Chad Beynon discusses record engagement and betting for the World Cup knockout round, with $500M expected per game. In-play betting is growing (70% outside US, 40% in US). Prediction markets (e.g., Kalshi, Polymarket) are a new competitive threat to traditional sportsbooks like DraftKings and Flutter, though product engagement is weaker. Flutter is a buy at current levels, worth less than FanDuel's acquisition price.