Ohio just introduced a bill that would effectively kill online sports betting in the state. Chris and Henry break down why it's unlikely to pass but why it matters, plus a tease of what looks like perpetual contracts coming to a major prediction market platform, and a look at Chris's Substack deep dive into his journey as a professional gambler.
Then Harry Crane joins in the Optic Odds Hot Seat. Harry is a statistics professor at Rutgers, a member of the CFTC Innovation Committee, and one of the sharper minds at the intersection of academic probability theory and real-world prediction markets. The conversation gets into his path from poker to sports betting to prediction market research, what it's like being a bettor with a seat at the regulatory table, and a genuinely fascinating deep dive into Kelly Criterion — when to use it, when it breaks down, the case for half Kelly vs. full Kelly, and what a $3 million drawdown actually teaches you about your own edge.
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Chapters:
0:00 – Ohio's Bill to Kill Sports Betting
1:12 – Perps Coming to Kalshi?
3:12 – Chris's Substack on his Journey
4:51 – Introducing Harry Crane: CFTC Committee Member
6:45 – Harry's Scoop on Election Markets and 538
14:00 – Having a Seat at the CFTC Table
19:00 – Are Sharp Bettors Losing Faith in Prediction Markets?
26:00 – The Full Kelly vs. Half Kelly Debate
35:00 – What a $3M Drawdown Teaches You
43:00 – Card Counting, Kelly, and the Conditional Fill Problem
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