On this episode of the Business of Betting podcast, Jason is joined  by Tom Waterhouse, Managing Partner at Waterhouse VC and fourth-generation bookmaker. This episode was recorded in-person at the SBC Summit Americas in Fort Lauderdale.   Hear them discuss: 01:06 – Tom’s family legacy and the founding of tomwaterhouse.com02:13 – Australia’s gambling market and why racing still dominates03:35 – No in-play sports betting and its impact on the industry05:04 – The rise of online racing and round-the-clock global action06:09 – Why turnover tax reshaped the Australian betting ecosystem08:12 – The consequences of pushing out sharp bettors09:20 – The failure of Betfair and betting exchanges under turnover tax10:30 – The case for U.S. federal betting regulation11:28 – The vision for sports betting as a brokerage layer13:10 – Why most bettors aren’t price-sensitive—and how to change that15:01 – Has sports betting has become entertainment, not finance?15:28 – Inside Waterhouse VC’s model: buying options, not equity17:10 – Why options offer asymmetric upside with limited risk19:15 – Waterhouse’s diligence process and market theses22:48 – The fund’s structure, distributions, and public equities strategy24:12 – Following 13F filings from top long-only fund managers28:18 – Using gambling to teach kids probability and decision-making29:33 – Why Tom’s staying in betting: edge, pace, and constant change     ⚡️ Follow BoB on Twitter/X ⚡️ Watch BoB on Youtube ⚡️ Follow Jason on Twitter/X   ⚡️ Apply to be a guest here   --- This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.