Betting On Blockchain: The Future Of Sports Betting

Alex Dubin
Founder and CEO, BettorOff
1hr 40min
January 25, 2024
About the Show

"I can guarantee that my team is the best team I can possibly put together, and I can guarantee that if this fails at the end, I'll be lying there bloody right next to it. That's how investors should see you - You're going to work hard." ‍

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Alex Dubin is the co-founder and CEO of BettorOff, a sports betting platform designed to bring transparency and integrity to bettors through blockchain technology. After a few early career twists and turns, Alex Dubin leveraged a chance meeting in a poker game to pivot into sports betting just as daily fantasy sports (DFS) was taking off. He helped set up an investment fund that delivered over 70% returns by deploying algorithms and analytics to beat platforms like DraftKings and FanDuel. However, regulatory changes aimed at these DFS market leaders ultimately crushed Alex’s fund after an impressive 23 month run. Showing perseverance, he co-founded a sports data and analytics company focused on the exploding esports industry and was acquired within two years.

Alex then combined his passion for sports and his legal background to co-found BettorOff. With over 50 million sports bettors in the U.S. relying on questionable information sources, BettorOff verifies betting records and gives handicappers an equitable way to build reputation and community. The company wants to be the go-to source for sportsbook players and content creators in a niche Alex calls the “OnlyFans for sports betting”. He believes relentless pursuit of purpose and passion is key to thriving through the startup wilderness.

Episode Resources: 

BettorOff: https://www.bettoroff.com/

Miami Heat: https://www.nba.com/heat

Alex’s LinkedIn: https://www.linkedin.com/in/alex-dubin-41834261/

Pat RIley Wikipedia: https://en.wikipedia.org/wiki/Pat_Riley

Winning Time (TV SHow): https://en.wikipedia.org/wiki/Winning_Time:_The_Rise_of_the_Lakers_Dynasty

Key Moments

Strategic Networking: Turning Chance Encounters into Opportunities with Alex Dubin

Alex Dubin's journey is a testament to the transformative power of strategic networking and seizing opportunities. As the co-founder and CEO of BettorOff, his remarkable trajectory is marked by pivotal encounters, strategic pivots, and profound aha moments. Starting with leveraging a chance meeting in a poker game, transitioning into sports betting just as daily fantasy sports (DFS) was taking off, and culminating in the establishment of BettorOff, Alex's career is a playbook on turning serendipitous encounters into lucrative opportunities. His superpower lies in assembling the brightest minds to address specific challenges, a prowess that has led him through the triumphant acquisition of NXTAKE. As we unravel Alex's journey, let's explore the five crucial strategies that Alex employed to harness the full potential of strategic networking.

Embrace Serendipity: Recognize and Seize Unexpected Opportunities

Picture Alex, a ski instructor in the scenic landscapes of Aspen, Colorado, a role seemingly distant from the high-octane world of professional basketball - yet it was in this serene setting that Alex's life was about to pivot in a way he could never have anticipated. During a routine ski lift ride, an encounter unfolded that would forever alter his professional path. Alex found himself seated beside none other than Pat Riley, the esteemed Miami Heat coach. After exchanging pleasantries, Alex engaged Riley in a conversation that showcased not just a passion for sports but also his keen intellect and ambition. Riley offered that Alex reach out about a job with the Heat, provided a contact number, and stepped off the lift. It was only after the conversation had ended that Alex realized the gravity of what had happened - This wasn't just a chance meeting; it was the universe setting the stage for Alex's next big leap. Undeterred by the stark shift from the ski slopes to the basketball court, Alex pursued this unforeseen opportunity with relentless determination, proving that when destiny knocks, he was not only ready to answer but also prepared to sprint through the door.

Alex's chance encounter with Pat Riley was a catalyst that reshaped his future. This critical juncture illustrates the essence of being open to new interactions, recognizing a moment of real connection, and seizing unexpected opportunities when they arise. In a world brimming with potential, the difference between those who succeed and those who don't often comes down to the ability to spot these hidden gems. Alex's journey underscores the importance of being open to the unforeseen, ready to pivot at a moment's notice, and prepared to present oneself impressively when fate presents an opportunity.

Strategy in Action: Be perpetually prepared to articulate your skills and ambitions. Like Alex, your next big break could be a casual conversation away.

Pursue Opportunities Bravely: From Ideas to Execution

There was a time when Alex found himself entrenched in the life of a corporate lawyer, a role that, despite its prestige and stability, left him feeling unfulfilled and craving more. It was during this period of professional discontent that Alex found himself in the dimly lit backroom of a New York gambling den, a world away from the sterile corridors of corporate law. Across the poker table sat two strangers, brand new acquaintances at the time, yet destined to become his co-founders.

As the night unfolded, the trio's conversation veered from casual banter to a discussion of careers, talents, and groundbreaking ideas. The two players, armed with an intricate understanding of algorithms and a novel approach to daily fantasy sports (DFS), shared their vision and expertise. Alex, driven by an innate curiosity and a hunger for change, listened intently, asking questions and digging deeper into the strange skill set of these two strangers. It was more than just a discussion; it was the spark of a venture that promised to redefine the landscape of sports betting. The strangers, realizing Alex’s abilities in turn, asked if he would be interested in collaborating on creating a fund that would help them increase their betting stakes significantly. Recognizing the potential of what lay before him, Alex's willingness to collaborate with these near strangers exemplified a boldness that few possess. It was a decision that would pivot his career path from the rigid world of law to the dynamic realm of entrepreneurship, forever altering the trajectory of his life.

From a casual poker game conversation to the creation of a groundbreaking business, Alex's boldness in transforming an idea into reality exemplifies the courage needed to convert opportunities into tangible success. The shift from ideation to execution is fraught with risks and uncertainties, but as Alex's story reveals, it is this leap of faith, underpinned by meticulous planning and unwavering conviction, that separates dreamers from doers.

Strategy in Action: Meticulously evaluate new ideas but be swift and bold in their execution. Embrace the calculated risks as Alex did when stepping into the sports betting arena.

Build an Impressive Advisory Board: Leverage Influential Networks

In the intricate process of building a groundbreaking venture, especially one tethered to the complex and often scrutinized world of gambling, Alex Dubin understood that the success of his team was not merely tied to skill and talent; it was about establishing cultural legitimacy and trust. Recognizing the importance of credibility in an industry fraught with skepticism, Alex’s journey led him to General Harvey Schiller, a figure whose illustrious career and unassailable reputation would prove to be a game-changer.

Securing General Schiller's was no mere feat of networking; it was a deliberate strategy to integrate the organization with a level of legitimacy and gravitas that only a figure of his stature could offer. With General Schiller on board, the venture transcended from gambling startup into an entity that resonated with authenticity and seriousness. This strategic alliance not only elevated the team's morale but also sent ripples through the industry, signaling that Alex's venture was a force to be reckoned with, backed by a team whose cultural legitimacy was beyond reproach.

Incorporating influential figures like General Harvey Schiller into his venture wasn't just about adding names to a roster; it was a strategic maneuver that significantly propelled the business forward. A well-composed advisory board can be the linchpin in a startup's journey, offering not just guidance but also credibility and an expansive network.

Strategy in Action: Curate a board that not only offers expertise but also lends credibility and a broad network to your initiative. Diversity in skills and networks is key.

Navigate Unconventional Paths: Be Open to Non-Linear Career Trajectories

Alex's journey, from teaching skiing to leading tech startups, is a vivid illustration of the richness and potential of unconventional career paths. Each twist and turn in his journey has been a repository of lessons and opportunities, contributing to a narrative that is uniquely his. In a landscape that often prizes linear progression, Alex's story is a compelling reminder of the strength in diversity of experience facilitated by curiosity and proactivity. By embracing serendipity, pursuing opportunities bravely, building an impressive advisory board, and navigating unconventional paths, Alex transformed every opportunity into a stepping stone towards success. Let these strategies guide you as you navigate the intricate world of entrepreneurship and career growth. For a deeper dive into the intricate nuances of strategic networking, don't miss the full interview with Alex Dubin, where every anecdote is a lesson and every setback, a setup for a comeback.

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