51 Insights

51 Insights

CEO Notes

The house model is dying

Marc Baumann's avatar
Sangam Bharti's avatar
Marc Baumann and Sangam Bharti
Jan 22, 2026
∙ Paid

For decades, the barrier was maintained by gaming compacts and the assumption that a wager is legally distinct from a trade. But that distinction evaporated.

In December 2025, DraftKings, FanDuel, Coinbase, and Robinhood didn’t launch betting apps. They launched financial derivatives, dressed up as betting apps.

  • DraftKings (market cap of ~$17.8B) is a CFT…

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