NY Senator Pushes for Regulation of Sweepstakes Industry

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00:00Finally, let's get to New York.

00:02Senator Joe Adabo is at it again.

00:04This time, it looks like he's got an issue with sweepstakes, which I know a lot of different

00:09states do.

00:10Adabo, Pat, in the column I read, Illegal Sports Report, simply put, seems to be saying

00:16we are not going to be able to regulate something that won't allow us to be regulated.

00:22The way I read it is that you got to pay us to be involved, but you can tell me what the

00:25real story is here.

00:26Yeah, I mean, that's kind of a good argument he kind of sort of made.

00:31In two Legal Sports Report earlier this year, he also said, you know what?

00:35This is an unregulated form of gambling in the way I look at it.

00:39If we're going to have gambling, it needs to be regulated and it needs so it's safe

00:43for the consumers.

00:44And that's his major stance.

00:47And you're seeing, and it did pass his Senate committee last week.

00:52So we'll see that continue to move forward.

00:54We're seeing more and more states at least take up prohibition bills on these sweepstakes

00:59operators.

01:00I think we're up to eight.

01:01A source has told me that there's probably at least two more coming.

01:05And you're seeing it in some states at least pass.

01:08I mean, there was a sweepstakes bill in Maryland that passed the Senate 47 to 0.

01:12There's a hearing on that bill in the House today.

01:15So, you know, the legislators seemingly think that this is an issue at some level of, you

01:22know, there is gambling components to it and they want it to either be regulated or

01:27they want to prohibit it and just like online casino or the like.

01:32So it's a very interesting situation that is now getting lots of attention from legislators

01:37and then also regulators.

01:39Regulators are now starting to send season assist letters to these operators in the same

01:43way they are with the offshore sports books and online casinos.

01:47So, you know, will it pass any of these legislators fully in New York specifically as it passed

01:55that Senate committee?

01:56We'll see.

01:57But yeah, it's definitely gaining more and more attention.

01:59I think the New York Times, not I think, I know I was just reading it, the New York Times

02:03put out a pretty big explainer about the sweepstake industry and what's happening.

02:07So yeah, it's getting national attention as well.

02:10So yeah, it's going to be fun to watch, that's for sure.