On this episode of the Business of Betting Podcast, Jason is joined by Davis Catlin, Managing Partner at Discerning Capital, an investment firm focused on regulated gambling across sports, media, and technology.

Hear them discuss:
02:23 – How Discerning Capital supports startups that can't raise traditional capital
03:48 – Why sweepstakes businesses may struggle to raise capital going forward
05:29 – The “Big Beautiful Bill” and its proposal to limit gambling loss deductions
10:11 – Why unregulated models like sweeps and CFTC markets are gaining appeal
13:16 – Why startup sportsbooks can’t afford compliance in today’s environment
15:37 – Where Davis sees growth in category-agnostic infrastructure like payments
17:16 – Their thesis behind investing in challenger brands like Picklebet and Midnight
26:26 – How Davis explains the ethics of gambling to his kids, and reconciles it with faith

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