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Need a license. joining us now, dominic ramada. there is a lot of opinion here. one fact, there is a lot of money won and lost and it seems like it's the wild west. >> absolutely. both draft kings and fan duel, there is talk of bothing for public last year. you see ads for these services all over television and the internet. >> december fight all that money that exists, as we've looked into it, it seems that there is very little regulation controlling how they do business, what happens. at one point you had draft kings employees or one site's employees betting on another site which seems to be...

Isn't that a pretty way to say stealing? >> you know, what was most striking about today's hearing, a financial firm, a big, modern financial firm, that was supposed to be operating under the strictest of controls and under regulatory supervision could spin so far out of control in the frantic final days of this firm... the executives didn't know where the money was. they couldn't keep track of it from one moment to the next, they didn't know whether they had a shortfall in customer accounts or whether the money was miscounted. one of the executives said they she held off for a day or two in a...

Isn't that a pretty way to say stealing? >> you know, what was most striking about today's hearing, a financial firm, a big, modern financial firm, that was supposed to be operating under the strictest of controls and under regulatory supervision could spin so far out of control in the frantic final days of this firm... the executives didn't know where the money was. they couldn't keep track of it from one moment to the next, they didn't know whether they had a shortfall in customer accounts or whether the money was miscounted. one of the executives said they she held off for a day or two in a...