue share, so all risk and reward goes to owners. He cites a 10% Falcons stake sold at a $10.6 billion valuation, above the Seahawks deal, as evidence of demand.
“I think this has the potential to move the needle for NFL team values tremendously over the next several years.”at 33:26
Andrew Brandt · Villanova University
MLB's push for a salary cap will meet a contentious labor fight; baseball has never had one.
Brandt says the owners want a salary cap, and that football, basketball and hockey all have one while baseball never has. He argues that negotiating a cap for a system that has never had one is much harder. He notes the players' union argues that baseball has parity and that small-market teams are competitive. He cites a $400 million Dodgers payroll versus a $140 million Brewers payroll and under $100 million for the Rays, and says the labor agreement is up, so the negotiation will be contentious.
“Baseball's never had a cap. It's much harder to negotiate something you haven't had than something you've had. ... This is gonna be a contentious negotiation”at 33:37
Squawk Pod (CNBC Squawk Box): Unrest in Europe & LeBron’s Season Debut 10/20/26 ·
Terry Duffy · CME Group
CFTC has approved every prediction-market self-certification; some contracts are manipulable and should be blocked.
Since the second Trump administration took office, 2,500 self-certifications have been submitted to the CFTC and none has been denied. Duffy argues that contracts such as a Nathan's hot dog-eating contest and a George Santos State of the Union attendance bet are readily susceptible to manipulation, which violates core principle three of the Commodity Exchange Act, so they should not have been listed. He says sports predictions are gambling, and that most legitimate contracts need a natural buyer, seller, commercial and producer whose economic exposure the contract hedges. He does not oppose all prediction markets, only contracts that breach the CEA's manipulation standard.
“Since the second Trump administration's come into place, there's been 2,500 self certifications that have been submitted into the Commodity Futures Trading Commission. Not one of them has been denied.”at 5:50
Odd Lots: CME's Terry Duffy on the Disconcerting State of Finance Regulation ·
Jack Forehand · Validea Capital Management
Election prediction markets beat polls because people with money at stake reveal their best forecast.
He argues that prediction markets in elections have been more accurate than polls. The mechanism is that when people have to put their money behind a forecast, the market reveals their best prediction, whether or not they turn out to be right. He says investors can learn from this, and that the public often conflates betting on prediction markets with using them as an information source.
“I think prediction markets, in elections have been better than polls, because whenever people have to put their money behind something, you get their best prediction.”at 13:34
Excess Returns: The S&P 500 Is Only 50 Stocks. 70% of the Index Is in a Correction. Did the Sell-Off Already Happen? ·
Omar Aguilar · Schwab Asset Management
Prediction markets are speculation, not investing; the house wins and investors own nothing.
He says Schwab's team avoids prediction markets because the gap between gambling and investing is large. Investing makes you an owner, while in prediction markets you hold no ownership and the odds are against you, so the house usually wins. He presents it as pure speculation that clients should avoid putting money into.
“there is a temptation to go into these predictive markets. I think we try to avoid markets that way because the difference between gambling and investing is huge.”at 1:07:06
Masters in Business: Using Decision Science in Investing: Masters in Business with Omar Aguilar ·
Jonathan Boyar · Boyar Value Group
Sports franchises are scarce collectibles that rise in value, though they are poor operating businesses.
Boyar argues that billionaires with egos, private equity involvement and a limited number of teams (about 30 each in the NBA and NHL) make sports franchises scarce, so they keep rising in value. Prices have climbed from the Yankees' $11 million sale in the 1960s to Apollo's $12 billion stake deal. As an operating business, a franchise is not great for a cash-flow investor, and owners make their money when they sell. Still, rising national TV contracts, including the recent NBA deal and a 2029 baseball deal, plus expansion fees of about $5 billion split across the league, add cash flow.
“It's a scarcity. You're buying a publicly traded collectible.”at 21:03
The Acquirers Podcast: Great Companies, Beaten-Down Stocks: Booking & Pool Corp with Jonathan Boyar ·
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