As an anthropologist, Natasha Schüll spent more than a decade doing field work in Vegas casinos, especially among the slot machine addicts. She tells Michael Lewis why many of those who play slots actually hate to win. And she talks about how the digital overhaul of Vegas has made all forms of gambling, including sports gambling, more like slots.

For further reading: Addiction by Design: Machine Gambling in Las Vegas by Natasha Schüll.

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Perhaps you have someone in your life who’s prone to sports gambling. Michael Lewis has someone. So he comes up with a scheme to “inoculate” his 17-year-old son against the lure of placing bets online. All the while, Lewis tries to craft the perfect “master class” for would-be gamblers to understand the dangers of what they might be getting themselves into.

Here's his reading list:

The Logic of Sports Betting by Matt Davidow and Ed Miller

Stephen Pinker’s Rationality: What It Is, Why It Seems Scarce, Why It Matters

Weapons of Math Destruction by Cathy O’Neil

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Michael Lewis gets a glimpse of sports gambling's future by talking with writers in Great Britain and Australia, where the industry is even more entrenched. But the US has its own peculiar history of failing to regulate dangerously addictive new products, and blaming the users instead. Especially when powerful industry advocates are able to pay scientists to sow doubt and delay the day of reckoning.

For further reading: 
Lying for Money: How Legendary Frauds Reveal the Workings of our World by Dan Davies

Crikey’s coverage on sports gambling in Australia: Punted

Patrick Radden Keefe’s Empire of Pain: The Story of the Sackler Family and Purdue Pharma

Merchants of Doubt by Naomi Oreskes and Erik Conway.

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Has betting based on inside intel on games gone down since sports gambling was legalized in the US? Not really, as Michael Lewis finds out. But what's gone up is misery for athletes. We hear from Atlanta Hawks forward Larry Nance, Jr. about the rage, threats and wheedling that pro athletes now endure. The NCAA, former Massachusetts governor Charlie Baker, is trying to protect student athletes on campus, while their friends all bet on them, often underaged. Overall, the “integrity landscape” for US sports looks more and more pot-holed by the day.

For further reading: NCAA sports wagering survey

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We hear from Nate Silver and Maria Konnikova, poker sharps and co-hosts of the Pushkin show “Risky Business,” as they share the year’s most notable decisions in their first annual Riskies award show. What were the best, worst and wildest decisions of 2024, from politics to sports to business? Also: degen of the year, nit of the year, and the cognitive bias that best explains 2024.

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Just recently, Michael Lewis was a guest on the "Prof G" podcast with Scott Galloway. He talks about the rise of sports betting and why the consequences might be a "disaster" for US society. And the two discuss the subject of Lewis's latest book, "Going Infinite." 

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On a visit to Las Vegas, Michael Lewis meets three old-school sports bookies. Chris Andrews, Jimmy Vaccaro, and Vinny Magliulo book bets and set odds at the South Point Hotel Casino. They talk about how they got started in Vegas, the origins of the prop bet, and why it's bad for business to limit smart bets.

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Michael Lewis sits down with Billy Walters, one of the most famous sports bettors of all time. They talk about Walters' impoverished childhood in Kentucky, and his transformation from an auto dealer to a professional poker player in Las Vegas to a sobered-up millionaire who's been indicted five times.

For further reading: Gambler: Secrets from a Life at Risk by Billy Walters.

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As a resident of California, Michael Lewis cannot place bets on any of the online sports books at the center of this season. They’re not allowed to operate in the state. But why? We hear from pastors, Native Americans and short-sellers about why a handful of states are still holding out, and why those efforts are most likely doomed.

For further reading: Steve Ruddock’s gaming newsletter Straight to the Point

Inside the $400 million fight to control California sports betting by Gus Garcia-Roberts, Washington Post.

This episode has been corrected to reflect the accurate title of Victor Rocha. He is Conference Chair of the Indian Gaming Association, not the Chair.

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It's the season of giving: colorful paper and shiny bows, sure, and charitable giving, too. In this special episode, Jacob Goldstein, the host of What's Your Problem, gets smart about donating.

Did you know that spending money on others makes you happier than spending money on yourself? Or that altruistic nerds have discovered four of the most impactful charities in the world (per dollar spent)? Have you ever wondered how poker players think about giving?

Dr. Laurie Santos from The Happiness Lab, Elie Hassenfeld of GiveWell, and Nate Silver and Maria Konnikova from Risky Business talk about how to maximize your giving – and why you’ll be happy you did.

Link to donate: https://givingmultiplier.org/happinesslab

Listen to The Happiness Lab with Dr. Laurie Santos

Listen to Risky Business

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What does it mean to be a “very important person” in the world of online sports betting? Not necessarily what you think. We hear from recovering gambling addicts and state regulators frustrated with some of the perverse incentives to keep people on a losing streak. Meanwhile, our show’s own producers hope for a VIP night at the concert of the year.

For further reading: Legalizing Sports Gambling Was a Huge Mistake by Charles Fain Lehman. 

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