Leaders of Tomorrow: Seth Young, Fifth Street Gaming
Welcome to my “Leaders of Tomorrow” Interview Series, where I interview those who have made, and are making an impact on the world of tech as we know it. I ask them to share their stories and explain what it took for them to get to where they are today. My hopes are that this can inspire and educate aspiring entrepreneurs in their journey.
This interview is with Seth Young, Chief Strategy Officer at Fifth Street Gaming Digital
About Seth and Fifth Street Gaming Digital:
Seth Young is an internationally known gaming expert with nearly two decades of experience and a successful track record of continuously being at the forefront of new online gaming technologies and strategies. Young is currently the Chief Strategy Officer at Fifth Street Gaming Digital, and Managing Partner at The Strategy Organization, a full-service gaming consultancy. In addition to these roles, Young also serves on the Board of Directors for Aquimo Technologies, EQL Games, and is an advisor to numerous startups in the gaming sector. Prior to joining FSG Digital, Young served as Chief Innovation Officer at PointsBet (ASX: PBH) where he was responsible for strategic corporate development efforts. Prior to joining PointsBet, Young served as the Executive Director of Online Gaming at Foxwoods Resort Casino, where he was responsible for the strategic development and oversight of Foxwoods’ existing and emerging interactive gaming initiatives. Prior to joining Foxwoods, Young helped pioneer the daily fantasy sports industry in the USA as Chief Operating Officer and Board Member of Flower City Gaming, where he was responsible for the strategic development of Star Fantasy Leagues’ technologies and oversight of all aspects of the company’s development. Young also operated his own consulting firm, SY Ventures, from 2009 to 2012 where he offered clients in the iGaming vertical a full range of services, and served as the Director of Strategy for TexasHoldem.com from 2005 to 2009. Young won the Innovation Group’s 2018 Emerging Leaders of Gaming Award and was named to Global Gaming Business Magazine’s 40 Under 40 list in 2018. Young holds a Bachelor’s degree in Political Science, with a double minor in Internet Studies and Legal Studies, from Brandeis University, and attended Harvard Business School for Mergers and Acquisitions, strategy, execution, and post-merger management.
FSG Digital traces its roots in interactive gaming back to the year 2000, when co-founder and CEO Seth Schorr developed Wynn Resort’s first interactive casino. Today he is joined by his Fifth Street Gaming partner Jeff Fine and experienced iGaming entrepreneur Seth Young to form the leadership of FSG Digital.
The philosophy behind Fifth Street Gaming focuses on providing unique and inspiring experiences, and FSG Digital’s mission embodies this philosophy. FSG Digital aims to support the interactive sports wagering and iGaming ecosystem by creating authentic and engaging product lines that communicate directly with the Latino community in the USA and beyond.
What motivated you to do what you do now?
I’m nearly 20 years into my career in the gaming industry, and my motivation today is identical to what it was when I started; pure interest and passion.
I was brought up with the notion that there were only two viable career paths I could pursue; I could either become a doctor, or I could be a lawyer. I learned pretty quickly that a career in medicine wasn’t in the cards as I had trouble engaging in science classes, and I couldn’t stand the sight of blood.
Looking back, I suppose this was also apparent to my parents, teachers, and school administrators, and I am incredibly fortunate that both my high school and college allowed me to design education programs and activities — with their oversight — that played more to my strengths and interests.
The legal field, on the other hand, I found incredibly fascinating — still do. I did the debate clubs, mock trials, student leadership programs focused on law, some internships, and eventually I was fortunate to have the opportunity to study abroad in London and get some real hands-on experience working in a solicitor’s office on the public defense side. Then, I returned to the US and ended up in law school, but I ended up dropping out after my first year. I remember laughing in the first day of class when my professor said that some people wouldn’t hack it and become a statistic. It never crossed my mind that I would be the statistic.
Law school wasn’t overly difficult, but in my mind at that time it was just preparing me for a stable career in pushing paper, which I had trouble reconciling. It was around this time that the internet was really becoming vibrant with new business, and the emerging opportunities in this brand new world were so viscerally interesting and all-consuming that I knew I’d live with regret if I spent one more day listening to a professor talk about civil procedure. So, I decided to minimize my regret, listen to my gut, and dive into business.
All this is to say, when I dropped out of law school and predictable stability to pursue a career in an unpredictable emerging market with unpredictable emerging technologies, my parents were understandably devastated. It only took about a decade and a half for my mother to admit that it wasn’t the worst idea I’ve ever had. I’ll never forget the moment that I was invited to guest lecture on the convergence of gambling and the law at the very law school that I dropped out of. That was a phone call that I was thrilled to make to my parents.
To bring it full circle, I was and still am viscerally fascinated with everything about the gaming market. Couple that with the fact that I couldn’t reasonably reconcile failing my parents — who to that point had supported and nurtured my growth — and there’s your answer.
What tip would you give a younger you?
That there’s truth to the saying ‘with age comes wisdom.’ When I was 21, I thought I knew everything. Now I’m 38, and that notion is laughable!
Outside of this, my father instilled in me some qualities and tenets that I still follow to this day. Cliché, maybe, but it’s all true.
Hard work trumps talent when talent doesn’t work hard.
Protect your time, it’s the one thing you can never get back.
Be humble, but don’t compromise your vision when you believe you’re correct.
Make decisions quickly, execute thoughtfully, fail fast, and never make the same mistake twice.
And above all, always maintain your honesty and integrity. At the end of the day your character and reputation are what define you.
When starting a company, what is the most important step to ensure you have the best chance to succeed?
The number one thing, for me, is being honest with yourself about what you know, but more importantly, being honest with yourself about what you don’t know. The best entrepreneurs are the ones that can identify their weaknesses and fill those gaps with people that best complement their own skill sets.
If you could see the future, where do you see the gaming market in 10 years?
I’ve given up trying to predict the future of the gaming market. It’s one of the most vibrant, ever-changing industries in the world, rife with innovation, new concepts, and interesting characters. Here’s what I’ll say: I predict in 10 years we have at least 3 new “disruptive” verticals collide with the gambling sector, whether core or ancillary technologies, and I believe the market will continue to grow as new types of entertainment products are introduced. I’m bullish on Web3 technology, skill gaming, and the “gamblification” of casual, familiar games.
What are your thoughts on web3 and different industries trying to add such capabilities to their business models?
I think the Web3 market is largely misunderstood. I think it’s fair to say some people are particularly soured by the recent downturn in crypto market valuations, prior to the run-up of coin prices without much basis in reality or apparent utility. However, the technologies that underpin the crypto market have tremendous utility for the gambling market. Consider payment processing and treasury management as one example; Web3 based technology can completely disrupt how the movement of money occurs. Transactions can be faster, cheaper, fully auditable, and completely transparent, representing cost savings for operators and easier compliance auditing by regulators.
There are a lot of unregulated crypto casinos operating globally in various shades of gray, but the truth is there is a ton of innovation that occurs in this market related to game design and experience. A lot of the smartest people I know are working full time in the Web3 space, and naturally when you get groups of extremely smart people together, new concepts tend to emerge.
Long term I’m bullish on the gambling sector adopting blockchain technology, and even in the medium term think that play-to-earn games leveraging NFT technology is compelling enough to make a dent.
If you had your life savings on one future bet to cash, what would it be?
Putting one’s life savings on a single bet is irresponsible, but I’d say Tom Brady as a first ballot hall-of-famer is about as sure a bet as one can make.
If you could hit the golf course with one person in the world who would it be?
Tiger Woods. I can’t think of a single person who wouldn’t want to play a round of golf with the greatest golfer of all time.
If not Tiger, I’d choose Brent Smith, the front man for Shinedown. I’m a huge fan.