Jeremy Maletz

They're more on the side of just like, if people want to punt around in them, fine.

We're not in those.

But for more serious markets, I don't have that much concern.

If there's someone trying to do that,

If it's not manipulable particularly, it's something that's real and someone's just trying to move the market, the marketplace is probably going to figure it out and take the other side of it.

And if they can actually influence the outcome in a meaningful way, then you probably need to think about what the settlement mechanism is.

And those are the types of markets we try not to get involved in.

But I don't think you see a whole lot of that in the market.

All right.

So it's a little of both.

There are some markets that we do all the time.

We sign up for obligations.

We're going to be out there all the time, 24-7.

And then there's some things that we kind of do on a more ad hoc basis.

It comes up.

It's important.

We think we can have a meaningful role in the market and we just figure out how to get involved in it.

So a little of both.

We have a large franchise and a large reputation that we need to take care of.

We're not going to violate the terms and conditions of a website.