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Ep. 217: Turning sports narratives into "momentum markets" w/ Nick Meader from SpeedLabs

The Betting Startups Podcast · 2026-06-30 · 30 min

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Key moments - from our scoring

Substance score

47 / 100

Five dimensions, 20 points each

Insight Density9 / 20
Originality8 / 20
Guest Caliber11 / 20
Specificity & Evidence11 / 20
Conversational Craft8 / 20

SpeedLabs is building momentum markets, a product category that transforms live game narratives into tradable betting outcomes updated in real-time during gameplay. Unlike static micro-markets predetermined before games start, momentum markets use AI-driven models watching game action to identify emerging storylines - Stefan Diggs not catching passes, a player "heating up," team momentum shifts - and price markets around those narratives. Nick Meader, the 21-year-old founder, bootstrapped his way into venture through gray market bookmaking and offshore pricing work before raising $6.5M from Parlay Capital, Bullpen Capital, and others who backed PrizePicks and FanDuel early. He hired Max Bichel from Gambling.com to lead B2B sales and plans a consumer product launch in fall. Meader believes prediction markets will adopt momentum markets faster than traditional OSPs due to regulatory friction and corporate risk-aversion at larger operators. The company provides pricing packages to OSPs and offers direct liquidity provision to prediction market platforms through an internal trading arm and partnerships with market makers. For founders raising early-stage capital without a finished product, Meader emphasizes team quality and likability over projections.

Key takeaways

  • →Momentum markets dynamically create new betting propositions every game based on AI-identified narratives, not predetermined micro-bets, making each game's markets unique to its actual storyline.
  • →Prediction markets will likely adopt momentum markets faster than traditional OSPs because they're more innovative and less bound by corporate risk management and litigation concerns.
  • →SpeedLabs raised $6.5M by initially targeting $3-4M but allowing lead investor Parlay Capital to push the round size up, demonstrating the value of being open to investor appetite and capital availability.
  • →Early-stage founders should prioritize hiring smarter people than themselves and focus on becoming personally likable to investors, since investors back teams and people before perfected products.
  • →The momentum markets technology is derived from trading and market-making strategies, combining proprietary pricing models with 20 distinct narrative regimes to create contextually relevant, continuously updated markets.

Guests

Nick Meader

Topics in this episode

Prediction marketsFanDuelDraftKingsMomentum marketsSpeedLabsReal-time narrative-driven bettingAI-powered market generationParlay CapitalBullpen CapitalPrizePicks

Questions this episode answers

What makes momentum markets different from traditional micro-bets in sports betting?

Momentum markets dynamically create new, game-specific propositions based on real-time narrative developments (e.g., a player's cold streak, team momentum), whereas micro-bets are predetermined before the game and apply the same markets regardless of what actually happens in play.

How does SpeedLabs price momentum markets in real-time?

They use proprietary models derived from trading strategies that identify narrative regimes (player heating up, team catching fire, injury impacts, etc.), combine that with AI-crafted market wording, and update pricing continuously during the game over 5-15 minute windows.

Will OSPs or prediction markets adopt momentum markets faster?

Prediction markets will likely adopt faster because they're more innovative and less encumbered by corporate risk management and litigation concerns that slow down traditional sportsbooks like DraftKings and FanDuel.

How does SpeedLabs handle trading and liquidity for momentum markets?

For OSPs they offer pricing packages; for prediction markets they provide both direct liquidity through an internal trading arm and partner with market makers who use SpeedLabs' prices under revenue-share arrangements.

What advice did Nick give founders on raising their first round without a finished product?

Focus on becoming personally likable to investors and hiring smart people smarter than yourself - investors back teams and vision early, and projections matter far less than demonstrating you can execute with the right people around the table.

What our scoring noted

Our reviewer’s read on each dimension, with quotes from the episode.

Insight Density

9 / 20

There are a handful of genuinely useful product-level insights - narrative regimes, the liquidity provision model, and why PMs will adopt faster than OSBs - but they are surrounded by substantial origin-story padding, small talk, and generic fundraising platitudes. The episode's 30 minutes yield maybe 8 - 10 minutes of actionable content.

our models are watching the games and identifying certain Narratives, storylines, outliers that are actually happening, pricing those in real time and creating a, you know, market around that
there's about 20 different narrative regimes that these markets can fall into

Originality

8 / 20

The 'momentum markets' framing and the rage-bait customisation angle are mildly fresh, and the 'too big to fail' regulatory take has some contrarian colour, but most views on PM vs. OSB convergence and regulatory risk are already circulating widely in the discourse and aren't argued from first principles.

we could say LeBron's clearly not the GOAT. Does he even get 10 points in X amount of minutes? So there's a lot of customization we can do there
no game that we're running markets on will ever have the same markets because no game is ever the same

Guest Caliber

11 / 20

Nick has genuine gray-market bookmaking and early-stage investing experience that gives him real practitioner credibility, and his background in trading and pricing is directly relevant to the product. However, Speed Labs is pre-revenue and effectively pre-product at the time of recording, so claims cannot be validated by real-world outcomes yet.

cutting checks anywhere from 25 to 200,000 out of my own pocket
pricing and bookmaking for a lot of the offshore books

Specificity & Evidence

11 / 20

The episode does anchor claims with specific investor names, dollar amounts, and a concrete product example (Stefon Diggs simulation), which lifts it above average. However, the 80% live-volume figure is asserted without sourcing, the portfolio wins are deliberately withheld, and the product itself is still theoretical - limiting the evidentiary weight.

Parlay Capital. They were the lead of Prize Picks seed round as well as following on every round. After that we, uh, had a former Prize Picks board member come in and some more legacy funds such as Bullpen Capital who, you know, most notably led fanduel's first round
The initial original number was going to be 3 to 4 million and the say the demand was more than we were asking. So uh, we decided to change that valuation number and take in more money

Conversational Craft

8 / 20

The host asks some genuinely useful structural questions - distinguishing momentum markets from micro-bets, probing the whale-vs-minnow dynamic, and raising managed trading - but the disclosed investor relationship creates an obvious conflict that produces a consistently soft tone with no meaningful pushback on unverified claims or vague answers about the portfolio and product readiness.

with the concept of a momentum markets product, do you think that a lot of the market makers and institutions that are trading on these venues right now are going to be able to, you know, price these markets for the purposes of providing liquidity?
are you providing or offering a managed trading service to your OSB partners?

Conversation analysis

Computed from the transcript - who did the talking, and the words that came up most.

Share of words spoken

  • Speaker A63%
  • Speaker C32%
  • Speaker B5%

Most-used words

markets49product23game22nick18market16prediction16capital14momentum13betting12real11first11trading10money10back10million10team10

Episode notes

Ep. 217 features Nick Meader, Co-Founder & CEO of SpeedLabs, joining Jesse Learmonth to discuss the company's $6.5 million seed round, the creation of "Momentum Markets," and why he believes the next generation of sports betting products will be built around live narratives rather than traditional betting markets.

Full transcript

30 min

Transcribed and scored by The B2B Podcast Index.

Speaker A: I wouldn't say anything I've done is, you know, normal relative to most people my age, but, you know, got lucky here and there and fortunate to be in this position.

Speaker B: Hey, this is Jesse here, and you're about to hear my discussion with Nick from Speed Labs, which is creating live in game betting markets driven by real time narratives. In this one, Nick details his unconventional journey from gray market bookmaker to becoming a venture capitalist at the age of 21. Speed Lab's proprietary momentum markets that turn real time game narratives into engaging trading products, why he believes that prediction markets are poised to adopt this tech faster than sportsbooks, why his lead investor encouraged him to oversubscribe their recent seed round, his advice to other founders on how to execute a successful fundraising process, and why he sees prediction markets as being too big to fail despite ongoing regulatory posturing. Nick's background in trading, investing, and company building make him the right person to bring momentum markets into the world. And I know you're going to enjoy

Speaker C: this one as much as I did,

Speaker B: but before we get started, I want to make sure that you're subscribed to the Betting Startups newsletter, the only weekly publication that covers the startups people and investors competing for a piece of the multi billion dollar real money gaming industry. Join thousands of subscribers who already read the newsletter every Thursday to keep their finger on the pulse of the rapidly changing ecosystem, which you can do by subscribing atnews betting startups.com.

Speaker C: all right, we're back here on the Betting Startups podcast, and for this episode, I'm joined by a guest that only a few weeks ago, most people within the real money gaming industry were probably not familiar with them. I feel like that's probably changed with the announcement of his company's $6.5 million seed round. So lots to talk about today. I got Nick Meter here from Speed Labs. Nick, how you doing today, man?

Speaker A: Good, Jesse, glad to be here.

Speaker C: As you just noted, before we started recording here, you're based in New York City, literally outside your apartment right now. I think down at street level is the Knicks parade, man. What's going on with the vibe outside right now?

Speaker A: I mean, I'm just trying to avoid it all. I was fortunate enough to go to games three and four in the city, so, uh, yeah, I've had my fair share of pretending to be a Knicks fan. I'm actually from Ohio, so go Cavs. But it's been fun. The city's been on fire for the last. Figuratively and literally for the last couple weeks.

Speaker C: Awesome.

Speaker A: Nick.

Speaker C: I will note as well, uh, I think this is the first podcast you've ever done, so, uh, friendly format here. We'll go. Eason, you really appreciate you taking your first leap with us. Let's just start with an introduction, give the audience a bit of a sense of who you are, talk a bit about your background and some of the major chapters of your journey prior to co founding Speed Labs.

Speaker A: Yeah, so Nick Meter, um, from a small town in Ohio right outside of Toledo. Started in the gaming space. I was really young, just like everyone else, you know, high school, college bookie. But growing into that, I had a stats background, started to explore some other areas, you know, pricing and bookmaking for a lot of the offshore books. I was fortunate enough to sell that at a young age. So pretty good exit there. Was able to move out west. I, uh, worked at venture capital for two years, met some really cool people, which eventually brought me back to the eastern time zone in New York, which was the birth of speedlapse back in October, November of last year. So been all over the country, done a lot legal and call it gray market space, but you know, wouldn't change anything.

Speaker C: Let me just ask you on, on your time in venture capital, like, how does one just start working in venture capital, right? I mean you got to know people like. Although I just pull back the curtain on that a little bit here.

Speaker A: I was lucky enough to have built up quite the bankroll from my time in, in those gray markets and uh, I was able to start investing myself actually. So instead of first break in moment, I guess was, I mean, cutting checks anywhere from 25 to 200,000 out of my own pocket. So that was the real jump into the industry. I don't advise that for most 21 year olds, but it ended up working out right. I got to meet a lot of people and got to be part of the founding team of a emerging fund as well as investing out of other more established funds. I wouldn't say anything I've done is, you know, normal relative to most people my age, but, you know, got lucky here and there and fortunate to be

Speaker C: in this position 100% in your time cutting checks. Any wins on the board in companies that the audience might be familiar with?

Speaker A: Yeah, I've had a couple up rounds. I'll try to keep my portfolio to myself, but um, there's definitely some companies that the audience has heard of. You know, I think I'm doing pretty well for myself there.

Speaker C: All right, well let's fast forward a little bit here to the origins of Speed Labs, obviously, as you mentioned, you've had a few very different chapters that have led to what you're now building. But talk about the origins of it. I mean, how did this all come about? What were the seedlings of it? And ultimately like, talk about going from idea to putting the wheels in motion to start building it out.

Speaker A: Yeah, I think, you know, a lot of it was after the first operation I was running, I wanted to separate myself from the space. Wasn't sure that's what I wanted to do. You know, I could have just been a dumb kid in college, you know, figuring stuff out, looking how to pay for that college. Uh, when I was out west, I was obviously doing venture, and I got to meet a really cool, you know, really cool people. And with that, you know, I got to meet a friend, investor advisor, Phil Hellmuth. I got to play poker with Phil a couple times. And, you know, he was talking to me. He's like, I've got this good friend, David Woodley out in New York. You know, you guys should talk. David's always coming up with different ideas and whatnot. So I met David. He's telling me about this idea he had. It wasn't built. It didn't exist. He was full time at another company. And I said, you know, I eventually decided I wanted to get back into the building space instead of passively investing and took that leap of faith. So David handed me a Bank account with $1,000 and zero employees back in November. And, you know, here we are now. So that's your typical origin story, but David's been nothing but helpful with all the, all the introduction in this industry and has been a really important part of this company.

Speaker C: All right, well, let's start pulling back the layers of the ending here in terms of what you and David and the team are building with Speed Labs. Let's just start with a high concept overview, Nick, or an elevator pitch. Just give us a sense of what it is you're building, who it's for, and the value prop.

Speaker A: Yeah, so I would say there's a couple different things that we do. The main product is what term that we've coined, which is momentum markets. Momentum markets are. Is these tradable, bettable markets that can be hosted by prediction markets, OSPs, crypto books, whoever. Whoever really, you know, wants them for their players. But it is a live market in game. Now, I don't mean betting, you know, Moneyline at a different price than you got a pregame. I mean, our models are watching the games and identifying certain Narratives, storylines, outliers that are actually happening, pricing those in real time and creating a, you know, market around that. So a really good example of this would be, uh, we were running simulations for the super bowl and so Stefan Diggs had zero catches in the first half. So the second half, the first market we put up or that our model had spit out was Stefon Diggs is ass. Does he even get a catch for five yards in the next five minutes? So it's stuff like that where it's relevant. It goes along with the story that the game is taking. Every game is different, every game tells a different story. But the betting markets on all of them are the same, no matter what the sport is. Yeah, there's just been very little innovation on the actual products that people can participate on.

Speaker C: Let's go a little deeper with the concept of momentum markets, Nick. And I guess as you're describing that some people in this audience who are fairly well versed in sports betting product may be thinking about things like micro markets, which obviously have proliferated over the last few years through that lens. How are momentum markets similar? How are they different? And ultimately what are you guys delivering that you think the market is underserved by right now with the incumbent products?

Speaker A: Yeah, I mean even the traditional micro markets and micro bets, those are all determined before the game starts. Difference for us is no game that we're running markets on will ever have the same markets because no game is ever the same. That's uh, what I think the real difference is. Like I have no interest in doing. Is the next play going to be a pass or a run? Is the next pitch going to be 95 or 98 miles an hour? That isn't very interesting. So we do have certain timeframes that we do these in 5 minutes, 10 minutes, 15 minutes, whatever it may be, whoever our operating partner is, whatever they think their players would be most appealing to them. So we can cater these, you know, to each customer. And I think that is kind of the biggest value prop here is we're not just giving you a. Here's all these player props, pick and choose. Like we'll say, what do you want? Do you want five minute markets? If no, because you don't like the optics of that. Cool, we'll give you 15. But yeah, that's the real difference. It's definitely not a micro bet. I mean even by definition a micro bet is on the next play or the next action that happens in a game. This is over a certain time frame. So I have no Interest in doing anything that's next play and also the CFTC would shoot that down fairly quickly.

Speaker C: Fair enough. So in terms of spinning up these momentum markets in real time as the game is unfolding and to your point, it's contextual to whatever's happening in the game, whatever the narrative or the storyline of the game. Is this tech underneath it all, uh, give us some insight into what that looks like. I would assume, correct me if I'm wrong here, I assume AI plays a fairly large role in that. What are you guys building out that again from like a tech perspective makes this possible where again some of the incumbent providers aren't able to really, you know, sort of productize the narrative of a game.

Speaker A: Yeah, so the model is actually derived from certain trading and market making strategies that we were doing previously. And what prediction markets lend themselves really well to is being able to sell in and out of these markets without paying the vig to a sports book. I think everyone knows DraftKings live cash out option is not the true value of what it should be worth. You know, there's a lot of trading strategies where it says, all right, I'm going to buy and hold this position for five to ten minutes max. So as we were looking at that, that's what we were pricing. We were pricing the next five to ten minutes of the game using these momentum models in the flow of what we're watching, we were able to combine that with there's a few thesis written about the narrative of betting markets, the psychology of a gambler, what they like to see. And we were able to combine that and kind of put these markets into certain narrative regimes. So there would be one for this player is heating up right now, this player is injured, this team is catching fire, this team is cold. So there's about 20 different narrative regimes that these markets can fall into. So a combination of that plus the model gives you uh, these pretty engaging markets. So with the model running underneath and then obviously of AI actually crafting these, the wording around the markets, uh, it's a pretty compelling product and you know, we can customize them if we want to rage bait someone. You know, we could say LeBron's clearly not the GOAT. Does he even get 10 points in X amount of minutes? So there's a lot of customization we can do there. Uh, we can have some fun with it instead of just seeing, you know, Moneyline over under and then prices that no one knows what they mean. So on prediction markets, everyone, you can do percentages, you can do cents Odds you can do it all. It's just more, it's a lot more versatile of a product than traditional osp.

Speaker C: And in terms of go to market strategy, are you taking a B2B approach? Is this direct consumer? How are you sort of packaging up and taking this product to market? Market?

Speaker A: We actually are launching a consumer game as well in the fall. I don't want to spoil it too much because we'll doing, we'll be doing a big announcement around that. But I would say think of single game, survivor pools and trivia HQ centered around these markets. So you know, I'll let the audience think about what that looks like. But as far as selling into these more traditional OSPs who are less likely to jump on a product like this. I am fortunate enough to have hired Max Bichel from Gambling.com he was there for eight years. He's going to be running that, you know, that line of the business for us. So that's, you know, I understand what I don't know and I uh, don't have those types of connections where a guy like Max who's you know, been around for a while can pull some strings and get us on the phone with who we need to get on the phone with.

Speaker C: And on the B2B side you mentioned OSB but I think you also mentioned prediction markets are venues as well that could potentially integrate this product. So I guess as again you look at commercializing this on the B2B side, how are you sort of prioritizing OSB versus PM or are they all viable customers to you?

Speaker A: They're all viable customers. We can work with any of them. I will say I think prediction markets are going to be faster to adapt this just given they're more innovative, they're not so litigious and corporate like the DraftKings and Fanduels of the world are. So it's not that we can't do it with both, but I just think they're OSPs are going to take longer. There's also some internal risk management offering a new product like this. Do they trust our prices? Are they going to want to price it themselves? So there's some other other things that play there but I would expect Most of the PMs to adopt quicker and

Speaker C: actually I was just going to ask that very question as far as like trading and risk management of these markets goes, are you providing or offering a managed trading service to your OSB partners? Is this something that they would need to do themselves? I know it's early days but sort of how you thinking about that part right now?

Speaker A: Yeah. So I mean, we would offer, whether they trust or not, we would, for an osp, we would offer price packages, say, hey, this is how we're pricing it as far as, you know, trading, trade management, not, uh, really. We actually will provide liquidity to prediction markets that adopt this product. So if Kalsh says, hey, we want this tomorrow, but none of our market makers know how to price it, we actually have a trading arm of the company that will provide liquidity on top of our own markets. So it's a combination of us putting our money where our mouth is or, you know, us saying partnering. We actually have partnerships with a couple of the bigger market makers on these platforms where they're saying, you know, we'll put up the capital, we'll take your prices and we'll do a rev share on top of that. So I don't think there's any shortage of, you know, how to make this work, uh, or ways to make this work. I think, you know, our biggest obstacle might be a, uh, might be an optics thing, but I don't really think that stopped anyone considering some of the products I've seen in the gambling space.

Speaker C: One thing I want to get your view on as well, Nick, like a lot of the discourse right now around prediction markets is the dynamic of like whales versus minnows right now. And you got market makers, you got professional institutions out there trading. And while these platforms are very much marketed as being peer to peer, like as we know, not exactly peer to peer on that basis, but with the concept of a momentum markets product, do you think that a lot of the market makers and institutions that are trading on these venues right now are going to be able to, you know, price these markets for the purposes of providing liquidity? Or is this a much more like truly recreational product that is more peer to peer given, like the short term duration of them? Um, the fact you guys are running a proprietary model. So just how do you think about that dynamic as it relates to momentum markets?

Speaker A: I invite any hedge fund or market maker to try to price these. I do think it's going to be a lot more of a casual product given that they don't have weeks and weeks to build their models around it, given they don't know what the questions are going to be, I'd say their best chance is going to be modeling what they think our questions are going to be and then trying to model outside of that. So I think our goal is to keep our models, uh, a black box and you Know, I do see this as more of a truly recreational product of people who, you know, want to participate live in game. I think over 80% of all sports volume on these exchanges is live. And here's another offering for them.

Speaker C: All right, let's talk about this raise that was announced a few weeks ago. I'll start this by saying $6.5 million for a seed round in the context of the real money gaming industry is a big number. I know in broader tech it's not necessarily a big number, but in our little corner of the world, uh, it's noteworthy. Let's just start with a rundown on the raise itself. Who's on your cap table and uh, just share a bit about the process you went through to close this.

Speaker A: Yeah, it was definitely lucky enough to have a fairly smooth fundraise. Didn't have to take too many calls. I think a lot of people saw the vision, saw the light at the end of the tunnel. And not to mention we have a great team around us. And I think, you know, I'm still learning new stuff every day, but I think one of my best qualities here has been hiring smarter people than myself. So ideally I'm the dumbest person in our company and I think a lot of the investors saw that too and enjoyed that. But yeah, we've got a really strong, really strong cap table. All funds in the gaming space. Our lead was Parlay Capital. They were the lead of Prize Picks seed round as well as following on every round. After that we, uh, had a former Prize Picks board member come in and some more legacy funds such as Bullpen Capital who, you know, most notably led fanduel's first round and Paul Martino sat on the board there for a while. Yeah, I mean of course everyone that participated, oh, I can't forget betting startups capital as well. Proud to be their first investment out of their new fund. Congratulations to you guys.

Speaker C: Thank you for saving some allocation for us, by the way.

Speaker A: Absolutely. That's what got me on this podcast. But yeah, I think everyone know we kind of came to them with, without much of a product. We came with a team and a roadmap to execute what was an idea at the time. So I mean, extremely fortunate that everyone took that leap of faith and believed in us and you know, we're more confident than ever now that we did close the race and have made all these hires.

Speaker C: Well, look, uh, as you mentioned, betting startups capital is a small potato on your cap table. So through that I did get a chance to get acquainted somewhat with your team and to your point, you have an absolutely stacked and cracked team that you've assembled. Again, as far as your lead investors go as well, I can't think of more, you know, credible people than early backers of names like Prizepix and fanduel. So again, getting the right people around you, I would say you've ticked that box. Nick, I want to ask a little bit more about just like the strategy and like, how do you arrive at a number like 6.5 million as you go out there and sort of shop that around at the early stage that you are, how do you help potential investors buy into what is ultimately a vision? When you don't really have a product, you don't really have the business yet, and yet you're asking for, you know, six plus million dollars, how do you go about doing that? Demystify that for us a little bit.

Speaker A: The initial original number was going to be 3 to 4 million and the say the demand was more than we were asking. So uh, we decided to change that valuation number and take in more money. It's actually parlay who wanted, you know, they said they wanted 3 million and they wouldn't do 3 million in a 4 million dollar round. So they said, you know, let's just move to six and a half, you guys will have no problem getting there. Which, which was true. So they were big helps in all of this. But I think uh, as far as getting people to see the vision, you know, we have projections, we have all of that that shows, oh, we'll get to this number then this number then, you know, at the end of the day they don't really mean anything. I think the biggest is I go back to the teams like you have. If you have a team that's smart, doesn't matter what they do, if you give them money, they're going to succeed. I think that's a lot of the vision that, you know, our investors had. Yes, I think our products are going to kill it. Yes, I think this will be a huge success. But if for some reason it wasn't and the industry didn't adopt to it and we still had capital left over, we would figure it out. And I think that's at the end of the day when you are so early, that's all that really matters is, you know, who's got your back and who's around the table.

Speaker C: I remember reading a, uh, blog post from a VC like 10 plus years ago and he had this thing where he's like, you know, trying to help people Answer the question, like, how much should I raise? And he had this metaphor where he's like, when the hors d' oeuvre tray comes around, always take two instead of just once. You never know when the trade's coming back around again. Like, to your point, like, take the capital when it's available and like, plan for that rainy day and sticking with capital for a minute here. Nick, like, you've obviously been on both sides of the table, right? You've been deploying capital both as, uh, an angel investor as well as a vc. And now you've just successfully ran a process to close six and a half million dollars into what is ultimately a vision. So you've seen it from both sides. You know what works, you know how to run these processes. A lot of early stage founders that I talk to are trying to figure out how to successfully run a process, I guess, through your lived experience on both sides of the table. What are some of, like, the best tips you can share to other founders that are trying to raise their first round into their business?

Speaker A: If you can get them to like you as a person, you're so, so much further ahead than everyone else. I've talked to a lot of people. They may have a good product, they may have a good business, but if they're just such an unlikable person, it really doesn't matter because you don't want us to talk to them or, you know, see them again or even more give them money. So, yeah, I think, I just think, like, that is such an undervalued trait in today's world is being likable, being normal. You know, Jesse, you've been around this industry for a while. There's a lot of not normal people. And I think just having, you know, being grounded and really understanding where you're at. And I, uh, think a big thing is like, knowing what you don't know is also a huge skill that I think a lot of people overlook. A lot of founders build companies around themselves and refuse to admit when they're wrong or really, like, look inside and say, wow, I don't know this, I should go make a hire for that. That would be, you know, if you're going to approach a vc, approach them with, okay, here are my strengths, here are my weaknesses, and here's how I'm filling my weaknesses.

Speaker C: All right, let's zoom out and get some industry takes from you here. Because you are building, you know, literally at the intersection of OSB and prediction markets. You have a product that plays with both types of product. But obviously, you know, uh, there's a lot going on there right now as those two try and figure out what their relationship is to each other and everybody has opinions around it. So let's get into that. Nick, first thing I want to get your view on is like, just fundamentally,

Speaker B: how do you see the relationship between

Speaker C: OSBs and PMs ultimately evolving over time from a product perspective, uh, do you think these converge into the same thing or do you think these will remain separate products that ultimately are serving separate audiences?

Speaker A: Yeah, I mean, I think where they're at now and forever, they will always be distinct at the infrastructure layer. That's not going to change. But they are going to converge. If they already, I mean, some people would argue they already are converged at the user experience layer. I mean, right now it's a big fight for best pricing, which I think the prediction markets are winning. But then the prediction markets have their, you know, 3% fees. I know polymarket ran with no fees for a while and it's just not a sustainable business. You can't make money that way. I mean, I would argue they're already pretty much the same operating as Sportsbooks. So yeah, it really is just user preference now. What's hot? Like, what's sexy? What ads am I seeing? I mean, they all have unlimited customer acquisition budgets, so it really is just like recency bias. I don't think there's any loyalty across platforms. Maybe if you're a VIP and you know, DraftKings is taking you to the Knicks finals games, you might have some loyalty there. I think loyalty in this space is fairly low.

Speaker C: And then through another lens here, like everybody has a take right now on prediction markets. I would say the arrival of prediction markets has been, you know, a welcome thing for a lot of journalists and analysts and people covering the space that were looking for something to cover. This has given them plenty of work for the foreseeable future here. But just to say, like, there's a lot of noise out there right now, you know, I guess if you take it all together, what do you think some of the conversations are in the discourse that you think are like overhyped, that people are just like over indexing on unnecessarily? And then on the other side of that coin, Nick, what are some of the conversations in the PM context that you think are under discussed right now? What are some things or dynamics people might be sleeping on or just aren't getting the airtime? A lot of these other things are on Twitter and otherwise.

Speaker A: Yeah, I think Something I think is extremely overhyped is that this next election cycle they're going to, oh, like if a, uh, Democrat wins, they're going to shut down prediction markets. I think like there's too many powerful people involved. They're too big, they've taken too much money from like institutions. They're not going anywhere. Like could they get slapped on the wrist and maybe they'll get rid of, you know, certain player props or stuff like that. Yeah, maybe. But I think they're going to be too big to fail. Talk to a lot of lawyers in the space and most of them agree with that statement. So I think the regulatory landscape that, I mean even when we were doing um, investor calls like that was a big question that a lot of them had is well, how are you going to navigate regulatory landscape for us? Like we serve OSB as well and we'll serve crypto books and we'll do peer to peer exchanges. You know, if prediction markets were wiped off the face of the earth, it would affect us a little bit. Not going to lie, but wouldn't tank our business. But I still don't think they're going anywhere. Right. I think there's too much political capital and actual capital around the table from very important people that don't want these regulated. And uh, yeah, I think like they'll get regulated is, but it'll be more of an optics thing to make people think, you know, lawmakers think they did something good. But what ah, are they going to do? Just make it state by state and have everyone um, pay a fee just like sportsbooks. That's like the most I could possibly see happening. Which, like, who cares? They'll pay that fee. And as far as something that isn't talked about enough, I think Matt Kalish tweeting is the very niche. Like if you're on Twitter you would understand. But like him tweeting is actually one of the funniest things I've seen in a while and I think he makes some good points. I just think it's hilarious how he is the one delivering these messages and I want to see that on like CNN and Fox News like every single day. I think that'd be really funny. But yeah, he should get a bigger microphone. Not because he's right or anything, just because it's hilarious.

Speaker C: It's been a source of amusement for a lot of us that endlessly scroll Twitter day in and day out here over the last two weeks, that's for sure. And yeah, to your point, I mean look, he's Making a lot of valid points, and some of his critiques are grounded in a lot of reality. But, yeah, the messenger delivering that message, uh, leaves, you know, a little bit of suspicion in the air.

Speaker A: No, it's, it's interesting for sure. Um, objectively, like, it's funny, you know, whether you agree with it or not, it's another thing. But yeah, it's pretty, it's pretty comical.

Speaker C: The man knows how to engage. We'll give them that.

Speaker A: That is true. That is true. You don't get 10 million users without knowing how to.

Speaker C: All right, Nick, homestretch here. Early days for you guys. You got a lot coming up here, including a very important NFL season. But as you look ahead over the next 12 months, what are the major milestones you guys are focused on over the coming year ahead?

Speaker A: Yeah, I think getting a solid launch partner for these momentum markets, we'll have some announcements in the coming weeks regarding that. But, you know, instead of trying to do as much volume as we possibly can in the next, you know, NFL season, I think there's an art to growing while still moving slow. We don't want to cannibalize ourselves by processing too much volume that we can't handle. So I think figuring out like it is a net new product to the world, so figuring out who wants it, what types of markets these players like, everything from, like, where is an OSB going to display it on their screen, you know, different stuff like that, which we still have to figure all of it out. I'm confident we will. But between that, launching our consumer game to, you know, parallel pathing to go to markets, which I think we have a pretty good, pretty good grip on. So as long as we're doing that, and then of course building the bankroll as market makers, it's kind of the, uh, three priorities right now.

Speaker C: And if we extend out the timeline to five years, more of a vision board exercise like in your wildest dreams. Where is Speed Labs in five years time and where does the momentum markets product sit within the broader ecosystem then?

Speaker A: Yeah, within five years time, hopefully on a beach somewhere enjoying retirement. But I think Speed Labs, I think the momentum markets and, you know, the game itself has a chance to, you know, replace the typical micro bat player props. It's kind of everything that people love all in one and you know, our single game contest to be a habit thing, the same way trivia HQ became, you know, nationwide, like 3pm Comes, everyone's on, everyone's playing. That's what I want to be. I want 8:30 Sunday night. I need to go join the game. I need to go join the contest. You know, we want it to be a very social form of gambling and I think creating those habits for players and giving them a product they really love is how we get there. So hopefully in five years we are, uh, you know, we've all made a couple bucks and we're still around.

Speaker C: Well, as a small potato on the cap table, I do hope you're on that beach retired in five years time. In the meantime, Nick, a lot of work to do still. It's early days for people that want to get in touch with you to

Speaker B: discuss anything that's been maybe pique their

Speaker C: interest here and or to get on the list to check out the consumer product when it launches. Plug. The best way for them to do all that.

Speaker A: Yeah, just shoot me an email, nickpeedlabs.dev I'll keep my burner Twitter to myself, but uh, I do have an actual account on Twitter too. It's just Nick Meter. Shoot me an email. Shoot me a message.

Speaker C: All right, Nick. Well, look, appreciate you taking the leap into your first podcast here on the Betting Startups podcast. Been great to get to know you over the last few months. Really excited for the journey you and the team are on and look forward to continuing to follow your story.

Speaker A: Appreciate it, Jesse. Thanks for having me.

Speaker B: I want to make sure that you're subscribed to the Betting Startups newsletter, the only weekly publication that covers the startups people and investors competing for a piece of the multibillion dollar real money gaming industry. Join thousands of subscribers who already read the newsletter every Thursday to keep their finger on the pulse of the rapidly changing ecosystem, which you can do by subscribing@news.bettingstartups.com.

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