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This game's sleazy monetization is trying to toy with your brain. Don't fall prey to it.

I get the game is F2P, and I understand they have to make money. At first, I was pretty disappointed about bundle prices because I believed (and still do) that they were too high. I get their tactic here, it's to target the wealthy, and hopefully, down the line, small fries like the major player base will get a fair deal. It isn't only the bundles which target the wealthy, however. To preface this, I will say also that no western, successful F2P game has pay-to-win.
This game has the sleaziest monetization of any F2P I've ever played. I thought it would get better over time, but my hope has dwindled after Joe Lee's (RiotSWAGGERNAU7) statement regarding the battle-pass in Ask VALORANT #1. I would also like to say that managing monetization is this man's job. If you're going to get mad at anyone, get mad at the greedy guys at the top, not at him or the revenue team.
No VP in the battle-pass. Interesting strategy. Here is what he had to say.
Our goal is that when you buy a battle pass, you buy it for the total value of it rather than buying it as a way of getting enough currency to buy the next one. We want the battle pass to be the highest value product we offer as well as a compelling experience...
This statement seems pretty genuine, but when you actually view the battle-pass beyond its face value, what they have done is pretty manipulative, and such manipulation is further demonstrated in the second half of his statement (which I'll cover after).
Here is an image of VP and RP prices (I am in Australia, so prices will be different and the VP in each may be different, but the manipulation is a constant).
Radianite points (RP) is the second of two paid currencies, I'll call it semi-premium because of their absolutely insulting prices, but I would also like to say you can earn a considerable amount in-game (that however, does not detract from its egregiousness). You have to buy VP first, and of course, they made it so you can't buy exact amounts, you've gotta use the packs. They also put these little "-x%" next to each tier of RP because oh boy, if it wasn't a steal already it's gotta be a steal now. /s It is insulting. 10 RP goes from around $10AUD to $15AUD, so you're pretty much best case scenario paying 10 bucks for an upgrade for a skin you've already bought (the upgradeable skins on their own btw, are $30AUD). Explained succinctly and pretty much perfectly by u/schemeKC, "Radianite is priced astronomically high to artificially inflate its perceived value". That's where Mr. Lee's statement comes in.
Mr. Lee wants you to buy the battle-pass for "its total value". And jeez, the battle-pass must be good because of all that juicy Radianite which boosts its perceived value a fuckton. So after you finish the BP, you've got a nice amount of skins (none of which can be upgraded with RP). You've got this pile of RP leftover and it is just staring at you. The only way to use that RP though, is to spend even more money. Other F2P games give you premium currency for BPs months on end for free, and this game strips that away so you could be spending $10 every act, then coerces you to spend even more because of the RP you've been given. The way this statement was delivered to try and convince you that you were getting a good deal, now shows that this isn't something under the rug (to be felt not seen), it has been said by a real person. Any goodwill has been thrown out the window, and the player's intellect has been insulted. I hope that wasn't his intention, but that is exactly how it came across imo.
VP can only be bought in really inconveniencing amounts, a tactic mostly used in mobile games but hey, it's 2020. Small indie dev needs to survive right? /s It is annoying for every player, and these tiers are worse than any F2P game I've ever played.
If I wanted to buy 20 RP, I'd need to buy the 2175 VP pack and that would roughly equate to $15AUD per 10 RP. You can only use RP on paid skins (there are barely any free skins anyway). But let's say I want to buy the big boy 80 RP pack, ooh what value and it's 40% off! I would need to buy the 5800 VP pack for $80AUD and that would be around $10AUD per 10 RP if I were only buying RP. I need to buy another bundle to get an upgradeable skin, that sucks! I'll get the 1025 VP pack for $15 so I can buy a prime classic. That's $95AUD you've paid to get and upgrade a single skin (I'm not counting the RP you get for free for the purposes of demonstrating the confusion they have imbued within this model).
This is a small demonstration of obfuscation. The system is designed to make you pay more and more and more until... oh. I still have some VP left, and I can get another skin! Let me pay just this little bit more. I think my bank balance might be negative. A single prime skin without any of its variants is at least $30AUD unless you buy the big boy bundles, but then you've obviously spent more than 30 bucks. It is designed to confuse the player into purchasing the highest value pack so they don't have to think, and if I'm being honest I haven't seen mobile games this cunning. This is malicious, and kind of impressive in a super fucked up way.
The second half of his statement talks about the future of Radianite, and again, further attempts to display that "it's a great deal!" The revenue team wants RP to be "the evolving currency of VALORANT". They want this overpriced, huge pile of inflated pixels to be the next big thing. The RP you got for free can't be used for free, and honestly with the way this monetization is panning out I don't expect it ever to be used as such (despite what's said in the next few sentences, we've seen in the past a number of popular suggestions being thrown to the wind).
An auto-renewable battle-pass in any game is designed to respect the player's time. If I see a game I love with an auto-renewable pass, actively rewarding me for spending time with the game after a one time purchase, you'd better bet your top dollar I will spend more. This system does not respect your time, it constantly probes you to spend more and more. Riot obviously didn't design this system with morals in mind, and there are certainly way more subtle additions that I didn't catch.
So pretty much, this package has overpriced bundles and skins, psychologically manipulative RP, layers of obfuscation for all monetization - but hey, it's F2P! People who pay, they're suckers. Let their wealth be sapped for trying to support the devs. obligatory /s
For a developer that has such strong ties to its community, these sort of manipulative business practices sour our perception. Even EA, after the Battlefront 2 fiasco completely removed loot-boxes and to a further extent, even microtransactions from everything but their sports games and AL. They tried to improve their reputation by investing in more indie devs and actually supporting them. Riot has done nothing.
I know this post won't make them change their system. We have seen that they closed the door to the battle-pass changing after huge community outcry, and haven't at all changed the scummy Radianite, in fact, they've stated they are going to double down. But if we double down on our critique of the system we can be sure they will at least discuss it down the line. Your voice matters, probably not as much as your wallet though haha. Safeguard that shit from exploitation.
If and when you decide to purchase something here, a good question would probably be whether this company actually respects your purchasing decision. As it stands, my feet are firmly glued to the "no" side of the fence.
tl;dr - the game uses shady microtransaction design to confuse and fool players, then asks them to spend more money after stripping away common features of an established battle-pass model, completely failing to respect/reward their consumers' money/time.
submitted by IllumiMahdi to VALORANT [link] [comments]

DKNG - Fundamental DD Inside - DKNG

This is an example of fundamental DD that takes place at ‘smart’ money institutions based on my professional experience in IBD, Private Equity & most recently at a HF (mods can message me for proof). Not thoroughly fleshed out b/c you autists have limited attention spans, but a summary. Figured I’d take the time to give back to this community that has provided many lolz, & should be a good measuring stick when evaluating other forms of fundamental DD posted here.
NFA.
DKNG - DraftKings, Inc.: vertically integrated US mobile betting operator that also provides retail sports betting & back-end betting solutions through SBTech. Think of SBTech as the tech ‘market-maker’ for traditional sports betting, they do all the funny math to set the betting odds & seem to be working on back-end solutions for DKNG Casino
The Big Picture
Only ~2% of the ~$90Bn gambling revenues were placed online which is the lowest in the world where betting online is legal. For example, in other countries online gaming activity represents ~6% - ~52% of total gambling revenues, with ~12% being the average.
Wall Street expects online gaming revenue to be $20Bn-$40Bn within the next 10 years. For this to be achieved, the online gambling market will have to achieve a ~30% penetration rate on total country gaming revenues. There is an expectation that this is could be easily achievable given penetration trends overseas - see page 11 of this: https://s1.rationalcdn.com/vendors/stars-group/documents/presentations/TSG-Investor-Day_March-27-2019.pdf
Other catalysts include increasing adaptation of sports betting in more states. States that have both legal sports betting + online sports betting permitted: NV, NJ, WV, PA, IA. Sports betting permitted but no online: DE, MS, RI, MO, AR. Prior to COVID there was ongoing discussions across many States, especially ones with growing deficits to explore how permitting sports betting could create a fresh avenue of tax dollars. Post COVID there is an expectation that these discussions will be given extra focus as many States will be hungry for incremental tax dollars. Important to note that currently 43/50 States allow DFS, but given the small share DFS has on total Gaming Revenues, it increasingly looks like DKNG is banking on traditional sports betting for a variety of reasons, more later. There are entire articles on Google arguing this catalyst so I’ll end this here.
Digging Deeper
DKNG’s main offerings are Daily Fantasy Sports (“DFS”) products & traditional sports book products to its clients. Long story short, a metric to look for in my opinion (that is curiously not reported by management or remarked on) is the hold % in traditional gaming sector parlance or the ‘rake’ & compare it to the ‘traditional’ gaming products like sports betting & Blackjack.
For DFS: DKNG takes ~15% of the prize pool (note: used to be ~6-11% [2]). Curiously, their main competitor FanDuel also has moved up to a ~15% rake recently. Google searches show the smaller competitors have a rake in the ~13% range.
This ‘rake’ has grown ~2x in 6 years, but it has been a delicate move on behalf of management. Why? B/c the more ‘sophisticated’ DFS players (equal to autistic day traders on Robinhood) have noted this increase & based on some Googling, some have moved down market to the smaller players. As a side note, many live casino games have their rules altered to grow the Hold %. For example, Blackjack games with 6:5 payouts on 21 have materially higher Hold % than the traditional BJ rules that pay out 3:2. Given the findings so far, DKNG may not have much room to materially increase its hold % in DFS games in the near-term from current of 15%. More on this later.
Now why the fuck is this important? This is important b/c the typical sports book (ex-Parlays) have a ~5% hold %/rake. Parlays have up to a ~30% hold (which is why it’s commonly known as the sucker’s bet), & just for reference, the average Blackjack table clocks in 14.5%. What this means: Every dollar put into these games, the “House” or DKNG, will take 15% of your money for DFS games, for sports bets they will be pocketing ~5%, up to ~30% if you’re into parlays, & we’ll just use the standard 14.5% BJ hold for the DraftKings Casino platform.
So why the acquisition of SBTech & a foray into the traditional sports gambling market? As you can see previously, the illegal sports betting market is >30x the size of the current daily fantasy sports market. So it’s clear that the DFS providers including DKNG are foraying into the space to capture this user base & hopefully convert them into games that have a higher hold %, such as DFS/DKNG Casino.
As of May 2020, DKNG has achieved a 30% penetration rate on its ~4mm ‘monetized’ DFS clientele to its Online Sports Book (OSB), from the OSB+DFS clientele, DKNG has converted 50% into its DraftKings Casino platform.
Including non-monetized users, user base totals at 12mm. Based on these unit economics: every 1mm of additional users -> 333k monetized users for DFS -> 100k users for OSB -> 50k users for DraftKings Casino.
Some Numbers – Italicized/Bolded the important
Numbers that represent Risks to Long Thesis
Things to look for when going Long
- Progress of additional States legalizing sports betting – specifically, States with DFS already legalized
- Cost structure evolving to a more fixed mix vs. the mostly variable mix currently as this will be the forward figure that determines profitability
- Increasing User Base (Curr.: 12mm) -> Monetized Base (Curr.: 4mm) -> MUP (1Q’20: 0.7mm)
Share Price Target
Given the cost structure of the company, I’m going to base the price targets around Enterprise Value / Revenues (driven by MUPs & ARPUs).
Bear Case MUP: 5mm -> $20.32 - $45.73
Base Case MUP: 5.5mm -> $22.27 - $50.10
Bull Case MUP: 6mm -> $24.21 - $54.47
These MUPs imply a monetized customer base of 28mm – 33mm. At the high-end, this implies that DKNG monetized customer base will equal MGM’s current total user base.
At yesterday’s close of $43.70, DKNG is trading at 3.5x – 4.5x forward Revenues on an expected >5,000 MUPs.
Share Price drivers / considerations:
- Continued multiple expansion
- MUP Growth exceeding beyond targets
Management Team
Jason Robins, 39 – Co-Founder & CEO. Duke BA, started DraftKings from day 1 in 2011. The 2 other buddies he started the Company with are still at DKNG. Dude navigated the Company through the scandal that rocked them in ’15 & ’16, and was the trailblazer in getting DFS labeled as a non-gambling product that enabled it to open in States without a gaming designation. This shit is the stuff that gets people in history books. His accomplishments make him seem like a very competent guy. Has 3 kids now, and only ~3% economic ownership in DKNG but has 90% of the voting power through his Class B share ownership. Also he actively participates in venture investments, sitting on 10 boards.
His comp plan performance bonus target is pretty murky, but main drivers are EPS growth, revenue growth, then a bunch of margin & return metrics, along with share price returns. Overall, very open-ended & it’s safe to say as long as shit doesn’t hit the fan, he will be eligible for his max payouts year over year. I’m assuming the lawyers tried to encompass everything possible for maximum flexibility to justify him earning his max comp as long as DKNG is still around.
Since he’s got voting control of 90%, I’ll end the specific-person overview here, but want to note that they have a very bloated C-suite. 12 folks at DKNG, 8 folks at SBTech, all with C-suite designations. Whereas their main competitor FanDuel, has 3 guys with a C-suite designations & 1 EVP, but is a sub under a larger ParentCo that has its own management team of ~5 guys.
Looking through glassdoor you can see the biggest complaint among employees giving bad reviews is based on management, all of the specific issues they point out IMO are a result of a top-heavy company. Seems like a good starting point to optimize their cost structure, but given Robins' history of sticking this entire thing through with his co-founders since '11 stuff like this doesn't seem to be a part of his playbook. They’re a public company now though, so it’s going to be interesting to see going forward.
TL;DR:
If I were to initiate a position in DKNG, the stock would have to fall to the $35-$37 range for me to be a buyer of the stock, and based on this rough intro analysis I'll be considering Put options if it breaches $50. I would not touch Calls at this level.

[1] Susquehanna Research – U.S. Online Gambling 6/27/19
[2] https://rotogrinders.com/articles/bang-for-your-buck-a-look-at-dfs-industry-rake-153302
[3] https://draftkings.gcs-web.com/static-files/8f3a5c5a-7228-45bf-aab2-63604111c48d
[4] Goldman Sachs Research – DKNG Initiation 5/19/20
[5]https://www.gamasutra.com/view/news/223071/Dont_monetize_like_League_of_Legends_consultant_says.php
[6] https://rotogrinders.com/threads/how-many-people-actually-play-dfs-regularly-252044
submitted by IAMB4TMAN to wallstreetbets [link] [comments]

The truth behind Puskás Akadémia FC - How Hungarian PM Viktor Orbán stole a legend, built a stadium in his backyard and guided his team to Europe

The 2019/2020 season of the Hungary’s National Football League (NB1) – being one of the first leagues to restart play - came to an end on 27 June. If a casual observer (for whatever reason) decides to check out the final standings, he would be not surprised at the first two positions: record-champion Ferencváros defended their title, while regional powerhouse Fehérvár (Videoton) came in second. However, the third place team, Puskás Akadémia FC might seem unusual and one could think that there is a story behind that. Is there a team named after Ferenc Puskás? Did some academy youths make an incredible run for the Europa League qualification? Well, the observer is right, there is a story behind all this, but it’s absolutely not a fun story. It’s a story about how one powerful man’s obsession with football stole a legend, misused state funds and killed the spirit of Hungarian football. (Warning: this is a long story, feel free to scroll down for a tl;dr. Also, I strongly advise checking out the links, those images are worth seeing).
Naturally, political influence in football has been present ever since the dawn of the sport and we know of numerous state leaders who felt confident enough to use their influence to ensure the successful development of their favored clubs – Caucescu’s FC Olt Scornicesti and Erdogan’s Basaksehir are well-known examples of such attempts. However, I fear that very few of the readers are aware of the fact that Puskás Akadémia FC is nothing but Hungarian PM Viktor Orbán’s grandiose project for establishing his hometown’s club as one of the country’s top teams. Considering that Orbán managed to achieve this goal using state funds in an EU member democracy in the 2000s, one might even say that it might be one of the most impressive attempts of cheating your way through Football Manager in real life. Now that Puskás Akadémia FC escaped the desolate football scene of Hungary and is getting ready for the European takeover, I feel that it’s high time to tell its true story.

Part 1: Part time striker, part time PM

Our story begins in 1999 when the 36-year-old striker Viktor Orbán (recently elected as the country’s Prime Minister) was signed by the sixth-tier side of Felcsút FC residing in rural Fejér County. It might sound surprising that an active politician would consider such a side job, but given that Orbán has been playing competitive low-level football throughout his whole life and has always been known as a keen football enthusiast, people seemed to be okay with his choice for a hobby. Orbán spent most of his childhood in the village of Felcsút (population: 1,800), so it seemed only natural that he would join the team after one of his old-time acquaintances became team president there.
Orbán’s arrival to the club seemed to work like a charm as Felcsút FC immediately earned a promotion to the fifth league. The Prime Minister’s busy program did not allow him to attend every training session and game but Orbán did make an effort to contribute as much as possible on the field – there is a report of a government meeting being postponed as Orbán was unavailable due to attending Felcsút FC’s spring training camp. The 2001/2002 season brought another breakthrough for the side as Felcsút was promoted to the national level of the football pyramid after being crowned the champion of Fejér County. Sadly enough for Orbán, he suffered a defeat on another pitch – his party lost the 2002 election and Orbán was forced to move to an opposition role.
No matter what happened on the political playing field, Orbán would not abandon his club. Just before the 2002 elections, Felcsút was surprisingly appointed as one of the regional youth development centers by the Hungarian FA. Orbán continued contributing on the field as well (he had more spare time after all) but his off-the-field efforts provided much more value for the team as he used his political influence to convince right-wing businessmen that they should definitely get sponsorship deals done with the fourth-division village team.
Club management was able to transform the influx of funds into on-field success: Felcsút FC was promoted to the third division in 2004 and achieved promotion to the second division in 2005. Although these new horizons required a skill level that an aging ex-PM is not likely to possess, Orbán regularly played as a late game sub and even appeared in cup games against actual professional opponents. The now-42-year old Orbán did not want to face the challenge of the second division, so he retired in 2005 – but this did not stop him from temping as an assistant coach when the head coach was sacked in the middle of the 2005-2006 season.
Success on the playing field did not translate to political success: Orbán lost the elections once again in 2006. However, this was only a temporary loss: the ruling party committed blunder after blunder and by early 2007 it became absolutely obvious that Orbán would be able return to power in 2010. Now confident in his political future, Orbán opted for the acceleration of football development in Felcsút – by late 2007 he took over the presidency of the club to take matters in his own hands. Sponsors seeking to gain favor with the soon-to-be PM were swarming Felcsút FC, so the club was able to stand very strong in an era where financial stability was a very rare sight in the Hungarian football scene, accumulating three medals (but no promotion) between 2007 and 2009.
On the other hand, Orbán realized the value of youth development as well, and started a local foundation for this purpose back in 2004 that gathered funds for the establishment a boarding school-like football academy. The academy opened its doors in September 2006 (only the second of such institutions in the country) and Orbán immediately took upon the challenge of finding an appropriate name for the academy.
He went on to visit the now very sick Ferenc Puskás in the hospital to discuss using his name, but as Puskás’ medical situation was deteriorating rapidly, communication attempts were futile. Luckily enough Puskás’ wife (and soon to be widow) was able to act on his incapable husband’s behalf and approved the naming deal in a contract. According to the statement, naming rights were granted without compensation, as “Puskás would have certainly loved what’s happening down in Felcsút”. However, there was much more to the contract: Puskás’ trademark was handed to a sports journalist friend of Orbán (György Szöllősi, also acting communications director of the academy) who promised a hefty annual return for the family (and also a 45% share of the revenue for himself). Ferenc Puskás eventually died on 17 November 2006 and on 26 November 2006 the football academy was named after him: Puskás Academy was born.
Orbán shared his vision of the whole organization after the opening ceremony: “It’s unreasonable to think that Felcsút should have a team in the top division. We should not flatter ourselves, our players and our supporters with this dream. Our long term ambition is the creation of a stable second division team that excels in youth development and provides opportunity for the talents of the future.” Let’s leave that there.

Part 2: No stadium left behind

Orbán became PM once again in April 2010 after a landslide victory that pretty much granted him unlimited power. He chased lots of political agendas but one of his policies was rock solid: he would revive sports (and especially football) that was left to bleed out by the previous governments. The football situation in 2010 was quite dire: while the national team has actually made some progress in the recent years and has reached the 42nd position in the world rankings, football infrastructure was in a catastrophic state. Teams were playing in rusty stadiums built in the communist era, club finances were a mess, youth teams couldn’t find training grounds and the league was plagued by violent fan groups and lackluster attendance figures (3100 average spectators per game in the 2009/2010 season).
Orbán – aided by the FA backed by business actors very interested in making him happy – saw the future in the total rebuild of the football infrastructure. Vast amounts of state development funds were invested into the football construction industry that warmly welcomed corruption, cost escalation and shady procurement deals. In the end, money triumphed: over the last decade, new stadiums sprung out from nothing all over the country, dozens of new academies opened and pitches for youth development appeared on practically every corner. The final piece of the stadium renovation program was the completion of the new national stadium, Puskás Aréna in 2019 (estimated cost: 575 million EUR). Orbán commemorated this historic moment with a celebratory video on his social media that features a majestic shot of Orbán modestly kicking a CGI ball from his office to the new stadium.
Obviously, Orbán understood that infrastructure alone won’t suffice. He believed in the idea that successful clubs are the cornerstone of a strong national side as these clubs would compete in a high quality national league (and in international tournaments) that would require a constant influx of youth players developed by the clubs themselves. However, Orbán was not really keen on sharing the state’s infinite wealth with private club owners who failed to invest in their clubs between 2002 and 2010. The club ownership takeover was not that challenging as previous owners were usually happy to cut their losses, and soon enough most clubs came under Orbán’s influence. Some clubs were integrated deep into Orbán’s reach (Ferencváros and MTK Budapest club presidents are high ranking officials of Orbán’s party) while in other cases, indirect control was deemed sufficient (Diósgyőri VTK was purchased by a businessman as an attempt to display loyalty to Orbán).
Pouring taxpayer money into infrastructure (stadium) projects is relatively easy: after all, we are basically talking about overpriced government construction projects, there’s nothing new there. On the other hand, allocating funds to clubs that should be operating on a competitive market is certainly a tougher nut to crack. The obvious solutions were implemented: the state media massively overpaid for broadcasting rights and the national sports betting agency also pays a hefty sum to the FA, allowing for a redistribution of considerable amounts. However, given that the income side of Hungarian clubs was basically non-existent (match day income is negligible, the failed youth development system does not sell players), an even more radical solution was desperately needed. Also, there was definite interest in the development of a tool that would allow for differentiation between clubs (as in the few remaining non-government affiliated clubs should not receive extra money).
The solution came in 2011: the so-called TAO (“társasági adó” = corporate tax) system was introduced, granting significant tax deductions for companies if they offered a portion of their profits to sports clubs – however, in theory, funds acquired through TAO can be only used for youth development and infrastructure purposes. Soon enough, it became apparent that state authorities were not exactly interested in the enforcement of these restrictions, so some very basic creative accounting measures enabled clubs to use this income for anything they wanted to. Companies were naturally keen on cutting their tax burdens and scoring goodwill with the government, so TAO money immediately skyrocketed. Opportunistic party strongmen used their influence to convince local business groups to invest in the local clubs, enabling for the meteoric rise of multiple unknown provincial teams (Mezőkövesd [pop: 16,000], Kisvárda [pop: 16,000], Balmazújváros [pop: 17,000]) into the first division.
Although it’s not the main subject of this piece, I feel inclined to show you the actual results of Orbán’s grandiose football reform. While we do have our beautiful stadiums, we don’t exactly get them filled – league attendance has stagnated around 3000 spectators per game throughout the whole decade. We couldn’t really move forward with our national team either: Hungary lost 10 positions in the FIFA World Rankings throughout Orbán’s ten years. On the other hand, the level of league has somewhat improved – Videoton and Ferencváros reached the Europa League group stage in 2019 and 2020, respectively. Too bad that the Instat-based top team of 2019/2020 Hungarian league consists of 10 foreigners and only 1 Hungarian: the goalkeeper.

Part 3: Small place, big game!

As seen in the previous chapter, Orbán did have a strong interest in the improvement of the football situation Hungary, but we shouldn’t forget that his deepest interest and true loyalty laid in the wellbeing of Felcsút and its academy. Now that Orbán had limitless means to see to the advancement of his beloved club, he got to work immediately. Orbán handed over formal club management duties to his friend / protégé / middleman / businessman Lőrinc Mészáros in 2010, but no questions would ever arise of who is actually calling the shots.
First of all, no club can exist without a proper stadium. Although in 2011 Orbán explicitly stated that “Felcsút does not need a stadium as stadiums belong to cities”, no one was really surprised in 2012 when the construction of the Felcsút stadium was announced. Orbán was generous enough to donate the lands just in front of his summer home in the village for the project, locating the entrance a mere ten meters away from his residence. Construction works for the stunningly aesthetic 3,800-seater arena (in a village of 1,800 people) started in April 2012 and were completed in April 2014, making Felcsút’s arena the second new stadium of Orbán’s gigantic stadium revival program.
The estimated budget of the construction was 120 million EUR (31,500 EUR / seat) was financed by the Puskás Academy who explicitly stated that they did not use government funds for the project. Technically, this statement is absolutely true as the construction was financed through the TAO money offered by the numerous companies looking for tax deduction and Orbán’s goodwill. However, technically, this means that the country’s budget was decreased by 120 million EUR unrealized tax revenue. Naturally, the gargantuan football stadium looks ridiculously out of place in the small village, but there’s really no other way to ensure that your favorite team’s stadium is within 20 seconds of walking distance from your home.
Obviously, a proper club should also have some glorious history. Felcsút was seriously lagging behind on this matter as though Felcsút FC was founded in 1931, it spent its pre-Orbán history in the uninspiring world of the 5th-7th leagues of the country. Luckily enough, Orbán had already secured Puskás’ naming rights and they were not afraid to use it, so Felcsút FC was renamed to Puskás Academy FC in 2009. The stadium name was a little bit problematic as the Hungarian national stadium in Budapest had sadly had the dibs on Puskás’ name, so they had to settle with Puskás’ Spanish nickname, resulting in the inauguration of the Pancho Arena. But why stop here? Orbán’s sports media strongman György Szöllősi acted upon the contract with Puskás’ widow and transferred all Puskás’ personal memorabilia (medals, jerseys, correspondence) to the most suitable place of all: a remote village in which Puskás never even set foot in.
While the off-field issues were getting resolved, Orbán’s attention shifted to another important area: the actual game of football. Although academy players started to graduate from 2008 on, it very soon became painfully obvious that the academy program couldn’t really maintain even a second division side for now. In 2009, Orbán reached an agreement with nearby Videoton’s owner that effectively transformed Felcsút FC into Videoton’s second team under the name of Videoton – Puskás Akadémia FC. The mutually beneficent agreement would allow Videoton to give valuable playing time to squad players while it could also serve as a skipping step for Puskás Academy’s fresh graduates to a first league team. The collaboration resulted in two mid-table finishes and a bronze medal in the second division in the following three seasons that wasn’t really impressive compared to Felcsút FC’s standalone seasons.
It seemed that the mixture of reserve Videoton players and academy youth was simply not enough for promotion, and although Orbán had assured the public multiple times that his Felcsút project was not aiming for the top flight, very telling changes arose after the 2011/2012 season. Felcsút terminated the Videoton cooperation deal and used the rapidly accumulating TAO funds to recruit experienced players for the now independently operating Puskás Academy FC (PAFC). The new directive worked almost too well: PAFC won its division with a 10 point lead in its first standalone year which meant that they would have to appear in the first league prior to the completion of their brand-new Pancho Arena. Too bad that this glorious result had almost nothing to do with the academy - only two players were academy graduates of the side’s regular starting XI.
Orbán did not let himself bothered with the ridiculousness of an academy team with virtually no academy players being promoted to the first division as he stated that “a marathon runner shouldn’t need to explain why the other runners were much slower than him”. Orbán also displayed a rare burst of modesty as he added that “his team’s right place is not in the first league, and they will soon be overtaken by other, better sides”.
The promotion of PAFC to the first division made a lot of people very angry and been widely regarded as a bad move. Supporter groups were united in hatred all along the league and not surprisingly, away fans almost always outnumbered the home side at PAFC’s temporary home at Videoton’s Sóstói Stadium (demolished and rebuilt in its full glory since then). One of the teams, however, possessed an extraordinary degree of anger against PAFC: supporters of Budapest Honvéd – the only Hungarian team in which Ferenc Puskás played – felt especially awkward about the transfer of their club legend’s heritage to Felcsút. Tensions spiked at the PAFC – Honvéd game when home security forced Honvéd supporters to remove the “Puskás” part of their traditional “Puskás – Kispest – Hungary” banner – the team answered the insult with style as they secured a 4-0 victory supported by fans chanting “you can’t buy legends”.
Despite Orbán’s prognosis, other better sides did not rush to overtake his team, so PAFC, now residing in their brand new Pancho Arena, came through with a 14th and a 10th place in their first two seasons. Naturally, conspiracy theories began to formulate, speculating that government-friendly owners would certainly not be motivated to give their best against PAFC. However, as the league size was reduced to 12 for the 2015/2016 season, PAFC found themselves in a dire situation just before the final round: they needed a win and needed rival Vasas to lose against MTK in order to avoid relegation. PAFC’s draw seemed to be unlucky as they faced their arch-enemy Honvéd at home, but Honvéd displayed an absolute lackluster effort – fueling conspiracy theories – and lost the fixture 2 to 1 against a home side featuring four academy players. Vasas, however, did not disappoint, their 2-0 victory resulted in PAFC’s elimination and a very relaxed sigh all over the football community.
PAFC’s relegation seemed to be in accordance with Orbán’s 2013 statement, so public opinion supposed for a while that Orbán’s project came to a halting point and the Academy would go on to actually field academy players in the second division (especially as rostering foreign players was prohibited in the lower leagues). However, if you have read through this point, you know better than to expect Orbán to retreat – obviously, PAFC came back with a bang. With a ballsy move, PAFC didn’t even sell their foreign players, they just loaned them across the league, promising them that they would be able to return next year to the newly promoted team. The promise was kept as PAFC went into another shopping spree of experienced players (easily convincing lots of them to choose the second division instead of the first) and easily won the second league.
Orbán – now aware of his negligence – opted for the doubling the team’s budget, making PAFC the third most well-founded club in the whole country (only coming short to his friend’s Videoton and his party minion’s Ferencváros). With an actual yearly influx from TAO money in the ballpark of 30-40 million EUR, PAFC management had to really work wonders in creative accounting in order to make their money look somewhat legitimate. The books were now full of ridiculous items like:
Naturally, in the country of no consequences, absolutely nothing happened: PAFC went on with its spending and signed 35 foreigners between 2017 and 2020. They did so because they could not hope to field a winning team in the first league consisting of academy players, despite the fact that Puskás Academy has been literally drowning in money since 2007. This seems to somewhat contradict Orbán’s 2013 promise, stating that “Puskás Academy will graduate two or three players to major European leagues each year”. To be fair, there have been players who managed to emerge to Europe (well, exactly two of them: Roland Sallai plays at Freiburg, László Kleinheisler played at Werder Bremen) but most academy graduates don’t even have the slightest the chance to make their own academy’s pro team as it’s full of foreigners and more experienced players drawn for other teams’ programs.
Despite their unlimited funding, PAFC could not put up a top-tier performance in their first two years back in the first division, finishing 6th and 7th in the 12-team league. Many speculated that the lack of support, motivation and even a clear team mission did not allow for chemistry to develop within the multinational and multi-generational locker room. Consistency was also a rare sight on the coaching side: club management was absolutely impatient with coaches who were very easily released after a single bad spell and there were talks of on-field micromanagement request coming from as high as Orbán.
Even so, their breakthrough came dangerously close in 2018 as PAFC performed consistently well in the cup fixtures and managed to reach the final. Their opponent, Újpest played an incredibly fierce game and after a 2-2 draw, they managed to defeat PAFC in the shootout. Football fans sighed in relief throughout the country as ecstatic Újpest supporters verbally teased a visibly upset Orbán in his VIP lounge about his loss.
Obviously, we could only delay the inevitable. While this year’s PAFC side seemed to be more consistent than its predecessors, it seemed that they won’t be able to get close to the podium - they were far behind the obvious league winner duo of Ferencváros and Videoton and were trailing third-place Mezőkövesd 6 points just before the pandemic break. However, both Mezőkövesd and PAFC’s close rivals DVTK and Honvéd fall flat after the restart while PAFC was able to maintain its good form due to its quality roster depth. PAFC overtook Mezőkövesd after the second-to-last round as Mezőkövesd lost to the later relegated Debrecen side. (Mezőkövesd coach Attila Kuttor was fined harshly because of his post-game comments on how the FA wants PAFC to finish third.)
PAFC faced Honvéd in the last round once again, and as Honvéd came up with its usual lackluster effort, PAFC secured an effortless win, confidently claiming the third place. PAFC celebrated their success in a nearly empty stadium, however neither Orbán, nor Mészáros (club owner, Orbán’s protégé, now 4th richest man of Hungary) seemed to worry about that. While Orbán high-fived with his peers in the VIP lounge, Mészáros was given the opportunity to award the bronze medals (and for some reason, a trophy) to the players dressed up in the incredibly cringe worthy T-shirts that say “Small place, big game!”. Big game, indeed: in the 2019/2020 season, foreign players’ share of the teams playing time was 43.6% while academy graduates contributed only 17.9%.
On Sunday evening, less than 24 hours after PAFC’s glorious success, György Szöllősi, now editor-in-chief of Hungary’s only sports newspaper (purchased by Orbán’s affiliates a few years back) published an editorial on the site, stating that “the soccer rebuild in Felcsút became the motor and symbol of the revitalization of sport throughout the whole country”. Well, Szöllősi is exactly right: Felcsút did became a symbol, but a symbol of something entirely different. Felcsút became a symbol of corruption, inefficiency, lies and the colossal waste of money. But, hey, at least we know now: you only need to spend 200 million EUR (total budget of PAFC and its academy in the 2011-2020 period) if you want to have a Europa League team in your backyard. Good to know!

Epilogue: What's in the future?

As there is no foreseeable chance for political change to happen Hungary (Orbán effortlessly secured qualified majority in 2014 and 2018, and is projected to do so in 2022 as well), PAFC’s future seems to be as bright as it gets. Although consensus opinion now seems to assume that Orbán does not intend to interfere with the Ferencváros – Videoton hegemony, we can never be really sure about the exact limits of his greed. One could also argue that entering the European theater serves as a prime opportunity for making splashy transfers who could be the cornerstones of a side challenging the league title.
However, as all political systems are deemed to fall, eventually Orbán’s regime will come apart. Whoever will take upon the helm after Orbán, they will certainly begin with cutting back on the one item on Orbán’s agenda that never had popular support: limitless football spending. Puskás Academy, having next to zero market revenue, will not be able to survive without the state’s life support, so the club will fold very shortly. The abandoned, rotting stadium in Felcsút will serve as a memento of a powerful man who could not understand the true spirit of football.
But let’s get back to present day, as we have more pressing issues coming up soon: PAFC will play their first European match in the First qualifying round of the Europa League on 27 August. We don’t have a date for the draw yet, but soon enough, a team unaware of the whole situation will be selected to face the beast. I hope that maybe one of their players does some research and maybe reads this very article for inspiration. I hope that the supporters of this club get in touch with Honvéd fans who would be eager to provide them with some tips on appropriate chants. I hope that other teams gets drawn as the home team so Orbán wouldn’t get the pleasure of walking to his stadium for an international match. But most importantly, I very much hope that this team obliterates PAFC and wipes them off the face of the earth. 5-0 will suffice, thank you.
And if this team fails to do that, we don’t have to worry yet. Due to our shitty league coefficient, PAFC would need to win four fixtures in a row. And that – if there’s any justice in this world – is a thing that can’t, that won’t happen. Ball don’t lie – if I may say.
TL,DR
Hungarian PM Viktor Orbán redirected some 200 million EUR of taxpayer money over 10 years to fuel his ambition of raising a competitive football team in his hometown of 1,800 people. He built a 3,800-seater stadium in his backyard, expropriated football legend Ferenc Puskás’ trademarks and heritage and built up a football league where almost all clubs are owned by his trustees. His team, Puskás Akadémia FC was originally intended to be a development ground for youth players graduating from Orbán’s football academy, but eventually the team became more and more result-orianted. Finally, a roster full of foreign and non-academy players came through and finished third in the league, releasing this abomination of a team to the European football theatre. Please, knock them out asap!
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I Can Make You Hot!: The Supermodel Diet (by Kelly Killoren Bensimon) -- Part One

NOTE: Although I was originally planning on posting this whole review at once, I was about a third of the way through the book when I realized that I was already quickly approaching the full length of my previous posts. So, in the interest of making this a pleasant experience for us all, I'm sharing the first half now, and will follow up with the second half in a few days. And honestly, KKB's writing reminds me of Inception in that it's almost certainly hazardous to spend too much time immersed in any single sitting. So fasten your seatbelts, and enjoy the ride!
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So, a lot of you guys have been asking about Kelly Killoren Bensimon's I Can Make You Hot! (wow, is this what it feels like to be an influencer?), and I am thrilled to report that my adventure through this book's 264 pages was even more confounding than I could have possibly anticipated. I have a feeling that I'll need every ounce of my strength if I want to have any shot at conveying to you all exactly how bonkers this purported self-help book is, so -- without further ado -- let's begin.
I Can Make You Hot!, subtitled The Supermodel Diet, has a fairly straightforward premise. Kelly, who "has done it all when it comes to nutrition and her body," will share her hard-earned wisdom with us, her humble readers. Or, as she says in her own words on the back cover:
In I Can Make You Hot! I'm going to clue you in to all the tricks I've learned from a variety of experts and that I now use to live my own life. I want you to be the best you -- happy, attractive, shapely, interested, interesting, and most of all, smokin' HOT!
The blurb promises that the experience of reading this book will be "like rooming with a supermodel and going on a diet together." Truly, only someone with Kelly Bensimon's tenuous grasp on reality would say this as if it were something exciting, rather than a scenario taken directly out of the third circle of hell.
But before we can truly learn what it means to be HOT!, we're treated to a foreword by none other than Russell Simmons. As he shares with us:
Kelly is a great mother and is constantly instilling strong principals [sic] in her daughters. In my opinion, that's the essence of being HOT. Kelly is smokin'.
And just like that, I Can Make You Hot! is knocked out of the running for First-Book-I've-Read-By-A-Bravolebrity-That-Is-Also-Free-From-Glaring-Typographical-Errors. Better luck next time, champ!
In case you were at all hesitant about Kelly's suitability for the job of helping the less fortunate among us reach their maximum potential, Russell clarifies:
Her beauty truly comes from within, and her clear internal compass and well-balanced lifestyle is what makes her an arbiter for what's hot. She has always had her own individual road map and is one of those people who beats to their own drum. Many are amazed by her leaps of faith and courage, which are products of her sustainable soul. And back to that energy! I used to think: If we could only package it. And now Kelly has!
I would kill to be a fly on the wall during a conversation between Russell Simmons and Kelly Bensimon. But all of these endorsements are making me impatient to dig into Kelly's advice, so I skim over the next few pages and arrive at the introduction: "What's HOT and What's Not." Almost immediately, Kelly reassures us that she was not always the gorgeous, talented socialite she is today -- "No. Let's just say that I was never one of those tiny, cute blonde girls who guys named their hamsters after." Excuse you what? I literally just walked away from my laptop to go talk to my boyfriend and make sure I'm not just ignorant of some otherwise well-known traditional male courtship ritual in which young men adopt rodents and christen them after the women they love. That doesn't seem to be the case, although please reach out if you can shed any additional light on this situation.
Reasonably enough, before we can learn how to be hot, we have to know what hot is. Fortunately, Kelly wastes no time in getting us up to speed:
When I was trying to come up with a title for this book, I kept asking myself how I would define what I love. "HOT" is the word that best describes what I love, and it's not a word I throw around lightly. "HOT" is attractive, unique, and first-rate -- never mediocre. Avril Lavigne made a video called "HOT." There are "HOT" issues of all my favorite magazines. Hotmail.com was given that name to indicate that it was the best e-mail service, and www.urbandictionary.com, whose definitions are created by their readers, defines "hot" as (among other things) attractive, the best, and someone who makes you wish you had a pause button when they walk by because you don't want that moment to end. (I want you to feel like that "someone.") Health, wellness, and fitness are always hot topics. "HOT" may be a buzzword but it's also how I describe the best there is and the best you can be. I've used the words "smokin' hot" for everything from a killer chicken wing red sauce to a coveted couture gown.
There is…a lot to unpack here. My leading hypothesis is that Kelly must have accidentally exposed her internal circuitry to water and started shorting out while writing this passage, causing her to string together a rambling parade of incoherent sentences with no relationship to one another, save a tangential association with the amorphous concept of hotness. Also, it's factually inaccurate. A cursory Google search reveals that Hotmail.com was not "given that name to indicate that it was the best e-mail service." Rather, the service's name was selected as a reference to the use of HTML to create webpages, as is more apparent from the original stylization, HoTMaiL. I know from her savvy allusion to "www.urbandictionary.com" that Kelly is capable of navigating the Internet, so I'm disappointed that she's made such a careless oversight within the first three pages of the book proper.
Kelly next takes us through a few scenes from her past to illustrate how she has come to understand the true meaning of "HOT." Here are just a few of the assorted pearls of wisdom that Kelly is gracious enough to share with us:
Is skinny hot? Naturally skinny is hot. Starving yourself in order to change your natural body type in order to get skinny is not hot.

For me, the ultimate HOT girl is the nineteenth-century Gibson girl.

…Bethany Hamilton, the young surfer who lost an arm in a shark attack and didn’t let it stop her from pursuing a sport she loves. She's smokin' HOT.

pregnancy is smokin' HOT
I'm distracted from my diligent note-taking by a line that truly makes me laugh out loud.
I don't want to pretend that I'm "just like you." To do that would be disingenuous, and you wouldn't believe me anyway. But I may be more like you than you think. My hair may be ready for Victoria's Secret, but my values are still Midwestern.
I appreciate the honesty! As I continue reading, I am pleased to learn that I am, in fact, already consuming this piece of literature in the appropriate way. As Kelly says:
I urge you to make notes as you go along, either in the book itself or, if writing in a book is anathema to you, in a little notebook to use as your own personal guide. Jotting down ideas as they pop into your head is the best way to process them and be sure that they don't leave again before you've had a chance to commit them to long-term memory. Then, if you've made a mistake, when you go back and see it there on paper, you'll remind yourself not to do it again. Or, as I like to say, you'll avoid getting bitten by the same food dog twice!
Bitten…by the same….food...dog? Never change, KKB. (As an aside, what's the oveunder on Kelly having even the slightest idea what the word 'anathema' means?) If I'm being totally honest, this book is making me feel a little superfluous. What more can I add when the source material is so impenetrable to begin with? How does one parse the unparseable? Newly humbled, I suppose I'll have to be content with just gaping in confusion alongside the rest of you. And now that I think about it, what better book to build me up from these insecurities and encourage me to be my best? In the words of Kelly herself:
After all, why wouldn't you want to be HOT? What's the alternative? Being "not so hot"?
The book is organized into seven chapters, one for each day of the week, focusing on seven distinct facets of hotness. We start our journey on "Monday: Make a List -- Plan and Prepare!" and are immediately blessed with another one of Kelly's philosophical ramblings:
To me, living well is the only option. What, after all, is the only alternative? Living badly? Who aspires to live badly? I want you to live well, and that's going to take some planning.
Eager to improve myself, I read on:
What are your goals for yourself? If you're going to make changes in your life, you need to have a plan, you need to prepare, and you need to take the time to get it right -- so that you don't wind up wasting your time. This is my plan, and from now on it's going to be yours. Monday is going to be the day you make a HOT plan and prepare for the rest of your week. Let's get started together!
I can't help but feel like this is one of those answers that beauty pageant contestants give when they don't actually know how to respond to a question. Or like a motivational speech written by a rudimentary AI. I can't quite articulate exactly what it is that makes Kelly's writing seem so utterly devoid of logical coherence, but it truly falls into the literary equivalent of the Uncanny Valley.
Reminding us that "this isn't just about budgeting your food; it's about budgeting your life," Kelly peppers us with even more helpful tips -- "You don't want to be that person who is snacking while you're shopping. That's not hot -- period." and shares a stream-of-consciousness-style list of "Staples I keep in my house." Which may possibly be some kind of freeform postmodern poetry. Judge for yourself.
Kelly advises the reader to "get out your calendar or PDA" to get a sense of your schedule. "Then use your PDA to find the closest well-stocked market and go there. Making life easy for yourself is what it's all about." Now is as good a time as any to clarify that this book was published in 2012. I'd be lying if I said reading so many consecutive Housewives memoirs hasn't made my grasp on sanity a bit shaky, but I am fairly positive that 2012 was not a banner year for the Personal Digital Assistant.
Kelly has taken the time to pluck out a few particularly incisive pearls of wisdom throughout the book to highlight as "Kelly's Cardinal Rules." I would love to help clarify exactly what this one means, but I'm afraid I'm utterly clueless. One thing I do know for certain, however, as the chapter comes to a close, is that "human contact is HOT; texting is not!"
The week continues with "Tuesday: A Little Ohm and a Little Oh Yeah! -- It's All About Balance." It is imperative that you work out, says Kelly, adding, "I've never met a smokin' hot couch potato and I bet you haven't either." Her personal exercise routine, as she shares, combines aerobics and yoga "because life is all about balance." As she quips, "I'm sure even Gandhi cracked a smile from time to time." A panel titled "HOT Tip" admonishes the reader: "Don't call it working out because exercise shouldn't be work!"
If you'd like to spend a morning in the style of Kelly Bensimon, it's as easy as eating "a couple of oranges" and drinking coffee -- "I love coffee; I would probably marry coffee if it proposed." She also lets us in on some of her secret, highly advanced workout routines designed to maximize your time in the gym and propel you towards your full potential. Such as the "Happy Twenty," in which you run for 18 minutes and then do 2 minutes of squats.
We get further instruction on the hottest ways to run on the following page, where a two-page spread advertises "a few of my HOT tips for having a fun run." To ensure that you're able to start your journey to HOT as quickly as possible, I've taken the liberty of transcribing one of her most valuable nuggets below:
Run in the street instead of on the sidewalk. I took a lot of flack for this when they filmed me on Season 2 of the Real Housewives of New York City. The thing is, I think that people walking down the street while texting are a lot more dangerous than a car. Drivers will go out of their way to avoid you (accidents are too much paperwork, and they really mess up a day), but strolling texters will walk right into you without even seeing you. You could also get smacked by a shopping bag, a stroller, or even an oversized purse. Sidewalks are really obstacle courses. Beware!
Kelly shares some standout tracks from her workout playlist ("It's much more fun exercising to music!"), including the perennial pump-up-the-jam classic, "Skinny Love" by Bon Iver. With no regard for thematic continuity or overarching structure, the next page is dominated by the header "Get Leggier Legs."
An April 10, 2009, article about me in Harper's Bazaar captioned one of the photos "She's got legs." I was born blessed with long lean legs, but I work very hard to keep them looking the way they do. I'm tall, but I could just as easily have long, large legs. And long and large is not hot. Unfortunately I can't give you my legs. But I can help you to be the best you can be.
Truly inspirational. I think.
We continue on with Kelly's advice for "how to avoid the 'freshman fifteen," accompanied by a list of what she refers to as "Kelly rules." These run the gamut from near-sinister
Get rid of any negative thoughts. Negative-town isn't Fun-town.
to nonsensical
For every cheeseburger and fries, you owe me 12 cartwheels on the quad with your friends.
to bizarrely specific and also racially insensitive.
If you starve yourself for a day because you want to lose weight for Homecoming, you owe me 5 minutes of sitting Indian style in a corner and meditating on why you thought that was a good option.
Upon further reflection, I think I would actually be extremely motivated to stick to a diet if the alternative was being reprimanded by Kelly and forced to think about my poor life choices.
As a scientist myself, I was ecstatic to see that Kelly has drawn from a diverse array of scientific disciplines to develop her HOT tips and tricks. Physics, for example:
From Isaac Newton's First Law of Motion
A body in motion stays in motion. The velocity of a body remains constant unless the body is acted upon by an external force. So if you want to step up your exercise routine, try running in sand instead of on the pavement, or bike through gravel. That way your body will have to work harder in order to stay in motion.
Even biology has something to teach us about how to be HOT:
You are a living organism; life is an organic process. You need to be up and active, ready to enjoy the process. Be open and available and ready to do fun stuff. Participating in what you love is HOT.
I'm truly impressed by Kelly Bensimon's unparalleled ability to reframe the most basic common sense as divinely inspired wisdom. We see this in lines like
If you're feeling a bit frazzled and you need to calm down, you might want to take a yoga class.
or, as we read in another "HOT Tip" panel
Don't be afraid to drink water while working out.
I refuse to believe that this is a problem any person has ever faced. Even Aviva Drescher is not afraid of drinking water while working out (although, for the record, she is afraid of aluminum foil). Kelly closes out this chapter by encouraging the reader to "do one thing every day that takes you out of your comfort zone." If you find yourself lacking inspiration, she provides helpful suggestions, such as "try a fruit you've never eaten" and "try tap dancing." As she asserts, "there's nothing more foolish than sitting on your butt when you could be moving your body and having fun."
I turn the page, and the clock rolls over to Wednesday -- "Diet = 'DIE with a T.'" Cute. I bet Kelly would find that Tumblr post that's like "she believed" to be unbearably clever. She wastes no time in letting us know:
I don't believe in diets; diets are for people who want to get skinny. I want you to be happy. If you feel good about yourself, you'll make good choices. If you starve yourself to be skinny, you'll be undermining your sense of self-worth and you'll be unhappy every day. Eating well -- a variety of high-quality, fresh, unprocessed foods -- is for people who want to be happy -- and if you're not happy you won't be hot! Happy is always better than skinny.
This is starting to feel like some sort of word problem from Algebra II. If happy is better than skinny, but hot is equal to happy, diet = die + t??? Kelly tells us that all women fall into two categories: overachievers and underachievers. Being an overachiever is good, and being an underachiever is bad. Here are some things you can do to become an overachiever:
Make good choices.

When in doubt, have fun.

Keep smiling.
Kelly's motivational-phrasebook app apparently starts to glitch out right about here, but she continues on:
Stay positive and move forward. This is your last try at today. Yesterday may not have been great, but, today is better -- you just need to see it that way. The choice is up to you.
The idea of someone being in such a dark psychological place that they are able to find inspiration in those words is so deeply sad to me that I can hardly bear to consider it. Thankfully, Kelly has already taken a hard left turn into what I think is some sort of extended metaphor:
I've already said that you need to treat your body like a Ferrari, but maybe you prefer a Maserati, an Aston Martin, a Corvette, or even a Bentley. Whatever your luxury car of choice, if you treat it well, it will increase in value; if you treat it like a bargain rental car, it's just going to wear out -- and being worn out is not hot!
Ah, yes, I'd momentarily forgotten that cars almost always increase in value after they're purchased, and don't have a culturally ubiquitous reputation for losing most of their resale value immediately. Solid analogy. Apropos of nothing, we get a "HOT Tip" list of "model diet secrets that DON'T work." I'm extremely glad that Kelly encouraged us to take notes while reading -- I'd be devastated if any of these pointers had escaped my attention.
Eating Kleenex to make yourself feel full does not work.

The Graham cracker diet does not work.

Drugs do not work.
Well, I suppose this clears up some Scary Island confusion. Had Kelly indeed been doing meth (as the reported cat-pee smell might suggest), she would be fully aware that many drugs are, in fact, extremely effective ways to lose weight. But lest you start to lose faith in the expertise of our fearless leader, read on: "when it comes to food choices, I've probably made every mistake in the book." By which she means that she ate Chinese chicken soup before giving birth to her first daughter and it made her sick, so she ate a turkey sandwich before giving birth to her second daughter and she didn’t get sick. To be perfectly honest, I'm struggling to find a way to apply this wisdom to my own life, but I'm sure it will become clear in no time!
Kelly is relatable for the first time so far in the following passage:
When I was accused of being a "bitch" on national television, I was really upset. My response was to find comfort in Mexican food and margaritas for lunch and dinner three days straight.
But we promptly return to form on the next page as she recounts her daily diet of "2 green juices," "a KKBfit lunch," and "a KKBfit dinner." I'd like to take a moment to appreciate how generous it is of Kelly to share her wisdom -- earned through a lifetime of catastrophic missteps -- so freely. It certainly didn’t come without a cost, as the following anecdote illustrates:
On the last day of my juice fast, I took my older daughter to a Yankees game where we gorged on sushi. (Yes, they have sushi at Yankee Stadium) As a result, I was stuffed and blinded by carbs when A-Rod came up to bat and hit a home run. Was I able to savor that A-Rod moment with my daughter? Absolutely not. I was in a food coma. Will I ever let myself be thrown into a food frenzy again? No! Lesson learned: I made another stupid food choice, and because of that choice I missed that home run moment with my daughter. From now on, when I go to a Yankees game I'll have a small hot dog instead….I want you to do the same.
Verily! Heed her words of wisdom, lest ye not also lose the precious chance for thine own A-Rod moment.
But don’t think this caution means that you have to get caught up in the minutia of your day-to-day. On the contrary, appropriate planning means "you can stop obsessing about your carrot intake and concentrate on what it is that's going to make you a great person in life." To help illustrate this point, Kelly introduces us to the "Kelly pie." Otherwise known as a pie chart. This is a helpful way to really visualize how much time you'll have now that you can cut that pesky carrot-pondering out of your day! Kelly even offers some thoughtful "hints" to divide your pie:
  1. Celebrate your own health. We take health for granted.
  2. Get up in the morning and say, "I'm so grateful to be where I am and look the way I do," no matter what your size is.
  3. Tell yourself you look HOT, because you do.
  4. Believe in your ability to make good choices today and every day.
  5. Be mindful of what you eat. If I have to be mindful of what I eat, so do you. We're in this together.
Ooh, sorry Brad, I won't be able to make it to this afternoon's meeting -- it actually conflicts with my daily session of believing in my ability to make good choices today and every day. No, I understand how that could seem like an abstract sentiment rather than something that actually takes up time within your daily schedule, but if Kelly has to do it, so do I! And to be honest, my day is packed enough as it is -- it takes at least a second or two for me to tell myself I look HOT (because I do!), and I'm just worried that if I try to squeeze anything else in, it will cut into my mid-morning health celebration. Wish I could help!
In a strangely threatening aside, Kelly commands: "Write down what you ate for the last two days. Don't lie. We can start fresh tomorrow, one bite at a time."
In a section titled, "What I Eat Every Day," Kelly enumerates her "three go-to breakfasts": "two oranges or a plate of mixed berries if I'm not going to be very active, all-bran cereal or some other high-fiber cereal with almond milk or unsweetened coconut milk if I'm going on a long run, riding, or doing something else that requires extra energy, and on weekends, I love making pancakes to eat with my girls." As should be apparent, this is far more than three breakfasts. I am irrationally angry, in the same way I was when a Bachelor contestant said their favorite food was a charcuterie platter. That's cheating. (And yes, I do strongly identify with my Virgo moon, thanks for asking.)
Kelly inexplicably (apologies if I've used that word for the zillionth time already) tells us that "a plastic cup that says 'Forced Family Fun' from www.themonogramshops.com makes the smoothie go down with a giggle." Also, "sitting alone in front of the TV eating ice cream is not hot!" We are then introduced to one of Kelly's more advanced strategies, which she calls "Energy Economics." This means that you might need to eat more on days when you are busy and/or exercising, and less on days when you're relaxing. So many innovative ideas, this book has really packed a punch for its < $5 price tag!
Another ingenious idea? "Stuff cabbage, sweet peppers, tomatoes, or even onions with ground meat, chicken or turkey seasoned with salt and pepper. Bake until the meat is cooked through and the vegetable is softened." Granted, I have been a pescatarian for almost a decade at this point. But disemboweling an onion, jamming it full of hamburger meat, and cooking it for some indeterminate amount of time at an unspecified temperature seems…wrong.
Circling back to her theory of Energy Economics, Kelly explains,
If I don't eat [well], I'm violating my own laws of energy economics and my body goes either into inflation mode (too much energy when I don't need it) or recession mode (not enough energy in the bank for me to draw from). The key is to create economic equilibrium: eating well so that I feel good, which allows me to be happy.
I am begging someone to start a GoFundMe where we raise money to pay Kelly to explain how the economy works. The next page introduces us to "The KKB 3-Day Supermodel Diet," which is less of a diet and more a random assortment of miscellaneous health-related sentiments that reek of the 2009 pro-ana tumblrsphere:
Chew your food 8 times instead of 3 or 4.

Brush your teeth and chew mint gum as soon as you finished eating. When your mouth is fresh and minty, you'll be less tempted to eat again.
The final tip ("nurture yourself") includes a reminder to "blush your checks [sic]." Which may be a typo, but could also very well just be some strange Kelly saying that no one else has ever used in the history of the English language. On the next page, we're introduced to "Kelly's Food Plate." Which other, less sophisticated people typically refer to as the food pyramid. Kelly also takes a brief aside (in a feature box labeled "hot button issue") to expound upon her favorite delicacy, the humble jelly bean:
If you're a fan of the Real Housewives of New York City you probably remember that on Season 3 I took a lot of flack for eating jelly beans and talking about processed and unprocessed foods. I was actually making light of that food snob moment. Who stops at a gas station and asks for carrots? Did you bring your organic food cooler with you on this road trip? The important part is not to be a food snob; but when in doubt choose the best option. Sometimes it's better to be happy than it is to be right. Was I able to make my point? Clearly it wasn’t in the cards at that moment.
This is a truly stunning synthesis of her experience. Underestimate Kelly at your own peril -- this girl has been playing 4D chess for longer than we know.
The chapter continues with some tips from Kelly on how to make the most of your meal planning and shopping experience. And no -- you have no excuses:
There's absolutely no reason why you, wherever you live, can't eat "colorful" foods. All over the country there are "gi-normous" supermarkets where fruit and vegetable aisles are bursting with every color of the rainbow.
I am starting to get a "gi-normous" headache trying to make sense of this chaos. Kelly's advice that we can "mix and match what's there to make a FrenAsian or an ItaloGreek meal" is not helping. We also get some tips for how to grocery shop responsibly:
  1. Always go with a list and never buy more than two items you planned on taking home.
This is incoherent, right? I know I need to wrap up Part 1 of this write-up pretty soon, because I've read this sentence at least two dozen times trying to make some sense of it, and am still at an utter loss. I assume she's left out a negative somewhere, but at this point, I realize I've already thought about this tip for approximately ten times longer than Kelly ever has, so I'll move on.
For the third or fourth time so far this book, Kelly segues into a literal grocery list. To be fair, this is a very effective strategy to take up several pages with minimal text. And what could be more compelling than
Shitake/oyster mushroom combination packs

Dog treats

Lavender pepper
Truly the voice of a generation! Decades from now, English teachers will be teaching their students about a fabled wordsmith who once uttered those eternal words, "shitake/oyster mushroom combination packs." Because this book has absolutely no respect for logical cohesion, we are hurled immediately into a diatribe about how expensive it can be to buy organic -- "I recently walked out of an organic market having paid $400 for just three bags of groceries." As I read on, however, it becomes quickly apparent that Kelly has no idea what the concept of 'organic' even means:
"Organic," in any case, seems like something of a misnomer to me. I know the Food and Drug Administration has regulations for certifying foods organic, but to me, for foods to be truly and totally organic, they would have to be grown in a test tube or a greenhouse with no exposure to the natural elements.
Well, sure Kelly. If that's what you would like to use the word "organic" to mean, be my guest. She tosses us another crumb of helpful guidance, but it only serves to make me feel exceptionally sorry for Kelly's daughters and everything they have to endure:
Plate your food as if it were being served to you in a fine restaurant. Use a fancy foreign accent as you invite everyone to come to the table. Or try saying it in French. My girls love it when I announce, "Le dîner est servi!"
We learn in yet another "HOT tip" that "fast food doesn't have to be fat food," and Kelly tells us for the eighth time that she eats two oranges every morning. In what has already become a recurring theme for me in this book, the following passage makes me desperately curious to know how Kelly thinks science works:
One question people frequently ask me is whether I believe in taking vitamins or supplements, and the answer is "yes, I do," because, even though I know my diet is healthy, I can't be sure that I'm getting all the nutrients I need. All the vitamins and minerals we need can be found naturally in foods, but how do we know, even if we're eating a healthy diet, that we're getting everything we need?
I flip back two pages to confirm that Kelly told us quite recently how important it is to read nutrition labels to know what is in the food we eat (to make sure we avoid foods "whose labels are full of words you can't pronounce"). Exactly how she is reading these nutrition labels yet still manages to have no inkling how anyone could possibly begin to assess their vitamin and mineral intake eludes me. She continues:
I don't want to take that chance. I think of the food I eat as fuel and vitamins as my oil -- my body's engine needs both. Vitamins and supplements are not food replacements, but we're exposed to so many environmental toxins on a daily basis that I believe we need to supplement our diets to counteract all the harm those substances can cause.
I can certainly think of something that is causing harm to my psychological stability at this particular moment, which I should probably take as a sign to wrap things up for today and go read some incredibly dense Victorian prose or something to remind myself what a properly constructed sentence looks like. Promise I won't leave you waiting for long!!
submitted by efa___ to BravoRealHousewives [link] [comments]

A new age of SPACs and IPOs is upon us

I have seen some hate on the recent surge in SPACs and fervor in buying them. These people often cite previous SPAC pitfalls, but let's keep in mind there is a totally refurbished focus on companies SPACs are looking to acquire. Previously, a company being acquired by a SPAC was exercising its last resort to get to public markets to raise capital. In recent times, talented and famed investors are getting behind innovative and exciting companies. They are targeting market changers and market creators.
SPCE- it is speculative but they have a massive pipeline of business ready to go once they begin flights.
NKLA- they haven't delivered a vehicle, but investors are trying to figure out who will be best positioned to capitalize on EV adoption besides Tesla.
DraftKings- sports betting is becoming more popular as the days pass
These types of acquisitions are just the beginning of what I think will be a revolution of the IPO process. Consider the speed and cost savings of doing a SPAC deal with a talented group of investors such as Chamath or Ackman. Even if we move beyond SPACs, consider the direct listing process that Spotify and Slack executed. Cheaper, faster, and better valuation.
Investment bankers leave a TON of money on the table mis-pricing IPOs. This is detrimental to founders who do not get their liquidation event, and to the business which does get to raise the maximum amount of capital.
I spent a short time working at a boutique investment bank in 2018, and the Managing Directors I worked under were excited about the number of funded SPACs looking for deals, specifically in the tech sector. There were a lot of conversations about SPAC deal flow increasing around higher quality unicorn type companies. A day of reckoning is upon us in the IPO process. There is a MASSIVE premium placed on companies that are disruptors.
Blue Chips with slow top-line growth, stock buyback inflated EPS #'s, and greedy management are no longer the focus of investors. Instead, innovators with solid revenue growth and a path to profitability are high flying in today's equity markets. The next generation of innovative companies will recognize these points and work with high profile SPACs to get cash quickly and cheaply. Gear up!
submitted by Dan-Spear to SPACs [link] [comments]

Is sports betting for profit worth it

I gamble on sports in the hopes that I can be one of them professional sports bettors and make good money off of it. Outside of a 9-5, it feels like the best way to make money considering you need a lot of money to invest and it takes a long time to profit off of it. With good bankroll management, is it worth it to try and make money betting or is it a waste of time? I profit some days and lose others. I can't think of any other good ways to make money.
submitted by Damien12341 to gambling [link] [comments]

$DKNG Makes No Sense to Me - Lots of Thoughts

DKNG has seen huge gains this week, mostly focused on Tuesday and today, Thursday. Both days saw intraday spikes on sports-world news: on Tuesday afternoon a presser with Gary Bettman was announced and on Thursday it was announced that the Premier League would return in June. Oddly, the stock did not move back down at all after Bettman’s announcement turned out to just be an expanded playoff format, and nothing about a return to the ice. The Premier League news didn’t seem to have much impact on other sports betting stocks either.
Both of these events point towards something that seems obviously clear: DraftKings’ stock is hugely overpriced, but seems to keep being driven up just by trading. I think there are cases to be made for short term bull or bear, and for long term bear. I’m already in on the long term bear case with Nov ‘20, Dec ‘20 and Jan ‘21 Puts that have all taken a beating, but debating what the profitable short term play is.
For some context, I used to trade bonds on one of the biggest desks in NY, but moved to be closer to family a while ago and run my own business. My state is not supported by DraftKings, so keep in mind when reading that I am a bit salty towards the company and their ability to sniff out VPNs. Been a long time lurker here, but this is my first post.
The company’s Q1 earnings was pretty enlightening and quite the spin job. I was shocked to see the stock rise that day after what I read to be a pretty poor outcome. Growth in marketing expenses can be written off as entering new states, but seeing no growth in net revenue despite 30% growth in gross revenue means that the company has a growth problem, in other words almost all the revenue growth was driven by giving away free bets and reducing vig. Let’s look further at revenue growth though.
I found it very interesting that the company led with “30% revenue growth” when, in fact, that was only at Old DraftKings, which makes up about 75% of New DraftKings revenue. SBTech makes up the rest and grew at only 3%, giving the public company a 23% growth rate for the quarter, not 30% - spin job.
The company also gave us an interesting insight into coronavirus’ impact on their business, maybe unintentionally. At Old DraftKings, they noted 60% growth through March 10th. If we assume each day through the quarter is equal, that means the last 21 days of the quarter would have been down 70% vs Q1 ‘19, that’s big. However, we know not all days are created equal in the world of sports, and Q1 included 5 NFL playoff days and the Super Bowl. If we assume NFL betting days are 3x a normal day and the Super Bowl is 3x a normal NFL day, you can see your way to revenue post-March 10th being down 95%. A similar look at SBTech’s drop from +19% to only +3% means revenue post-coronavirus is down at least by half.
Another interesting lens to use in looking at the company is how they pitched themselves when the merger was announced five months ago in December. On slide 22 they compare their valuation to a variety of comps, trying to show that the valuation is fair, probably trying to alleviate the fact that the valuation for DraftKings was about 4x what Paddy Power paid for FanDuel 18 months earlier. I’m going to ignore the “EV / 2021E Revenue – Growth Adjusted” multiple that they highlight, because adjusting a forward looking multiple based on your own forward looking growth projections is absolute garbage, and instead look at EV / TTM 3/31 Revenue for those same comps.
At $39 per share, DraftKings has a market cap a bit over $15 billion on TTM revenue of $451 million, giving them a revenue multiple of 33.7x. For those of you that haven’t been around the block a few times, that is outrageously high. The “High Growth Consumer Internet” category that they selected is at 8.1x and “EU Sportsbook Operators” at 3.6x. Their best comp is probably Flutter, which is Paddy Power + Fanduel + Stars, trades at 7.8x. DraftKings deserves a higher multiple than Flutter given that they are pure-play USA vs Flutter which has a lot of retail european revenue that isn’t high growth, but the two companies currently have the same market cap, despite FanDuel being a direct comp to DraftKings with more market share in the fast growing business segments. Even if you said DraftKings should trade at a 50% premium to Flutter, which is being very generous, that implies a share price of only $13.50.
I know what you’re going to say: “this is all about more states allowing sports betting.” Fine, let’s look at what would need to happen at the state-level to get DraftKings’ current valuation to be reasonable. Going back to the December investor presentation, DraftKings estimates their sports book net revenue at $2.3 billion given 25% market share and 65% of the US having online betting, with a 22% allowance for promos from Gross to Net. That let’s us back into $4.5 billion of gross revenue at 100% of the population. Let’s then give them a 30% bump on that for iGaming. Using the company’s current $15 billion valuation and the same 50% premium to Flutter’s revenue multiple above (11.7x) that means they need $1.28 billion of revenue, or $831 million more than they currently have. $831 million more revenue needed means they need 14% more of the population to legalize in the very short term. Of the big five states, CA, TX, FL, NY and PA, none are going to add any population, with PA already online, NY choosing retail-only and the other three being no where close to legalization and widely considered by researchers and lobbyists to be years away. The remaining 46 states, including DC, average 1.3% of the population each, meaning you need a windfall of states to add 14% of the population.
Don’t get started on nationally legalized sports betting, no one is even pushing for that and it is never going to happen. The SCOTUS repeal of PASPA was as much about taking away the Federal Government’s ability to make national decisions like allowing or disallowing sports betting as it was about sports betting itself. Sports betting will roll out throughout the US, but it is going to be a state-by-state slog.
Another thing to consider is what the company might do with its highly valued stock. As we saw with Tesla a few months ago, a big run up in stock price is a great time to do some financial maneuvering. I think there are two very good options for management right now. The first is obvious: follow-on equity offering. In going public via a reverse merger with a SPAC, DraftKings barely tapped the big institutional investors. A follow-on would be a great way to load up the coffers further - anyone that watched TV in 2015 knows they love to spend money on ads - at a very attractive valuation for the company. The problem with this is that new shares coming in, or the follow-on pricing poorly, could be a big drag on the current share price.
Another option might be a little less obvious, but I think could make a lot of sense for the company: Buy William Hill. William Hill currently has a market cap of about $1.5 billion. They have a huge footprint in Europe, a market that DraftKings previously tried and (largely) failed to enter, are a big threat to DraftKings’ DTC approach in the US and have the tech that powers much of the land-based casinos’ sportsbook operations in the US. DraftKings could buy them with their cheap stock, or issue new equity to raise money for the acquisition. DraftKings would add a ton of revenue, could cut lots of duplicated costs, diversify across geographies and sports to temper their seasonality, and replace WillHill’s outdated tech with their much better apps. The big downside is that the CEOs of the two companies seem to really dislike each other.
One reason that I think the stock could be up so much since the “IPO” is that there are a very small number of liquid shares. Remember that this wasn’t an IPO at all, it was a reverse merger with a SPAC, meaning that a much higher percentage of outstanding shares are currently locked up than would be in a typical IPO. That constraint on supply with big retail demand could be a huge driver in the stock gain.
Circling back to be three cases for what I think could happen: - Short term bull: Sports come back, stock (irrationally) trades up on it - Short term bear: Correction to a more realistic valuation, bulls taking gains, any of NHL, NBA, MLB announce they won’t play again in 2020, financial maneuvering by the company - Long term bear: Correction to a more realistic valuation, bulls taking gains, any of NHL, NBA, MLB announce they won’t play again in 2020, financial maneuvering by the company, Q2 or Q3 earnings disappoint/are eye opening, any blip to the NFL cash cow, NBA or NHL ‘20-’21 season delays, lockup ending in October
Just giving my two cents on how I’m looking at this and trading it, and curious to hear any other thoughts or theories on real reasons why the stock is moving and where it is going.
Last thought: for those of you that like DraftKings at this price, you should LOVE Flutter at this price.
submitted by TheGlove2ReignMan to investing [link] [comments]

Bankroll Management Part I

Bankroll management is arguably the most important concept to understand to maximize your chances of success (or rather, minimize your chances of failure).
Consider this scenario: You magically become a world-class handicapper and can win 55% of your bets on -110 lines. Did you know that with a $1,000 bankroll and flat betting $100 per game at -110 lines, you would go broke ~14.0% of the time after 100 bets? After 1,000 bets the chances of you going broke are a more staggering ~31.0%.
Why does this happen? Despite a positive expected value, you’re betting too much. And this gives you a high risk of ruin.
Kelly Criterion
With a 55% win rate on -110 lines, the Kelly Criterion states that 5.5% of your bankroll is the ideal wager size to maximize the median return of your portfolio. So, what if we flat bet $55 instead, which represents 5.5% of our bankroll. What’s our risk of ruin then?
After 100 bets? ~2.0% After 1,000 bets? ~13.0%.
Better, but still significant risk of ruin.
Some might be surprised to see any risk of ruin at a 5.5% bankroll allocation. One of the assumptions, however, that the Kelly Criterion relies on is that bet sizes are a percentage allocation of your portfolio and not a fixed amount. Among sports bettors, a fixed bet amount is frequently referred to as a bet “unit”.
Bet Units vs Bet Allocation
Record: 72-53 +13.7 units
Patriots -7.5 2 units
Sports bettors love to measure their performance or display their picks as a function of “units”. Most people use it and because of its widespread adoption, it’s easy to communicate between parties. Since it’s become the de facto unit of measurement for sports bettors, it is widely accepted that the best way to practice bankroll management is to 1) determine your wager size and 2) never deviate from that bet size.
Let me explain the risks behind that strategy and why Cleat Street doesn’t recommend it.
Flat Betting $55: Expected Value of 1,000 Bets
We all know how to calculate the expected value, or EV, of a single bet. All you need is three inputs:
1) Payoff of a win (Pw): $50
2) Payoff of a loss (PL): -$55
3) Probability of winning (p): 55.0%
EV Equation
So - if we want to determine the EV of 1,000 bets, can we just multiply $2.75 x 1,000 and get an EV of $2,750?
If you had unlimited funds, then yes. While there is variance around our expected win percentage, our ending bankroll would be normally distributed with a median of $3,750 ($1,000 starting bankroll + $2,750 EV). Without the constraint of going broke, the distribution of the ending bankroll looks as follows:
Bankroll distribution
However, most of us don’t have unlimited funds. We are constrained by our bankroll, so we must account for the possibility that we lose our entire bankroll at some point between Bet #1 and Bet #1,000. As a result, we might not get the chance to finish making all of the bets.
Monte Carlo Simulation – Flat Betting
To determine the likelihood and impact of going broke at some point between Bet #1 and Bet #1,000, we can use a Monte Carlo simulation. We simulated the 1,000 bet opportunities 10,000 times resulting in the following risk-return profile:
Risk of Ruin: ~13.0%
Expected Return: ~4.8%
Median Return: ~ $2,645
Expected Portfolio ROI: ~265%
Without the benefit of an unlimited bankroll, the risk of ruin decreases our EV by nearly 5%, decreasing from $2,750 to ~$2,645. Starting with a bankroll of $1,000, our median ending bankroll is ~$3,645 but has a distribution as displayed below:
Ending Bankroll Distribution
Bet Allocation of 5.5%: Expected Value of 1,000 Bets
When you bet a percentage of your bankroll, the expected value calculation changes a bit. Your payoff outcomes are now framed as a percentage:
1) Payoff of a win (Pw): 5.0%
2) Payoff of a loss (PL): -5.5%
3) Probability of winning (p): 55.0%
EV Equation
To determine the EV of 1,000 bets, however, we cannot just multiply 0.275% x 1,000 and get an EV of 275%. This is because each bet compounds on one another when you are betting a percentage of your bankroll.
Ok – so instead we determine the expected value by saying that you expect to win 550 bets (55% x 1,000) and lose 450 bets (45% x 1,000) and calculate by compounding the returns as follows:
Median Calculation
The above computation reflects the median of the distribution of outcomes as well as the most likely outcome. Yes, the most likely outcome is that you win exactly 550 games, which would generate returns of $2,967. However, this scenario happens only 2.54% of the time. [1] The rest of the time, you either win more than 550 games or less than 550 games.
[1] Binomial probability inputs: Prob (Success): 55%, Num. Trials 1,000, Num. Successes, 550.
Binomial Probability Calculator
We get the following risk-return profile:
Risk of Ruin: 0.0%
Expected Return: 5.0%
Median Return: $2,967
Expected Portfolio ROI: ~297%
“So you’re telling me, I have no chance of losing my entire bankroll, and I can increase my EV? That sounds too good to be true.”
You’re right – the above metrics are true, but they don’t tell the whole story. Although the risk of ruin is zero, there are many scenarios where you could still walk away a loser. To properly assess, we need to take a closer look at the distribution of outcomes.
Lognormal Distribution
The returns generated by using a bet allocation bankroll management strategy follow a lognormal distribution. A lognormal distribution is frequently used to describe the price of financial assets and effectively states that 1) the lowest that your bankroll can go is zero, and 2) your returns have a long-tail to the right.
Visually, the distribution of the ending bankroll after 1,000 bets looks odd when plotted on a linear scale:
‍5.5% Bet Allocation - Linear Scale
When plotted on a logarithmic scale, however the distribution appears normal (hence the name “lognormal”):
5.5% Bet Allocation - Logarithmic Scale
As you can see in the distribution above, there are scenarios where you still walk away a loser after 1,000 bets. In fact, betting 5.5% of your bankroll in this scenario will lead you to losing money approximately 20 percent of the time. To properly assess the risk-return profile, we’ll have to take a deeper look at the full distribution of outcomes in Part II.
What we’ll find is that although the Kelly Criterion is a betting strategy that maximizes median wealth in the long run, there are still considerable risks that may not make it ideal for most bettors. An underlying assumption is that it requires you to know your true win probability, which is impossible. In Part II, we explore Kelly Criterion in further depth and show how you can use the same principles to tailor a bankroll management strategy that better fits your risk appetite.
Bankroll Management Part II will be posted tomorrow
submitted by cleatstreet to sportsbook [link] [comments]

Wrestling Observer Rewind ★ Jun. 24, 2002

Going through old issues of the Wrestling Observer Newsletter and posting highlights in my own words. For anyone interested, I highly recommend signing up for the actual site at f4wonline and checking out the full archives.
PREVIOUSLY:
1-7-2002 1-14-2002 1-21-2002 1-28-2002
2-4-2002 2-11-2002 2-18-2002 2-25-2002
3-4-2002 3-11-2002 3-18-2002 3-25-2002
4-1-2002 4-8-2002 4-15-2002 4-22-2002
4-29-2002 5-6-2002 5-13-2002 5-20-2002
5-27-2002 6-3-2002 6-10-2002 6-17-2002
  • We open with a ton of details on Steve Austin walking out on WWE last week, and the story took a darker turn this week when Austin was accused of allegedly beating his wife Debra. Looks like Dave is just going to run through the whole last couple of weeks first though, before we get to all that. No wrestler in the history of the business has generated more money than Austin has in the past 5 years, leading the way for WWE to become listed on the New York Stock Exchange and valued at more than $1 billion. Hulk Hogan, Antonio Inoki, Gorgeous George, Jim Londos....no one in the history of wrestling, even adjusted for inflation, has been a bigger money-maker than Steve Austin. Throughout it all, he had a reputation as a pro's pro, always working hard and being unselfish in trying to help the company and his co-workers grow. But over the last few months, things had changed. The company is nose-diving, Austin had become paranoid and distrustful of the locker room, particularly when the NWO guys were brought in. He refused to work with Hogan at Wrestlemania and wasn't happy about working with Hall either, and insisted on decisively winning their match and blowing off the feud. He went home after Wrestlemania, no-showing Raw the night after, but things seemed to be patched up soon after. When he came back, he still wasn't happy and spoke out publicly against the brand extension and the overall creative direction of the company. A lot of people in the locker room supported Austin, feeling he was completely justified in his complaints because everyone realizes the wheels are falling off the company lately. The Sunday night before Raw last week, Austin was told by Jim Ross that the plan was for him to face Brock Lesnar, with the idea that Eddie Guerrero would cost him the match. Austin pointed out the obvious: him vs. Lesnar is a huge money match that should be built up for months on PPV. Lesnar should go through the whole locker room before he gets to Austin last. No first, on free TV, with no build-up. Austin hated the idea and said he wasn't coming if that was the plan. Ross told Vince, who called Austin and left a voicemail. He told Austin to call him back, no matter what time. Austin did call back, at 2am, and they discussed the plan. According to Vince, Austin had reluctantly agreed to it. Austin evidently felt otherwise, because he showed up to Raw that day, found out the Lesnar match was still booked, and decided, "fuck that", got on a plane and went home with Debra.
  • Raw that night was mostly built around the angle where Ric Flair would have to be Austin's personal assistant after he lost their match last week. Because much of the show was written around that, they had to re-write the whole show at the last minute in a panic, abruptly turning Flair babyface again and ending the huge dual-ownership angle with no build-up (it really sounds like Vince was determined to give away something huge on TV that week without building it up. "Ok, fine, Austin walked out. What else can we ruin this week and throw away a perfectly good PPV money opportunity?"). Meanwhile, Austin was ignoring all phone calls until he finally answered one from Jim Ross, who told Austin he was being unprofessional and to come try and talk it out with Vince. But Austin refused, saying he refused to work with McMahon anymore, and hung up.
  • So then came the burial. Vince McMahon and Jim Ross taped interviews for this week's episode of WWE Confidential in which they completely buried Austin, with Vince vowing to never bring him back. Basically everything you can imagine: Austin turned his back on the fans, he betrayed the little kids with Stone Cold shirts and all the fans who made him rich. WWE invested so much in Austin only for him to turn his back on them and so on and so forth. Jim Ross in particular dumped a lot of dirt on Austin's grave here, which Dave seems taken aback by. Austin saved Jim Ross' announcing career by insisting that JR be brought back for his Wrestlemania 15 match with Rock. At the time, Ross was still suffering from Bells palsy and Vince had no intention of ever bringing him back, but Austin insisted and the crowd reaction led to Ross being brought back permanently. So for Ross to be burying his good friend like this seems to rub Dave the wrong way (for what it's worth, it rubbed JR the wrong way too. He's gone on record a million times since then saying he wished he hadn't done it and he's apologized to Austin profusely for it). Ross talked openly about some of Austin's personal business, like his previous divorce or when his kids went to live in England, and hinted that Austin's issues were more than just professional burnout. At the time this was being filmed, nobody knew just how true that was.
WATCH: WWE Confidential: The Steve Austine episode
  • The night before WWE Confidential aired, at 4am, Austin's wife Debra called 911 to their home in San Antonio, claiming Austin had attacked her. Austin drove away in his yellow Corvette before the police arrived. When they showed up, they found Debra crying with a large welt on her face. She said Austin had hit her several times after an argument then left when she made the 911 call. She said she was worried about the call because of how famous Austin is and knowing word would get out. She also showed them several marks on her back where she said Austin hit her. Austin called the house twice while police were there and they spoke to him and advised him to come home. Austin was cordial to the officers on the phone but refused to come back home while they were there. Debra declined to press charges and because she refused to seek medical attention, under Texas law, the police pretty much consider it a dead issue unless she changes her mind. Austin later returned home after they left. The national news media didn't pick up on it until Monday, at which point it became a huge story. They even had a news helicopter following Austin driving around town (with an open beer in his Corvette), talking with his neighbors in his yard, and also showed him flipping off the news cameras (I can't find footage of any of this). Because Austin is a wrestler and play fighting is what they do, the media treated this very serious issue as if were almost a joke, which Dave seems disgusted by.
  • With Austin being all over the news that day, this led to the unannounced surprise return of The Rock on Raw, after they spent the whole show teasing that Austin would show up. Rock wasn't scheduled to return until next month, to build for a match at Summerslam, but knowing the company was in a tough situation, Rock agreed to come back early. The plan appears to be for Rock to challenge for the WWE title at Fully Loaded next month. There's also been talk about Rock winning the title and then dropping it to Brock Lesnar at Summerslam, which is a surefire way to create a new superstar (indeed, that's exactly what happens). Rock's return, since it came as a complete surprise, was a flop in the ratings. If they had built it up just one week, they could have made some money on it, but not building up anything seems to be the M.O. for WWE these days. Between the Shawn Michaels return, the FlaiVince blow-off, and now this, that's 3 Raws in a row where they gave away major moments that should/could have been built up for bigger ratings or PPV money. Dave calls WWE a junkie pawning its $2,500 ring for $500 just to get a quick fix. And that's not even getting into the smaller details, such as the fact that Rock is a Smackdown guy, so why the fuck is he returning on Raw anyway? But again, the wheels are totally off the WWE train here in 2002. It's clear to see in retrospect how WWE was falling from their peak and Vince was desperately clawing at any idea he could think of to stop the bleeding.
  • So back to Austin. Even after the story broke, Vince went on Raw and changed his tune, saying he hoped Austin would some day come back to WWE but time would tell and for now, he's gone. Dave says if you think this is going to end Austin's career, look at Mike Tyson, Jimmy Snuka, Invader I, and Chris Adams. All of whom did even more heinous things than Austin and their careers were just fine. Dave is pretty sure he'll be back. Rock came out on Raw, gave a big rah-rah speech in which he also pretty much buried Austin for "taking his ball and going home" and did the whole "get the F out" tagline. And that's it on the Austin saga for now.
  • It's officially super-duper extra official now: the World Wrestling Federation is dead. WWE lost its final appeal in the UK's highest court in their battle against the World Wildlife Fund. Vince McMahon had already thrown in the towel and the company has already been renamed to WWE, but the final appeal was never dropped and was still going through the system. In the highly unlikely event that they somehow won the case, they planned to revert back to the WWF initials. But of course, they didn't win. Just like every single lower court before them, the court handed the wrestling company its final defeat. So WWF is dead. WWE it is.
  • Motoko Baba officially announced that she will be retiring as AJPW president at the end of September. It's expected that Keiji Muto will take over the role, which has been heavily rumored ever since he jumped ship from NJPW.
  • A rookie named Trevor Rhodes, who was trained by Harley Race, will be working the upcoming tour for Pro Wrestling NOAH (this would be future WWE star Trevor Murdoch).
  • NJPW held its annual stockholders meeting and Antonio Inoki couldn't even be bothered to attend. Masa Chono and Tatsuo Kawamura were named to the board of directors, to replace Riki Choshu. Speaking of, Choshu was also there and sold all his stock in the company and left without speaking to reporters.
  • In a radio interview, Jesse Ventura announced that he will not be running for a second term as Minnesota's governor. Ventura didn't go into all the reasons why, but he did acknowledge a recent controversy as playing a part. There's been some news stories this week noting that Ventura's 22-year-old son used the governor's mansion for a late night weekend party awhile back. Cleaning crew members of the mansion went public saying that when their parents are gone, this kid basically throws wild parties there that they have to clean up after. Ventura shot back, basically claiming his son is being slandered and denied it, but said the attacks on his family made him not want to run again. The news stories talked about some of the alleged damage and Dave actually sides with Ventura here. The damage doesn't sound that bad (some empty beer cans, a broken pool cue, and some tables that were scuffed up. "Geez, that's my house whenever there is a fight night," Dave writes. Doesn't sound like that wild of a party. A 22-year old brings his friends over to watch sports and drink some beer. Dave doesn't think that should be a huge controversy or anything. Neighbors near the mansion have said there's been no issue with noise or disturbances.
  • Major League Wrestling had its debut show at the old ECW Arena and the MLW championship was won by Shane Douglas. They did an angle where they basically tried to re-create the famous Shane Douglas/NWA title incident, where Shane was gonna throw the belt down, but they did an angle where he was told he'd be fined and suspended for life from wrestling if he didn't defend the belt. Angle didn't get over at all and most people there hated it and it led to pretty mediocre reviews for the show overall. Bam Bam Bigelow was supposed to work the show, but when he arrived, he found out they wanted him to do a job to AJPW wrestler Taiyo Kea in the first round of the title tournament. Bam Bam said fuck that and bounced. Steve Corino also managed to get a "fuck Paul Heyman!" chant going, in the ECW Arena nonetheless, which is an interesting note.
  • Sandman will be doing a celebrity boxing match in Philly soon, going against Tony Luke, who owns a bunch of sandwich shops in the area and is known as "The King of Sandwiches" in Philadelphia. Sure, why not?
  • There was a recent news story about Sputnik Monroe from a reporter who was in Memphis for the Tyson/Lewis boxing match. The reporter went to the Memphis Rock 'n Soul museum and saw the big display they had there for Monroe, including his ring jacket, trunks, boots, etc. Dave recaps the history of Monroe, who is credited with desegregating wrestling in Memphis during the Jim Crow days of the 1950s. Monroe was a white wrestler who hung out in the black part of town and, as a result, became the black fans' favorite wrestler. He was a huge draw in Memphis at a time when black fans weren't allowed to sit in the main seats, only the nosebleeds in the balcony. Monroe's popularity was so big that one week, they turned away more than 1,000 black fans even though they had room in the arena. Just not in the "colored" section. So Monroe told the promoter he was quitting if they didn't let in his black fans. And since Monroe was such a huge draw, the promoter caved, and just like that, black fans were allowed to sit with white fans anywhere in the arena. It actually had a domino effect, because it was the first sporting event in Memphis to desegregate and it led to other sporting and entertainment events in the city following suit. In the 50s and 60s, Memphis was one of the only wrestling territories in America that was desegregated like this (fun fact: I used to live in Memphis and just went to that museum back in 2018. For starters, I highly recommend it if you're ever in town. In fact, I have a million recommendations for anyone who ever visits Memphis. That city is my heart and soul. Also, the Sputnik Monroe exhibit is still there).
  • The TNA debut show hasn't happened at press time, but Ken Shamrock is expected to win the NWA title in the battle royal gimmick. If he doesn't, it's because there was a last minute change, but as of now, it's absolutely going to be Shamrock.
  • Good news for TNA, the company reached an agreement with Dish Network, which adds another 7-8 million potential homes to their exposure. The only PPV provider in the U.S. not carrying them now is Cablevision.
  • The TNA cruiserweight title has been renamed the "X" title. The idea is that it's not necessarily going to be limited to just small guys and will act more as a secondary title to the NWA belt, not exclusively a cruiserweight thing.
  • Disco Inferno turned down an offer to join TNA because they wanted him to change his name to Ad Man and have a gimmick where people print/draw ads on his body, like they do in boxing sometimes. Or like a NASCAR. The idea is he would be covered in ads and every week, he'd lose a match and a "sponsor" would drop out and eventually, he'd have no sponsors left because he keeps losing. Gee, hard to see why he turned that gimmick down.
  • Random other TNA notes: Ed Ferrara is involved in writing the shows along with Jeff and Jerry Jarrett (and, let's be honest, Vince Russo, though that's still top secret. Shhhh, don't tell anybody). Jeff Jarrett was in the pits for the recent NASCAR Kroger 300 race with Hermie Sadler, who is scheduled to be at TNA's debut show. Former ECW manager Sinister Minister will be part of this company, using his real name James Mitchell. K-Krush (Ron Killings, aka R-Truth) is expected to be one of the main heels in the promotion.
  • Okay, fine. Let's talk Russo. Officially, he's still not involved, but he has submitted a bunch of ideas, many of which are expected to be implemented on the debut show. But "officially" he's not part of the company (he's still gotta have a quick cup of coffee in WWE before they kick him to the curb again, at which point he finally decides to join TNA for real).
  • The WWA promotion is in deep trouble. They have a show scheduled for Ireland soon and ticket sales for that show are pretty decent. But every other show on their books looks to be dying. They have 3 shows scheduled for Germany next month and all 3 shows have less than 500 tickets sold each. The German promoters are wanting to cancel the tour but WWA promoter Andrew McManus has a contract that will result in a lot of financial penalties for him if the shows are canceled, so he's fighting it. Lex Luger is booked for the tour, which would be his first time wrestling since WCW went down. They're also still promoting names like Jeff Jarrett and other TNA contracted talent, but with their new plan of running live every week, it's going to be hard for any of them to get overseas, work the tour, and still do the TNA tapings.
  • XWF is making one last grasp to survive. Even though they've been saying this for almost a year now, the promotion is claiming once again to be very close to getting a TV deal. If it goes through, the plan is to hold a press conference to announce it and then tape 5 weeks of TV to air in Sept. and Oct., with plans to air a PPV some time in late-October. Dave says this sounds like desperation to him and he's not buying that a TV deal is close. Especially since they lost all their top stars, like Hogan, Curt Hennig, and Jerry Lawler, all of whom were involved at the beginning but have all since returned to WWE (though Hennig has since been fired by WWE again, so he's available). But even if this miraculously happens, most of the marketable names left out there have already signed short-term deals with TNA that will last through October, so they wouldn't be available either. So XWF will be struggling to fill a roster with names anyone even cares about (obviously this never happens).
  • UFC will make its TV debut as part of a 30-minute segment on Fox Sports' "The Best Damn Sports Show Period." It will be hosted by Fear Factor host Joe Rogan, who is a huge UFC fan and has a lot of martial arts experience himself. The idea is to show one full fight in its entirety (Robbie Lawler vs. Steve Berger), with highlights of other fights to fill out the rest of the time. Dave criticizes them for not putting Chuck Liddell vs. Vitor Belfort on the show, or at least airing highlights, but that's not the plan as of press time. Obviously, that's a strong PPV draw and that's where the money is, but you only get one chance to make a good impression and Dave thinks it would be in UFC's best interest to give TV viewers a taste of their best foot forward and try to get somebody like Liddell over with a new, large audience.
  • Dave says the Bob Sapp fight in K-1 that was talked about last week, in which Sapp basically mauled his opponent in such a way that he got DQ'd, was at least partially a work. Had it not been, Sapp would have been immediately fired, not given a rematch with the same opponent 6 weeks later. There's a pretty good chance that his opponent didn't know and that the people who ran in to separate them after the fight didn't know either, but Dave seems pretty confident that Sapp was instructed by someone higher up in K-1 to do what he did.
  • Rock's next movie, "Helldorado" is expected to film between September until around Christmas. WWE is hopeful Rock can make some appearances on TV during the those months in between filming dates, but that's going to be difficult to pull off (indeed, he never shows up during this time).
  • Speaking of Rock, he worked the Honalulu, HI house show over the weekend, which drew an easy sellout crowd, the first sellout for a house show in a long time. Due to Rock being on the card, tickets sold out in 2 hours and scalpers were making a ton of money. In fact, the show was such a big deal that a local radio station was giving away tickets for the craziest stunt fans could pull and 2 fans walked through downtown Honolulu completely naked in order to score tickets. Rock beat Jericho in the main event in a great match. It was WWE's first time there in 8 years (Dave corrects himself from before, when he said 14 years in a previous issue and someone here on Reddit called him out on it haha). Rock got a reaction like Antonio Inoki in Japan, he was basically a god in this city. A lot of his friends and family were there as well and backstage, Rock told people that the show was bigger to him than even his 4 Wrestlemania main events and called it the biggest night of his career. When talking about his grandfather, Rock got emotional and began crying and talked about his history promoting in Hawaii. Bruce Willis, for whatever reason, was in attendance, and during the match, they did an angle where Rock held Jericho for Willis to punch him which got a huge pop. Genichiro Tenryu and Motoko Baba were there as well, meeting with John Laurinaitis (Johnny Ace, who spent much of his career in AJPW). They were there to discuss doing business with WWE as well as to get some photo ops for the magazines back in Japan so they can get that WWE-rub. (Sure enough, here's an article from just a couple months ago where Rock says once again, to this day, that the match with Jericho in Hawaii was the most meaningful match of his career. I can't find any footage of the damn thing though, which is a shame).
WATCH: The Rock, in 2020, talks about the Hawaii match with Jericho being his most meaningful match
  • Notes from Raw: X-Pac lost in a King of the Ring qualifier match to RVD and Dave says it's a good thing nobody in WWE pays attention to their own storylines because just a week or two ago, the story was that if anyone in the NWO loses a match going forward, they're out of the group. But of course, that wasn't even acknowledged or remembered here. Raven lost to Jeff Hardy in 3 minutes and Dave's not sure that Raven made the right move by giving up his safe commentary job because they sure don't seem to see much in him as a wrestler. The "Molly Holly is fat" storyline continued because fuck this company. Lawler even tried to get a "She's a fat ass" chant going. Backstage, X-Pac was shown crying after his loss, "sort of like real life," Dave jokes. They teased Austin showing up by playing his music and having Eddie Guerrero and Chris Benoit come out instead. They did a thing with Jackie Gayda teasing her being on the WWE Lingerie Special that airs next week and had Vince hitting on her backstage, making it very apparent why she was chosen to win Tough Enough over the obvious most deserving finalist, Kenny. And in the main event, Nash and Shawn Michaels were on commentary burying the match, making fun of Jim Ross, etc. And of course, the show closed with Rock doing his surprise return and promo where he pretty much buried Austin for leaving.
WATCH: The Rock makes surprise return to Raw to bury Austin
  • Coming out of Raw, a TON of fans still seemed to think the Austin thing was an angle. Vince's first promo, which was a total shoot about Austin being gone, didn't get over that way, with most fans in the arena expecting an angle and waiting for him to show up. There were constant "We want Austin!" chants and many people that Dave has heard from even thought the Confidential episode was all a work.
  • Notes from Smackdown: all the mentions of Austin on commentary weren't done live during the show, but were later dubbed in. Mostly it was just an effort to plug the Confidential episode about him, and it was such a last minute decision to do that episode that they had to edit the plugs in after the show was taped. The wall of security guards in the ring during the Triple H/Undertaker contract signing was copying the same thing they did before the Tyson/Lewis fight because it's a pretty cool visual. Nidia is doing a hillbilly gimmick now. Hurricane seems to be dropping his gimmick and going back to Gregory Helms. Word is most of the agents hated the Hurricane character for whatever dumb reason.
  • Dave talks about the upcoming Hogan vs. Kurt Angle match at King of the Ring and is curious to see how it goes. He thinks the most likely ending is Vince costing Hogan the match and Angle pinning him, but he's curious to see if Hogan is really going to try to put Angle over or is it gonna be another Kidman situation. That being said, WWE is protecting Angle and there's serious talk of giving Angle a run as the top guy, in the wake of Austin and Rock leaving and Undertaker and Triple H being so banged up. The idea is to put the belt on Angle and have him take on all comers, heel and face, like an old-school Lou Thesz-type champion. Either way, this Hogan match is going to be a test of how good Angle is because if he can't carry Hogan to a good match, then no one can. It's also going to be a test of whether Hogan is really the team player he claims to be now (yeah Dave's gonna be shocked at how this one ends I bet).
  • At the latest WWE tapings in Atlanta, Dusty Rhodes was backstage visiting and introducing his 16-year-old son Cody Runnels to everyone. Cody has been training with his father to be a wrestler. Good luck kid.
  • Former 50s-80s promoter Jim Barnett was also backstage at Raw and since it was his birthday, the McMahons got him a cake and orchestrated everyone singing happy birthday to him. Barnett was there because he was just hired as a consultant, which is curious timing. Barnett hadn't been officially hired by TNA or anything, but he had agreed to appear at their debut show as part of an angle with old NWA champions. So when WWE swooped in this past week and hired him, it got a lot of people talking but Dave says there's nothing to it. If Vince McMahon was trying to poach people from TNA, he wouldn't start by hiring a 78-year-old guy to be a consultant.
  • The local FOX station in Los Angeles, like everyone else, covered the Steve Austin/Debra story on the "Good Day L.A." morning newscast. The story was presented as a big joke, even using the headline "Smackdown At Home." Well, one of the anchors, Jillian Barberie, refused to play along, presenting the story as the serious issue it is and afterwards, criticized the station's writing team live on the air, calling them low class for making light of a woman being beaten by her husband.
  • Random WWE news and notes: Bubba Ray Dudley missed the UK PPV and TV this week due to the death of his mother. Edge and Chris Jericho have joined Kurt Angle as part of the Get Tough on Angina campaign that Angle has already been doing commercials for. A commercial for Summerslam was filmed this week with a bunch of guys chasing Trish Stratus in an ice cream truck.
WATCH: Trish Stratus Summerslam 2002 ice cream truck commercial
  • Rey Mysterio made his WWE debut at a house show in San Diego, beating Chavo Guerrero. Mysterio was wearing his mask again and was said to be more impressive than anyone else on the show. The mask actually did come off by accident at one point though. Mysterio also looked substantially bigger than he did in WCW because, well, he's coming to WWE and you know how that goes.
NEXT WEDNESDAY: Bret Hart injured in bicycle accident, WWE re-hires Vince Russo, King of the Ring fallout, and more coverage of TNA's debut than you could ever possibly want, and a ton more...
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Wrestling Observer Rewind ★ Jun. 17, 2002

Going through old issues of the Wrestling Observer Newsletter and posting highlights in my own words. For anyone interested, I highly recommend signing up for the actual site at f4wonline and checking out the full archives.
PREVIOUSLY:
1-7-2002 1-14-2002 1-21-2002 1-28-2002
2-4-2002 2-11-2002 2-18-2002 2-25-2002
3-4-2002 3-11-2002 3-18-2002 3-25-2002
4-1-2002 4-8-2002 4-15-2002 4-22-2002
4-29-2002 5-6-2002 5-13-2002 5-20-2002
5-27-2002 6-3-2002 6-10-2002

PROGRAMMING NOTE: Some of you may have missed last week's post because I didn't do it on Wednesday. Ended up posting it Thursday instead, so it's there in the archives below if you missed it. I know this 2002 series of Rewinds doesn't really have the momentum or appeal that it had back when I was posting them 3 times a week for years on end. Sorry about that, like I said before, I just decided to post these on a whim when the virus started and didn't really prepare for it so it's all kinda haphazard. But just didn't want anyone to miss the one from last week if it flew under the radar.

  • Steve Austin walked out of WWE this week and threw everything into upheaval. As a result, Raw featured Vince McMahon challenging Ric Flair to a match for ownership of the entire company. It was the ultimate final blow-off to a huge long-term angle, and they did it with only 2 hours of build-up. With Vince now in charge of both shows, questions are swirling about whether this spells the end of the brand split, only a few months in. The reason this all happened is because, only 6 hours before Raw went on the air, Steve Austin showed up to the arena and found out he was scheduled to wrestle (and Dave thinks put over, though he hasn't confirmed that yet) Brock Lesner. Dave immediately points out the obvious, that an Austin vs. Lesnar match is something you should build up ahead of time, not throw it on free TV with no build up at all. Plus, he's still so new, he's incredibly green, and he's spent the last few months selling way too much for people like the Hardyz and Bubba Ray Dudley. Hell, before he debuted in WWE, he wasn't even the most over guy in OVW. He's nowhere near the level you'd expect for him to be winning matches with Steve Austin un-hyped on free TV. In fact, Lesnar should probably go through just about everyone else on the roster before putting him against Austin. That's a potential Wrestlemania-level match and Dave seems befuddled that they would just book it for Raw like this.
  • Apparently Austin felt the same way because he and his wife Debra left the building and flew home before Vince McMahon even arrived to the arena, the second time since Wrestlemania that he has walked out on the company. A source who was there when McMahon learned of the news said that, for the first time anyone could remember, Vince seemed to drop his "game face" and there seemed to be genuine panic about what to do. Rock has one foot out the door to Hollywood. Undertaker and Triple H are banged up and won't be around forever (bet). Business is already collapsing. And now the biggest star the company's ever had just walked out the door. Last time Austin walked out after Wrestlemania, he was only away for 2 weeks. This time, there's a feeling it could be much longer. Those close to Austin say he's been unhappy for months and this decision wasn't anything specifically to do with the Lesnar match. That just happened to be the final straw. Austin made news last week when he went on the WWE's Byte This show and voiced his frustrations with the company's creative direction. Plans had been put into motion over the last couple weeks for Austin to feud with Eddie Guerrero and then Chris Benoit, which he was happy about (he was enjoying his recent house show matches with Eddie and Benoit is one of Austin's favorite opponents) but that's out the window now. Austin and Vince McMahon reportedly haven't been on good terms for several months now and word is the night before Raw, the two of them had a very heated conversation over the phone that left Austin pissed off and frustrated even before this went down.
  • And that's the deal on Austin. He has more money than he'll ever be able to spend and doesn't have any financial need to wrestle. He only does so because he enjoys it. And if he doesn't enjoy it anymore, then by all means, it's his right to leave and he doesn't owe the business anything if he wants to hang up the boots. But Dave does feel like Austin owes WWE at least a few weeks to write him out of storylines since he's such an important piece of the company. Walking out from a live TV taping is unprofessional and it leaves guys like Guerrero and Benoit left hanging, thus screwing up their future plans and money-making potential too (yeah, that's something that doesn't get talked about much. Austin walking out fucked Guerrero over pretty hard here. It would take him another 2 years to get back into that main event scene that he would have been involved in here). That being said, pretty much everyone in the locker room sympathizes with Austin and agrees with his complaints about the creative direction of the company, but not many of them were defending the way he walked out. And given that this is the second time he's done it, the feeling is he shouldn't be allowed back without facing some actual punishment this time.
  • So anyway, the day of Raw, they went into panic mode and had to re-write the entire show. And with the feeling Austin won't be coming back anytime soon, Vince felt they needed to do something big. So they went with blowing off the dual-owners angle in a match that was designed to turn Flair babyface again and establish Vince as the heel owner of everything. There was also discussion of turning Undertaker babyface again, since he's been getting more cheers than RVD when they work together at house shows lately but they decided against that for now (they end up doing it in a couple weeks). So now Flair has been abruptly turned back, after only turning heel a few weeks prior. The brand split may or may not be dead. And there we stand.
  • In what would have been a major story during any other week, DDP has officially retired from wrestling at age 46. Unfortunately, Austin's walk-out overshadowed everything. The decision on DDP's retirement was actually made by Vince McMahon and Jim Ross, who pretty much made the choice for him after they got his medical reports. DDP has been advised by multiple doctors that his spine is shot and he needs to retire. For the company's own liability, WWE decided to listen to the doctors and DDP agreed. There has been talk of finding ways for DDP to work the remainder of his contract for the company in a non-wrestling capacity. (He obviously ends up wrestling a handful of matches in the years since, but for the most part, this really was the end of DDP's in-ring career as a full-time wrestler).
  • There were a couple of moments on Raw this week where Shawn Michaels was cutting a promo and made a comment about Austin "losing his top spot" and another comment later about Rock "stealing Triple H's spot." A lot of people in the company backstage were upset, feeling like this was the same ol' Shawn, going into business for himself and trashing on Austin and Rock and yada yada. Not the case. Those comments were actually scripted for Shawn to say because they want to get over the idea that Shawn on the mic is a loose cannon and you never know when he might start "shooting" and say something he's not supposed to. It's all very dumb, you see. Almost like Vince Russo is coming back any day now or something.
  • Dave gives a big preview and rundown of the Jarrett family's new NWA-TNA promotion, which has its debut show next week on PPV. Not all cable systems are carrying it, however. Cablevision and Dish Network both declined to carry it, but DirecTV is. This cuts down on the number of available homes for the show and probably cuts 20-30% off their potential revenue. The main PPV provider in Canada, Viewer's Choice, has also declined to carry it. Steep mountain to climb here. Dave expects them to do decent numbers for their first show but predicts an XFL-like collapse after that. By week 3, Dave is scared for their chances. From here, Dave gives the whole history of other promotions who've tried to make it on PPV in the U.S., with varying degrees of success and failure. UWFI, UFC, ECW, WCW, PRIDE, etc, WWF has even toyed with similar ideas. In 1991, they did the one-off Tuesday In Texas PPV as a test to see if they could run PPVs back-to-back (Survivor Series was only the week prior) and it was a flop. The original concept for Shotgun Saturday Night was for it to be a weekly Saturday night PPV with a similar >$10 price point, but that idea got scrapped before it got off the ground and it became just another TV show. Dave doesn't think TNA is going to make it without a TV deal. This PPV exclusive plan just has too much working against it. The Jarretts have talked about the millions of disenfranchised fans that stopped watching after WCW died, and it's true. Those people are out there. But those millions of fans all checked out between 1999-2001, and TNA isn't going to win them back by using the same people and the same concepts that ran those viewers away from WCW. All your wacky booking ideas, your Vince Russos, your Jeff Jarretts as champion, bringing in guys that even WWE won't touch (Scott Hall), etc. Those are all the same things that ran away those WCW viewers. Dave just doesn't see how this experiment can work in its current form.
  • Vince McMahon himself was the latest guest on WWE's Byte This show and needless to say, it was interesting. Vince denied the idea that the wrestling business is "cyclical" and said it's more like a series of peaks and valleys that have slowly been trending upwards over the years. Vince also admitted WWE doesn't always make the best decisions but says their batting average is good overall. Vince also said he's proud to have the word "wrestling" in their company name, which is a pretty big about-face from all the years he's tried to publicly claim they were "sports entertainment, not wrestling." He admitted things are rough right now but said there are huge changes coming soon that will change the entire industry but wouldn't elaborate on what he had planned (I think time has proven that the answer to this was nothing whatsoever. They had no idea what they were doing during this time and were just making shit up as they went along). Vince acknowledged that Austin has been frustrated lately and said Austin is the most demanding of all the wrestlers in WWE. Vince also said he pays no attention to the internet because everyone thinks they're a booker. He also complained that it's hard to live up to people's expectations because fans all think they know everything now. Acknowledged ratings being down and played it off like, yes, WWE is sick. But it's only a cold, not pneumonia or anything, so don't panic.
  • More notes from Vince on Byte This because huge unbroken paragraphs suck: he hinted at producing movies starring WWE talent. Dave thinks that's a bad idea. "No Holds Barred," anyone? Criticized backyard wrestling, which Dave actually agrees with him 100% on. Was asked about bringing Vince Russo back and said he hasn't given it any thought but he has an open door policy (see you next week, Russo! Jeez, it almost makes you wonder if Vince got the idea from this interview or something). When asked about the recent Jim Cornette/Ed Ferrara incident, Vince basically seemed disinterested but said he admires Cornette's passion for wrestling but felt spitting in Ferrara's face was unprofessional. When asked about NWA-TNA, Vince said he didn't understand how they could do it without television. Trying to get people to pay $9.95 a week for a 2 hour show (a minor league product at that, because anything other than WWE is basically minor leagues at this point), when they already get Raw and Smackdown on free television. Otherwise, he said he has no opinions on it because he hasn't seen it, but Vince seems to share Dave's opinion. He doesn't see this PPV model as sustainable and doesn't seem particularly threatened by it.
  • NJPW's latest Best of the Super Juniors tournament is in the books and was a disappointment, just like everything else in NJPW lately. Koji Kanemoto won a pretty boring tournament. There was only one new name involved, which was Michinoku Pro wrestler Curry Man (Christopher Daniels under a mask). He's talented and charismatic but he's not even that big a star in Michinoku Pro, much less to the NJPW audience. Otherwise, it was more of the same, with no real notable matches.
  • Zero-1 in Japan is hoping to put together a working relationship with NWA-TNA. Specifically, they're hoping they can do a Shinya Hashimoto vs. Ken Shamrock feud, perhaps over the NWA title.
  • While training for his comeback, Kenta Kobashi messed up his shoulder doing bench presses, because of course he did. Doctors have told him not to return too soon but he still plans to be back in the ring by next month. Because of course he does.
  • NJPW's latest show at Budokan Hall was a disaster. From photos Dave saw, he figures there couldn't have been more than 3,500 fans in the building. Even at its weakest after the NOAH exodus, AJPW never fell below 7,000 at Budokan and this show looked to be half that. It's likely the smallest crowd NJPW has ever drawn to that arena. The whole show was said to be terrible because of the depressing atmosphere of a building that was 2/3 empty.
  • This week's World Cup game between Japan and Russia did a 66.1 TV rating, making it the #2 highest rated sports broadcast in the history of Japan. This is notable because by doing so, it surpassed the Rikidozan vs. Destroyer match from 1963, which did a 64.0 rating, knocking it down to #3 (for what it's worth, it's believed that a Rikidozan vs. Lou Thesz match in 1957 was actually watched by even more people, but official ratings weren't kept as detailed back then, so it can't be counted for sure).
  • Dave has read some excerpts from the new Shaun Assael book on Vince McMahon called "Sex, Lies, and Headlocks." From what he's read, Dave says it's a very good and accurate portrayal of how the WWE has grown to what it is today. Vince's former close friend and VP of Titan Sports during the expansion era Jim Troy and Jim Barnett were both interviewed for it, among others. If you're a hardcore fan who's been following the Observer for years, there's nothing new here that you probably don't already know from a major story standpoint, but there's some interesting details at least that were new to Dave. But to the average fan, this should be pretty eye-opening. Dave expects to have a full review soon.
  • CZW held its second annual Best of the Best tournament at the old ECW Arena and the show got rave reviews. Particularly British wrestlers Jodie Fleisch and Jonny Storm, who tore the house down in their match. Trent Acid defeated Fleisch to win the tournament.
  • The Coen brothers, producers of the movie "Fargo", have had talks with Bobby Heenan about doing a movie based on his life (this pretty obviously went nowhere).
  • New Jack is no longer working with XPW and has jumped ship to work with a rival local promoter in Southern California. Perhaps not coincidentally, the last check New Jack received from XPW promoter Rob Black for $800 ended up bouncing. Dave says New Jack probably isn't the guy you want to write bad checks to.
  • NWA-TNA has changed its taping plans and no longer plans to tour, and they will now be live every week. The first two shows will be taped this week in Huntsville and after that, all future shows will be live from Nashville at the 9,000-seat Municipal Auditorium. Apparently the rent for that building is really cheap because a newer, more modern arena was just built nearby, so TNA can afford it. That being said, with as much trouble as they're having selling tickets for the debut show in Huntsville, Dave thinks it's pretty optimistic to start trying to run live tapings in the same 9,000-seat building every week. He thinks they would be much better off running a small 800-seat building every week, with a smaller, more intimate atmosphere that would come across a lot better on TV than a big cavernous arena that, inevitably, is going to be mostly empty (to this day, 18 years later, TNA/Impact has never once drawn a crowd of 9,000 fans. Never even really close actually).
  • Various other TNA notes: Dave runs down the list of confirmed names for TNA's first taping. Rick Steiner, K-Krush (formerly K-Kwik in WWF), Konnan, Steve Corino, The Harris Brothers, Psicosis, and a bunch of others. Don Frye has talked to Jeff Jarrett about coming in to work a match with Ken Shamrock. Jackie Fargo is going to be there doing something. They made an offer to Shane Douglas but he only agreed to come in if they didn't hire Francine (some kind of falling out between them). TNA decided they'd rather have Francine. They're expected to be doing some kind of old school vs. new school angle so....yay. More latter-years WCW shit. Mike & Todd Shane are coming in as a tag team called Dick & Rod Johnson and will have costumes that apparently look like penises, just in case you were still on the fence about whether Vince Russo is involved. The top stars are basically making around $3,500 per week which is a pretty decent salary for one day's work every week. The guys without name value, on the other hand, are getting $300 per show and are covering their own transportation. Just in case you were still on the fence about whether Jerry Jarrett is involved.
  • Ken Shamrock did an interview and acknowledged that he hasn't done pro-wrestling in a few years and knows he's going to be rusty. He also said he's worried because with only 1 show per week, he won't really be able to get enough matches under his belt to get good again. He also said he's signed a 3 fight deal with UFC and will be fighting Tito Ortiz in September, which turns out to be a pretty huge damn deal.
  • Dave saw the K-1 match with former WCW developmental wrestler Bob Sapp vs. some dude. Doesn't matter. What matters is Bob Sapp is enormous ("makes Brock Lesnar look like Jerry Lynn"). And he mauled this poor guy. In fact, it looked like Sapp was trying to get DQ'd, as he started kicking and kneeing the guy while he was down and just treating it like a street fight, violating lots of rules in the process. He was DQ'd but then K-1 booked Sapp and this other dude for a rematch in July. That leads Dave to think this was planned as an effort to get Sapp over as a lunatic, but if it was a work, somebody should have told the other guy because Sapp fucked him right on up. "This was like everyone feared Mike Tyson would behave, but 1,000 times worse and from a man far more scary." Furthermore, Sapp came out in a full Ric Flair robe and to Ric Flair' ring music, and the arena went insane. Sapp has massive superstar appeal in Japan right now and promoting him as a violent psychopath who has no regards for the rules in a shoot fight appears to be getting over huge.
WATCH: Bob Sapp vs. some dude. Doesn't matter. K-1
  • Edge will not need surgery for his torn labrum injury, so he'll only miss a few weeks of action instead of a few months. Edge is in the midst of the biggest push of his career and this is his chance to finally break through to the next level so needless to say, good news.
  • Notes from Raw: show opened with Vince walking out, which was unexpected since this is Flair's show. He said Austin wasn't there and made a point of saying Austin was too much of a coward to be there. Pretty well buried Austin and buried Raw as a bad show (blaming Flair in kayfabe for all the show's real life problems. Sorta like last year when they actually turned the bad ratings into a storyline by trying to blame it on Corbin. Some things never change). They're doing a storyline with Trish making fun of Molly Holly for allegedly having a fat ass because, again, some things never change. Former Tough Enough contestant Chris Nowinski debuted doing the Harvard grad gimmick like the heel jock in every teen movie. "The heel jock." Never change Dave. Shawn Michaels made his big return, cut his promo joining the NWO and turning heel on the fans before superkicking Booker T out of the group. So theoretically, this should mean Booker T should have to work his way through the entire NWO one by one before getting to Shawn at the end, in what should be Shawn's first match back. "I'm not holding my breath," Dave says. And of course, Vince beat Flair to take control of both shows. Horrible match but considering it was a last minute panic move, understandable under the circumstances. Lesnar ran in and helped Vince win the match.
WATCH: Vince McMahon opening promo with Ric Flair on Raw
WATCH: Ric Flair vs. Vince McMahon for sole ownership of WWE
  • Notes from Smackdown: during a big pull-apart brawl, several agents ran in to break it up. Among them were Dean Malenko and Fit Finlay, appearing on TV for the first time in their new backstage roles, and John Lauranitis who was also shown on TV last week. More gay jokes with Billy and Chuck and Rico, which Dave calls Russo-esque. Not quite yet. Jamie Noble was introduced with Nidia from Tough Enough season 1 as his valet, in a feud with Hurricane. There was a big effort to make Bob Holly a star this week, starting a feud with he and Kurt Angle and they really pushed Holly hard as a star and Angle busted his ass to try and get him over. And they did a show-long angle with Maven in the hospital (he's legit injured) and Torrie Wilson shows up, it's implied that she gives him a blowjob, and then Dr. Tajiri shows up, mists Torrie and beats up Maven. Dave is at least happy that they're trying to make an angle out of Maven's injury so he has a storyline to come back to, which is more effort than they put into most stuff these days.
  • Various WWE notes: referee Tim White suffered a torn rotator cuff in the Backlash Hell in a Cell match and will need surgery that will keep him out of the ring for months. Rey Mysterio is scheduled to debut on WWE house shows this week and, as of now, is expected to be wearing his mask again. Terry Taylor has been reaching out to get hired, but the company won't return his calls (they eventually re-hire him in September).
  • There's been a lot of praise for the new Spiderman comic "Tangled Web" which was written by Raven (I had to research this, but yeah. "Tangled Web" was a Spiderman anthology series that lasted about 2 years and had 22 issues. Each issue was written by different authors. Issue 14 was called "The Last Shoot" and sure enough, it was co-written by Raven alongside Brian Azzarello, who is the mind behind one of my favorite comic series of all time, 100 Bullets. And I had no idea. Wild).
  • The long-discussed plan of having Arn Anderson as Chris Benoit's manager seems to be off the table now. The thought is Anderson has been devalued so much in recent months (they pretty much wheel him out every time they need someone to take a beating for heat in a Flair feud) that he wouldn't be effective as a manager for a strong, serious heel.
  • Tough Enough II winner Linda Miles made her in-ring debut on Velocity, against Ivory. She was accompanied by fellow winner Jackie Gayda, who turned heel on her and cost Linda the match. Dave thinks it's waaaaaay too early to put these 2 women in a feud against each other considering how green they both still are.
WATCH: Linda Miles vs. Ivory - WWE Velocity 2002
  • The Rock, Vince McMahon, Undertaker, Jerry Lawler, Jm Ross, Triple H, Stephanie McMahon, and Shane McMahon were all in Memphis at the Mike Tyson/Lennox Lewis fight last week. Rock could be seen on camera a few rows deep throughout the fight, while Vince was shown on camera as a celebrity in attendance before the fight. The others were never shown on-camera, but they were all there. The PPV is estimated to have done 1.8 million buys and grossed a record $103 million, which are numbers that WWE can only dream of. Prior to the PPV, Rock co-hosted a pre-show party with guests such as Halle Berry and Britney Spears.
NEXT WEDNESDAY: Steve Austin accused of abusing Debra, much more on that situation and Austin's walkout, Jesse Ventura not running for re-election, Rock wrestles in Hawaii, and more...
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