Episode 7: Little Big Short

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.

As a resident of California, Michael Lewis cannot place bets on any of the online sports books at the center of this season. They’re not allowed to operate in the state. But why? We hear from pastors, Native Americans and short-sellers about why a handful of states are still holding out, and why those efforts are most likely doomed. For further reading: Steve Ruddock’s gaming newsletter Straight to the Point Inside the $400 million fight to control California sports betting by Gus Garcia-Roberts, Washington Post. This episode has been corrected to reflect the accurate title of Victor Rocha. He is Conference Chair of the Indian Gaming Association, not the Chair.See omnystudio.com/listener for privacy information.

It's the season of giving: colorful paper and shiny bows, sure, and charitable giving, too. In this special episode, Jacob Goldstein, the host of What's Your Problem, gets smart about donating. Did you know that spending money on others makes you happier than spending money on yourself? Or that altruistic nerds have discovered four of the most impactful charities in the world (per dollar spent)? Have you ever wondered how poker players think about giving? Dr. Laurie Santos from The Happiness Lab, Elie Hassenfeld of GiveWell, and Nate Silver and Maria Konnikova from Risky Business talk about how to maximize your giving – and why you’ll be happy you did. Link to donate: https://givingmultiplier.org/happinesslab Listen to The Happiness Lab with Dr. Laurie Santos Listen to Risky BusinessSee omnystudio.com/listener for privacy information.

What does it mean to be a “very important person” in the world of online sports betting? Not necessarily what you think. We hear from recovering gambling addicts and state regulators frustrated with some of the perverse incentives to keep people on a losing streak. Meanwhile, our show’s own producers hope for a VIP night at the concert of the year. For further reading: Legalizing Sports Gambling Was a Huge Mistake by Charles Fain Lehman. See omnystudio.com/listener for privacy information.

The role has many names: “Runner,” “mover,” “betting partner,” and “mule.” As skilled sports gamblers find themselves limited on apps, they turn to these affiliates to place their bets in return for a piece of the proceeds. Against the Rules decides to explore this murky world by signing up for mule-dom with one of the world’s most skilled sports bettors.See omnystudio.com/listener for privacy information.

Constitutional lawyer and former US Solicitor Ted Olson recently died at the age of 84. Olson represented the state of New Jersey in its efforts to overturn a federal ban on sports gambling. Those efforts succeeded, as we hear in our episode "Welcome to the Garden State." But Olson and Michael Lewis talked about many other aspects of his vivid legal career. We're offering their full conversation today.See omnystudio.com/listener for privacy information.

Michael Lewis heads to Las Vegas to explore the way sports betting used to work, up until the day it was rapidly legalized by states around the country. We meet the betting sharps who figured out what others couldn’t and set the odds for other bookies. That is, up until everyone seemed to have a casino on their smartphone. But the new online casino differs from the old ones in an important way: It doesn’t take all bets. For further reading:  Edward Thorp’s Beat the Dealer “Cigars, Booze, Money: How a Lobbying Blitz Made Sports Betting Ubiquitous” by  Eric Lipton and Kenneth P. VogelSee omnystudio.com/listener for privacy information.

As the US election nears, Michael Lewis sits down with Nate Silver, co-host of the Pushkin podcast Risky Business (along with the writer, psychologist and professional poker player Maria Konnikova). They talk about why people bet on elections, the problem with sports gamblers in the United States, and Silver’s new book, On the Edge: The Art of Risking Everything. See omnystudio.com/listener for privacy information.

Is there a difference between fandom and religion? In Pittsburgh, it can be hard to tell. Fans of the city’s football team, the Pittsburgh Steelers, seem to have a cradle-to-grave devotion, complete with a golden relic, the “terrible towel.” Michael Lewis talks with sociologist Marci Cottingham, a native of Steeler Nation, about her work studying the religious overtones of fandom, and why the positive experiences of sports fans should get more scholarly attention. For further reading: Marci Cottingham’s Practical Feelings: Emotions as Resources in a Dynamic Social WorldSee omnystudio.com/listener for privacy information.