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00:00Because New York may end up doing some different things than all other states, and precedent could be set here if indeed it goes through.
00:06And Sam, certainly I talked about this with Pat earlier in the week.
00:09Is there really a chance that New York will tell their sports bettors that the maximum that you can bet on an individual game is $5,000?
00:17Now, I know for us, Sam, betting $5,000 a game is a lot of money, but there are people out there who don't want to be told what they can bet on games, and this certainly would put that into play.
00:28Yeah, these would be the most sweeping restrictions we've ever seen placed on any state, really.
00:35And then even further, when you talk about what state it is, it's New York, which is the largest market in the country for sports betting.
00:42And it's also the market that charges sportsbooks the highest cost of doing business.
00:47You know, they have the 51% tax rate, but it's also the most profitable states for sportsbooks.
00:52So not just bettors would be angry if you had these restrictions in here.
00:56Sportsbooks in general would be kind of fed up with what's already been a really hard state for them.
01:01It would be this $5,000 away a day limit on wagers, as well as five deposit limit every 24 hours, as well as banning the use of credit cards.
01:11So it's not just that as well.
01:13It's also bans on ads during the day from 8 a.m. to 10 p.m.
01:17And during live sporting events, which is, as we know, that's a really core time for sportsbooks to attract their customers.
01:24It also wouldn't let them market bonus bets or sign-up offers, risk-free bets, anything like that.
01:30So it would really just kind of change the way sportsbooks do their business.
01:34And, you know, we've seen in the past states like Massachusetts ban the term risk-free, which led for some other states to do it.
01:40But in general, sportsbooks had to change their whole national advertising approach just because they didn't want to have to adjust it in a few states.
01:48So, you know, New York is the biggest state again.
01:50So if they had to change this to here, they would have to change a lot of things nationally.
01:54So I have to imagine there'll be a lot – there's a lot of fighting going on.
01:58You know, sportsbooks kind of have to pick and choose what they can lobby about.
02:01But I'd imagine this is something they're very, very resistant to.
02:04It's a lot – there's a lot more chance of this happening than in New York and it affecting things nationally than it is having it on the federal level.
02:13Some of these changes have been proposed.
02:15It's no coincidence a lot of these aspects mirror this federal bill that we saw proposed by Richard Blumenthal and Paul Tonko in the U.S. Congress.
02:24which would have imposed a lot of these similar restrictions.
02:27Now, it's a lot harder to get something like that moved in D.C. where they have a lot of other priorities,
02:32where in general they don't want to really touch sports betting.
02:35They have kind of historically wanted to leave that up to the states.
02:38So if you do have a big state here, which like we know New York, whenever they do something,
02:42a lot of other states tend to look at how can we try to do that?
02:45We've seen states do that with the tax rate.
02:47Ohio, Illinois has pointed to New York and said, you know, they've been able to raise so much money.
02:51Why can't we do that here?
02:52If New York is able to gain momentum, and you never really know in the legislature what can gain momentum,
02:58especially when you have a lot of momentum against online betting in general,
03:03this could be seen as something that's, you know, a necessary, you know, reaction to what's gone on,
03:08you know, whether that's right or wrong.
03:10It's for lawmakers to kind of pencil out.
03:11But there is a realistic chance that this could move somewhere.
03:15Maybe even if it doesn't pass, other states will be inspired by it.
03:18And just overall, the sentiment is kind of growing in this space.
03:21So it'll definitely be something we're watching.
03:23The legislative session ends on June 12th.
03:26So, you know, there's going to be more developments all throughout then.
03:29But definitely a possible scenario that sportsbooks are hoping doesn't happen.