Matt Frankel

But this is a good question.

I'm going to answer more from the prediction market side of it.

Sports wagers account for 85% of all bets on these, quote, prediction markets platforms.

It's gambling.

This is what it is.

Let's be totally honest about this.

That can even be higher during major events.

It's clearly a direct competitor to these gaming companies.

I mean, DraftKings and Flutter, they're both down over 50% over the past year and for good reason.

But on the other hand, I want to point out that it's still a very fluid situation, specifically on the regulatory side.

I mean, that's going to be the biggest X factor to answer the question.

And unfortunately, we don't have the clarity right now to answer it thoroughly.

There are some pending lawsuits at the state level against prediction markets right now with the operators.

They're arguing that the platforms aren't gambling, but they're selling, quote, regulated financial instruments.

There's a strong possibility that argument is not going to hold up when we get to like Supreme Court level type cases.

There's still a clear bull case for online gambling in general.

I don't think either of us are saying that that trend is not real, but there's a lot of the regulatory side that's very much up in the air.

If these prediction markets get shot down, DraftKings, they're going to double in a very short period of time.

It's a big if right now.

Matt, what stood out to you?