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SportsTranscript
00:00 [MUSIC]
00:03 A lot of fun, I think, for people who may not have, let's say,
00:07 the money to invest on single game.
00:09 Sometimes they put in what's called futures odds.
00:12 I'm sure most people who are watching are familiar with that,
00:14 where you put a bet in at the beginning of the season and
00:17 then you cash in at the end.
00:18 Season win totals, futures, etc.
00:20 It's a lot of fun to do cuz you could kind of place a season long bet all at once and
00:24 just wait it out.
00:25 I've always found that interesting.
00:27 But New York is one state where it's a little bit unclear as to what the future
00:31 will hold with that.
00:32 Why is that?
00:34 >> Yeah, New York is weird, right?
00:35 I mean, we celebrated New York for
00:37 finally legalizing the mobile sports betting and everything like that.
00:40 But the truth is to get sports betting up and running in New York,
00:44 it was a bit of a lift.
00:45 Because their constitution is really specific about not just sports betting,
00:50 but also gaming in general.
00:51 And so in New York, actually right now,
00:54 you cannot bet on basically anything that requires a vote.
00:59 So you're talking about an MVP award, a Cy Young, Rookie of the Year.
01:04 Anything where people at the end of the year have to vote on giving this
01:09 award to a player, you can't do that in New York right now.
01:13 And last year, an attempt to get this passed, it just didn't gain any traction.
01:18 And look, when you're guys like Senator Joe Adabo,
01:22 who was going for sports betting for so long, trying to get it,
01:26 trying to get it and then gets it, he's looking at different things now, right?
01:31 They're looking at casinos, they're looking at potentially iGaming.
01:34 And futures bets on these kind of wages,
01:38 they just don't bring in that much money in the grand scheme of things.
01:43 So what we're looking at though is we're looking at potentially a bill that
01:48 could change this, but I mentioned the Constitution and
01:52 here's one part of what the New York State Constitution says about sports wagering.
01:59 It's defined as wagering on sporting events or any portion thereof, or
02:03 on the individual performance statistics of athletes participating in an event or
02:09 a combination of sporting events.
02:11 That to me does not read that that kind of bet based on voting,
02:18 MVP Cy Young again, is going to be included in that.
02:23 So basically, Senator Adabo is gonna have to have his legal team
02:29 poring over this and trying to find an argument that can make it work.
02:35 If they can't, then just to be able to bet on these kind of things in the future,
02:40 you're gonna need a change to the state constitution, and
02:44 that takes about three years in New York.
02:47 So it's pretty wild when you think about, we celebrated that New Yorkers don't have
02:52 to cross the bridge anymore to Jersey to get their bets.
02:56 They have legal mobile sports books that they can access from the comfort of their
03:00 homes, and yet still something is as seemingly silly as being able to place
03:05 a bet on the best pitcher in baseball.
03:07 You can't do it.
03:10 So, it's not like, again, it's not like New York is losing tons of dollars to
03:15 New Jersey as people are flocking over the bridges to bet on MVPs and everything.
03:21 But yeah, it is just like a weird blip to not be able to offer that stuff.
03:26 And the fact that they may have to go through a constitutional change over
03:31 multiple years for it is something we haven't seen in other states.
03:36 It's really a unique situation for New York, but we are keeping an eye on that.
03:42 But like I said, when it comes down to trying to get tax revenue,
03:47 casinos near New York City, way more tax revenue than any of these vote
03:53 future bets could ever bring, and iGaming as well.
03:58 So there are better things to be spending the time on right now, but
04:03 it is not completely on the back burner.
04:07 It's not lost completely, and we'll see where it goes from here.
04:11 [MUSIC]