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4 years ago, I led a group of 100+ former employees and founders of @fanduel in a case of breach of fiduciary duty against FanDuel’s former board members (including investors KKR and Shamrock). Three months ago, the NY Court of Appeals found in our favor. The Court concluded that board members had indeed owed a fiduciary duty to shareholders. On Friday, we lodged an expanded complaint that, for the first time, publicly details the defendants’ various breaches of these duties, as well as outlines the defendants’ fraud, conspiracy and bribery under Scots law. A very brief summary: In 2018, FanDuel merged with the US arm of Flutter Entertainment to create a new company called FanDuel Group. In exchange, FanDuel shareholders received 40% of the equity in the new company. However, the board (which was controlled by private equity investors KKR and Shamrock) used a phony valuation of $559M to wipe out common shareholders (largely the founders and employees). Less than 2 years later, those same investors sold that 40% stake in FanDuel Group for $4.2B. Standing up against the likes of KKR is not easy, but I’m determined that the team of 100+ amazing people who spent years building FanDuel from the ground up will get back what was stolen from them in 2018. Link to the full complaint in the reply below.

I've got a lot of new followers over the last few weeks so I thought I'd introduce myself. I've been building consumer web/mobile products for around 24 years. I joined a startup in London in 2000 called Flutter.com. The idea was to build the eBay of sports betting were users could trade individual bets with each other. Well, that idea didn't work but at the same time a competitor launched called Betfair which was a betting exchange. I helped relaunch Flutter as a betting exchange and 12 months later the two companies merged to become what is known as Flutter Entertainment (a $35B company listed on the NYSE). (As an aside over the years I've seen dozens of entrepreneurs try to make the original P2P Flutter concept work without success. It is kind of a recurring bad idea in the gambling space) In 2009 I co-founded @fanduel. When we started, FanDuel was a fantasy game where you built a roster of players went head to head with another player (thus the name Fan-Duel). We soon added tables and tournaments. The company grew about 3-5x every year from 2009 to 2015 when the entire industry when into a legal and regulatory buzzsaw. We got sued in 11 states and had investigations from the DOJ, FBI, state AGs etc. Over the next 2 years we lobbied across the country and passed laws in 22 states. Lawmakers understood that fantasy was popular and we worked with them to protect it. In New York alone thousands of our users contacted their representatives which pushed our bill over the line. (Lesson for the crypto industry here). In 2018 PASPA was repealed and FanDuel merged with Flutter's US arm. Today FanDuel is the leader in the US online betting market and did ~$5B in revenue last year. I left FanDuel to go back to early stage startups and in 2019 I started a sports card trading marketplace called StarStock. We rode the boom of 2020 and then the bust of 2021/22 and sold it late last year. Sports trading cards got me into NFTs in 2020 initially on NBA Topshot and Nifty Gateway (still holding a lot of those early grails!) In early 2021 I went all in on crypto. To me crypto combines a culture that I love (risk taking, pro-tech, small government, libertarian and doesn't take itself too seriously). That year I co-founded @vaultmusichq, a new digital music format, and @BetDEXLabs, a decentralized betting exchange, both built on Solana. Right now I'm working on a couple of new things. One is a new crypto casino and sportsbook called @Bet_Hog (you will here a lot more about that soon!) and another top secret project which involves designing the perfect meme coin (we are close on that one, very close).

Getting shilled $SPX6900 by randos. Bullish or bearish for @MustStopMurad’s favorite meme coin?

Some quick thoughts on @Polymarket. Firstly, every election cycle since 2008 has seen the emergence of a go-to prediction market with mainstream press coverage. We've had Intrade, Hubdub (which I co-founded), IEM, Predictit and a bunch of others. They definitely aren't new. However Polymarket has done the best job so far in (1) having a fantastic UI/UX, and (2) easy money in/out. Obviously we needed the wide adoption of crypto to make the second one possible. The challenge for Polymarket will be the same as every prediction market before it. Namely, how do you translate election year interest into a sustainable business? Every one of those prediction markets above faded immediately post election. As as side note, our prediction market Hubdub faded immediately after the 2008 election so we pivoted to building @FanDuel. Today the vast majority of the volume on Polymarket is on the election. Of the top 20 markets only 3 are non election related, 2 on rate cuts and one of the Super Bowl. The top non-election market has about 2% of the volume of top election market. Unfortunately, outside of elections, news tends to be very messy. Even simple questions like "Will X happen by Y?" often throw up outcomes no one anticipated. Additionally, many news stories have no real market outcome (for example, any "should" question). Lastly, most major news stories just aren't as closely watched and analyzed to nearly the same degree as elections. Rates cuts somewhat but there are better ways to trade them. Movie opening receipts also has a small following. I've been a fan of prediction markets for about 20 years and I'm a fan of Polymarket in particular, but their real challenge will start on November 6th.

Yesterday, the New York Court of Appeals unanimously ruled in favor @fanduel founders and over 100 former employees and early investors, who are currently suing former board members for breach of fiduciary duty. In 2018, FanDuel agreed a merger with Flutter's US arm to create FanDuel Group Inc. As part of the merger FanDuel, shareholders received 40% of that new company. FanDuel's board, which was then controlled by KKR and Shamrock, misrepresented the value of that 40% in order to enrich themselves and cut founders, employees, and early investors out of the deal. The defendants tried to dismiss the case by contending that board members do not owe a fiduciary duty to shareholders. The court rejected that argument. I would like to thank the court for their thoughtful consideration of the case. We look forward to vigorously pursuing our claims.

OK, rough start to the day. I'm sick of all these sellers. Why did they even buy crypto in the first place?? We need a coin for hodlers, not for jeeters. And I think we've got that very coin. For the last 6 months I've been working with a team to develop Holdium, the coin you never sell. And here's the good news, we are giving away over 70% of the supply in an airdrop. If you hold or have ever held any of the top 25-30 meme coins on Solana then you should be eligible for the airdrop. More details tomorrow. In the mean time make sure to follow @holdiumxyz.

Funny to see @fanduel get back into prediction markets. It’s a little known fact that FanDuel actually started out as a prediction market called Hubdub back in 2007

Looks like @aeyakovenko has a new competitor in the phone sales business

Excited to share that I will be helping the @multiplierfun team as an advisor. At @fanduel I saw how gamification could reshape entire markets. With Multiplier, the team is seeking to transform gameplay into a liquidity tool for capital market onchain.

Getting shilled $SPX6900 by randos. Bullish or bearish for @MustStopMurad’s favorite meme coin?

I've got a lot of new followers over the last few weeks so I thought I'd introduce myself. I've been building consumer web/mobile products for around 24 years. I joined a startup in London in 2000 called Flutter.com. The idea was to build the eBay of sports betting were users could trade individual bets with each other. Well, that idea didn't work but at the same time a competitor launched called Betfair which was a betting exchange. I helped relaunch Flutter as a betting exchange and 12 months later the two companies merged to become what is known as Flutter Entertainment (a $35B company listed on the NYSE). (As an aside over the years I've seen dozens of entrepreneurs try to make the original P2P Flutter concept work without success. It is kind of a recurring bad idea in the gambling space) In 2009 I co-founded @fanduel. When we started, FanDuel was a fantasy game where you built a roster of players went head to head with another player (thus the name Fan-Duel). We soon added tables and tournaments. The company grew about 3-5x every year from 2009 to 2015 when the entire industry when into a legal and regulatory buzzsaw. We got sued in 11 states and had investigations from the DOJ, FBI, state AGs etc. Over the next 2 years we lobbied across the country and passed laws in 22 states. Lawmakers understood that fantasy was popular and we worked with them to protect it. In New York alone thousands of our users contacted their representatives which pushed our bill over the line. (Lesson for the crypto industry here). In 2018 PASPA was repealed and FanDuel merged with Flutter's US arm. Today FanDuel is the leader in the US online betting market and did ~$5B in revenue last year. I left FanDuel to go back to early stage startups and in 2019 I started a sports card trading marketplace called StarStock. We rode the boom of 2020 and then the bust of 2021/22 and sold it late last year. Sports trading cards got me into NFTs in 2020 initially on NBA Topshot and Nifty Gateway (still holding a lot of those early grails!) In early 2021 I went all in on crypto. To me crypto combines a culture that I love (risk taking, pro-tech, small government, libertarian and doesn't take itself too seriously). That year I co-founded @vaultmusichq, a new digital music format, and @BetDEXLabs, a decentralized betting exchange, both built on Solana. Right now I'm working on a couple of new things. One is a new crypto casino and sportsbook called @Bet_Hog (you will here a lot more about that soon!) and another top secret project which involves designing the perfect meme coin (we are close on that one, very close).

OK, rough start to the day. I'm sick of all these sellers. Why did they even buy crypto in the first place?? We need a coin for hodlers, not for jeeters. And I think we've got that very coin. For the last 6 months I've been working with a team to develop Holdium, the coin you never sell. And here's the good news, we are giving away over 70% of the supply in an airdrop. If you hold or have ever held any of the top 25-30 meme coins on Solana then you should be eligible for the airdrop. More details tomorrow. In the mean time make sure to follow @holdiumxyz.

Some quick thoughts on @Polymarket. Firstly, every election cycle since 2008 has seen the emergence of a go-to prediction market with mainstream press coverage. We've had Intrade, Hubdub (which I co-founded), IEM, Predictit and a bunch of others. They definitely aren't new. However Polymarket has done the best job so far in (1) having a fantastic UI/UX, and (2) easy money in/out. Obviously we needed the wide adoption of crypto to make the second one possible. The challenge for Polymarket will be the same as every prediction market before it. Namely, how do you translate election year interest into a sustainable business? Every one of those prediction markets above faded immediately post election. As as side note, our prediction market Hubdub faded immediately after the 2008 election so we pivoted to building @FanDuel. Today the vast majority of the volume on Polymarket is on the election. Of the top 20 markets only 3 are non election related, 2 on rate cuts and one of the Super Bowl. The top non-election market has about 2% of the volume of top election market. Unfortunately, outside of elections, news tends to be very messy. Even simple questions like "Will X happen by Y?" often throw up outcomes no one anticipated. Additionally, many news stories have no real market outcome (for example, any "should" question). Lastly, most major news stories just aren't as closely watched and analyzed to nearly the same degree as elections. Rates cuts somewhat but there are better ways to trade them. Movie opening receipts also has a small following. I've been a fan of prediction markets for about 20 years and I'm a fan of Polymarket in particular, but their real challenge will start on November 6th.

Yesterday, the New York Court of Appeals unanimously ruled in favor @fanduel founders and over 100 former employees and early investors, who are currently suing former board members for breach of fiduciary duty. In 2018, FanDuel agreed a merger with Flutter's US arm to create FanDuel Group Inc. As part of the merger FanDuel, shareholders received 40% of that new company. FanDuel's board, which was then controlled by KKR and Shamrock, misrepresented the value of that 40% in order to enrich themselves and cut founders, employees, and early investors out of the deal. The defendants tried to dismiss the case by contending that board members do not owe a fiduciary duty to shareholders. The court rejected that argument. I would like to thank the court for their thoughtful consideration of the case. We look forward to vigorously pursuing our claims.

4 years ago, I led a group of 100+ former employees and founders of @fanduel in a case of breach of fiduciary duty against FanDuel’s former board members (including investors KKR and Shamrock). Three months ago, the NY Court of Appeals found in our favor. The Court concluded that board members had indeed owed a fiduciary duty to shareholders. On Friday, we lodged an expanded complaint that, for the first time, publicly details the defendants’ various breaches of these duties, as well as outlines the defendants’ fraud, conspiracy and bribery under Scots law. A very brief summary: In 2018, FanDuel merged with the US arm of Flutter Entertainment to create a new company called FanDuel Group. In exchange, FanDuel shareholders received 40% of the equity in the new company. However, the board (which was controlled by private equity investors KKR and Shamrock) used a phony valuation of $559M to wipe out common shareholders (largely the founders and employees). Less than 2 years later, those same investors sold that 40% stake in FanDuel Group for $4.2B. Standing up against the likes of KKR is not easy, but I’m determined that the team of 100+ amazing people who spent years building FanDuel from the ground up will get back what was stolen from them in 2018. Link to the full complaint in the reply below.

Intern wanted! BetHog is hiring a social media manager, mostly focused on running the @bet_hog account. Needs to be funny, write well and have a deep understanding of crypto culture. My DMs are open.