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SportsTranscript
00:00Sweepstakes discussion boy. This is like the story of the year thus far Sam with the amount of different, you know, sweepstakes talks
00:06We've had New York usually sets trends for a lot of different things taxes sports betting and a lot more
00:11They're saying no to sweepstakes, aren't they?
00:14Yeah, there's certainly trying to again
00:16This is another this has been a really big story because it's been a big question of how do we handle this?
00:21How do we even approach it these sweepstakes gambling companies want to say? Hey, we're not a sports book. We're not a
00:28Casino, we allow people the option to do that
00:31But we because we give them a free option is essentially a loophole which lets people bet and lets people
00:37Kind of skirt around maybe some gambling laws and provisions because they're calling it a sweepstake
00:42So states are starting to say, okay, we think that's actually sports betting in New York is definitely one of them
00:47They have this new bill. It's target targeting this model
00:51Which could be gaining traction again, New York
00:53Like you said is very big
00:54State and what they do kind of sets the precedent for other states. It's backed by Senator Joseph Adabo
01:00Who is vowing to shut down these operators? He calls it unregulated gaming
01:05They allow you to give these coins and credits which you then connect then redeem for real cash
01:11But he thinks it has it's gonna be able to gain real traction in the Senate again
01:15It's very hard to get gambling changes passed. Once you kind of passed an original sports betting bill
01:19It's been harder to lower the tax rate
01:21But this is something I think the industry will be very supportive as well
01:25The group that is kind of coalesced around the sweepstakes model is is pushing back on their own, right?
01:30Saying the lawmakers rushed this bill forward. They're not listening to each side
01:34They argue that this could scare off investment in the state and innovation
01:37But those arguments you hear a lot about these kind of alternative models that have popped up and you're right
01:43It's not just a New York thing at least seven states now have kind of introduced some sort of legislation
01:47That could combat this but again none has actually passed it forward
01:51So if New York becomes the first state where they successfully do this get rid of sweepstakes
01:55It could set reverberations throughout the rest of the industry
01:58Which is very much interested in the sweepstakes model right now as states are, you know
02:03Maybe not being able to legalize sports betting or we're running out of states to legalize sports betting
02:08We've seen these alternative models pop up and certainly more alternatives with the prediction markets the fantasy sports aspect of it
02:14everything that's kind of popped up and it's another one of those instances where you're seeing the regulation kind of come after and
02:20People just you know trying to address things after they happen. We'll see if they can get it done in New York
02:25It's certainly a very tough place to get bills passed
02:28But again because it has the support of the gambling industry as well as a major center. It looks pretty good for its prospects