E249 - Daniel Wallach from Wallach Legal

On this episode of the Business of Betting Podcast, Jason is joined by Daniel Wallach, sports law expert and founder of Wallach Legal.

Hear them discuss: 04:35 - Daniel's leap from traditional law to sports betting and the challenges involved 06:08 - How Daniel became one of the first legal experts writing about sports betting 06:45 - The evolution of legal betting in New Jersey and Daniel’s early contributions 06:54 - Why appellate courts and the Supreme Court often get involved in major political cases 10:24 - Daniel’s opinion on the legality and process of sports prediction markets 12:36 - Why Daniel believes sports betting via the CFTC lacks congressional authorization 13:00 - The impact of Kalshi's operations on state-licensed betting ecosystems 17:00 - Daniel’s view on how Kalshi is skirting existing federal laws like the Wire Act 21:00 - How Kalshi's arguments for federal preemption may be flawed 34:44 - The challenges and delays in becoming a Designated Contract Market (DCM) 36:00 - How Kalshi may have accidentally discovered a legal loophole in sports prediction markets 39:00 - Can the CFTC’s self-certification model really regulate sports integrity? 41:40 - Are prediction markets more like financial instruments or gambling products? 43:00 - Why Daniel thinks sports betting needs more integrity safeguards than financial markets 46:49 - Daniel’s support for innovation but insistence on regulation 48:00 - Jason’s critique of state-level betting regulation and support for disruptive innovation 50:00 - The legal definition of gambling and why Daniel believes it applies to Kalshi

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