On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Jay Cohen, author of Odds Man Out and founder of the World Sports Exchange, to discuss his pioneering sports betting exchange, the legal battle that led to his imprisonment, and why he believes today's prediction markets are following a path he helped create nearly three decades ago.

 

Hear them discuss:

  • How Jay's background as an options market maker and a series of side markets during the O.J. Simpson trial inspired the creation of the World Sports Exchange.
  • Why World Sports Exchange was building what Jay describes as a combination of a traditional sportsbook and a fully electronic sports futures exchange.
  • How the company introduced in-game trading in 1997, allowing customers to buy and sell positions throughout a game using a financial market-style interface.
  • Why Jay and his partners chose Antigua, and how the company operated openly under a local license before attracting the attention of major U.S. sports leagues.
  • The legal case against Jay, which centered on undercover bets placed by U.S. agents, and why he chose to return to the U.S. to fight the charges rather than remain in Antigua.
  • Jay's experience during the trial, his belief that he was unfairly targeted, and why he remains convinced that he did nothing wrong by operating a legal business offshore.
  • His 18-month prison sentence, the eventual collapse of World Sports Exchange, and the personal toll the experience took on him and his business partner.
  • Why Jay would still take the same entrepreneurial risk again, arguing that the regret of not pursuing a groundbreaking idea would have been worse than the consequences he faced.
  • The irony of watching major sports leagues and prediction market companies embrace concepts that were once at the center of the legal fight against his business.
  • Why Jay sees a potential future for prediction markets offshore, the continuing importance of the WTO ruling involving Antigua and the U.S., and why banking remains a major obstacle.
  • What Jay hopes to achieve with Odds Man Out, including greater recognition for his role in the evolution of sports betting and prediction markets, potential opportunities to return to the industry, and even a presidential pardon

 

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