[exogeny]

There’s two different things to argue here.

First, yes, you’re right.

Second, they raised a shit ton of money under the bull case of mass consumer adoption, which is going to be impossible if that said consumer feels it is rigged.

Let’s all be real here; for 95% of their use cases both now and in the future, they’re a sportsbook. Which is fine! But they’re not going to get to anywhere near returning a multiple on their manic valuation until they act like one. And the first thing to do is to stop with all of the pseudo-academic bullshit about what a prediction market is. And the second is for them to hire someone, anyone, who knows even the first thing about sports because everyone even tangentially connected to this market knows that before six months ago, Tarek and Shayne couldn’t differentiate between a football and a buttplug.