Vegas Sports Bookies on Old-School Betting

Acclaimed author Michael Lewis discusses his time with Sam Bankman-Fried and why he thinks both high finance and Effective Altruism shaped the 'Crypto King's' worldview, ultimately landing him in jail. Plus, we hear about the people fighting terrorism, cave-ins and brain-eating amoeba from Michael's new book 'Who Is Government?'. For a full list of sources, see the show notes at timharford.com. Get ad-free episodes, plus an exclusive monthly bonus episode, to Cautionary Tales by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Pushkin+ subscribers can access ad-free episodes, full audiobooks exclusive binges, and bonus content for all Pushkin shows. Subscribe on Apple: apple.co/pushkinSubscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.

Is anyone trying to regulate sports gambling on the federal level in the US? In the fall of 2024, Connecticut Democratic Senator Richard Blumenthal introduced a bill with New York Congressman Paul Tonko. The SAFE Bet would restrict sports gambling ads and would help fund more gambling addiction treatment, among other things. Blumenthal speaks with Michael Lewis about why he sees sports gambling as a public health disaster in the making. Further reading: Blumenthal’s press release on the SAFE Bet Act.See omnystudio.com/listener for privacy information.

Michael Lewis invites over Yale psychology professor Dr. Laurie Santos, host of The Happiness Lab at Pushkin, for a chat about what scientific research has to tell us about sports fandom, teenagers, and gambling. You can sign up for The Happiness Lab newsletter here.See omnystudio.com/listener for privacy information.

As an anthropologist, Natasha Schüll spent more than a decade doing field work in Vegas casinos, especially among the slot machine addicts. She tells Michael Lewis why many of those who play slots actually hate to win. And she talks about how the digital overhaul of Vegas has made all forms of gambling, including sports gambling, more like slots. For further reading: Addiction by Design: Machine Gambling in Las Vegas by Natasha Schüll.See omnystudio.com/listener for privacy information.

Perhaps you have someone in your life who’s prone to sports gambling. Michael Lewis has someone. So he comes up with a scheme to “inoculate” his 17-year-old son against the lure of placing bets online. All the while, Lewis tries to craft the perfect “master class” for would-be gamblers to understand the dangers of what they might be getting themselves into. Here's his reading list: The Logic of Sports Betting by Matt Davidow and Ed Miller Stephen Pinker’s Rationality: What It Is, Why It Seems Scarce, Why It Matters Weapons of Math Destruction by Cathy O’Neil  See omnystudio.com/listener for privacy information.

Michael Lewis gets a glimpse of sports gambling's future by talking with writers in Great Britain and Australia, where the industry is even more entrenched. But the US has its own peculiar history of failing to regulate dangerously addictive new products, and blaming the users instead. Especially when powerful industry advocates are able to pay scientists to sow doubt and delay the day of reckoning. For further reading: Lying for Money: How Legendary Frauds Reveal the Workings of our World by Dan Davies Crikey’s coverage on sports gambling in Australia: Punted Patrick Radden Keefe’s Empire of Pain: The Story of the Sackler Family and Purdue Pharma Merchants of Doubt by Naomi Oreskes and Erik Conway.See omnystudio.com/listener for privacy information.

Has betting based on inside intel on games gone down since sports gambling was legalized in the US? Not really, as Michael Lewis finds out. But what's gone up is misery for athletes. We hear from Atlanta Hawks forward Larry Nance, Jr. about the rage, threats and wheedling that pro athletes now endure. The NCAA, former Massachusetts governor Charlie Baker, is trying to protect student athletes on campus, while their friends all bet on them, often underaged. Overall, the “integrity landscape” for US sports looks more and more pot-holed by the day. For further reading: NCAA sports wagering surveySee omnystudio.com/listener for privacy information.

Just recently, Michael Lewis was a guest on the "Prof G" podcast with Scott Galloway. He talks about the rise of sports betting and why the consequences might be a "disaster" for US society. And the two discuss the subject of Lewis's latest book, "Going Infinite." See omnystudio.com/listener for privacy information.

On a visit to Las Vegas, Michael Lewis meets three old-school sports bookies. Chris Andrews, Jimmy Vaccaro, and Vinny Magliulo book bets and set odds at the South Point Hotel Casino. They talk about how they got started in Vegas, the origins of the prop bet, and why it's bad for business to limit smart bets.See omnystudio.com/listener for privacy information.

Michael Lewis sits down with Billy Walters, one of the most famous sports bettors of all time. They talk about Walters' impoverished childhood in Kentucky, and his transformation from an auto dealer to a professional poker player in Las Vegas to a sobered-up millionaire who's been indicted five times. For further reading: Gambler: Secrets from a Life at Risk by Billy Walters.See omnystudio.com/listener for privacy information.