reSee.it Podcast Summary
Mitch Garber, a seasoned entrepreneur and investor, shares his journey from practicing law in Canada to becoming a prominent figure in the gaming and payment processing industries. Growing up in Montreal, he attended McGill University and law school at the University of Ottawa. In the early 90s, he transitioned from law to the burgeoning internet gaming sector, partnering with an Austrian sportsbook to establish a payment processing business that eventually became Paysafe, valued at $11 billion today.
Garber later became CEO of Party Gaming, navigating the challenges posed by the Unlawful Internet Gaming Act in 2006, which significantly reduced the company's market cap. He then joined Caesars Entertainment to start a digital subsidiary, aiming to capitalize on the anticipated legalization of online poker in the U.S. However, faced with political opposition, he pivoted towards social gaming, acquiring a company in Israel that later sold for $4.4 billion.
Currently, Garber serves on the boards of Rackspace and Shutterfly, reflecting on the pandemic's impact on businesses. He discusses the contrasting fortunes of these companies during the crisis, emphasizing the importance of adaptability and foresight. He also highlights the significance of building long-term relationships with successful individuals in his career.
As the conversation shifts to Bitcoin, Garber expresses his curiosity about the cryptocurrency, acknowledging the generational divide in understanding it. He seeks clarity on how to invest in Bitcoin securely and the implications of regulatory risks. Garber notes that Bitcoin's fixed supply and decentralized nature differentiate it from traditional currencies, suggesting its potential as a store of value. He concludes by emphasizing the importance of education in understanding Bitcoin and its future in the financial landscape.