00:00And I know, Sam, you have an update in New Jersey as it gets ready to basically decide whether or not they're still going to be online and live here over the next few months.
00:09What's the latest there?
00:11Yeah, really interesting development in New Jersey, a bill that would ban sweepstakes, casinos and sports books was already passed by the Senate.
00:18It actually would have taken effect tomorrow, Thursday, with or without the governor's signature.
00:24He's declined to act on it.
00:25So there's a 45 day deadline.
00:27If he doesn't take action, it goes into effect.
00:29But because the assembly is in a recess right now, that deadline is basically on hold until lawmakers come back, which could be in November.
00:36We don't have an exact date for when the assembly will reconvene.
00:39So it's kind of this strange loophole that gives the industry, the sweepstakes industry, essentially more time to lobby for a veto to hopefully try to do something to get the governor to take action.
00:49Now, I don't think that's likely, but it does kind of create this window for the sweepstakes, casinos and sports books, which are essentially these unregulated online platforms that offer casino style games.
01:00They allow people to make picks much like a sports book using virtual currency, but players can also play with real money that they deposit as well as kind of this virtual currency that you can earn through promotions and different programs.
01:13So they operate this way to be ruled or be under the kind of the sweepstakes law that governs the U.S.
01:21as opposed to state sports betting laws or state online casino laws, which are much more strict.
01:27And, you know, a lot of players out there say that they basically do this because it feels like a casino.
01:32It feels like a sports book.
01:33I think 90 percent of players say that the games likely are gambling.
01:37You've had states like New York, Louisiana, Connecticut, Nevada, California.
01:42There's a lawsuit all now kind of cracking down on these games in New Jersey, really just being the latest.
01:46But meanwhile, these two trade groups, which are really pushing to keep the games, the Social and Promotional Games Association, as well as the Social Gaming Leadership Alliance.
01:55This gives them more time to kind of, you know, make good on their issues or really outline their argument that they say the bill was kind of passed without hearing any, you know, industry stakeholder, any feedback from the sweepstakes themselves, from the industry and really appeasing kind of the, you know, casino interest in New Jersey.
02:15Obviously, it's a big casino state.
02:16So if they can maybe make a better argument here that could, you know, throw a wrench into things, otherwise, I would say whenever, you know, the recess is over and the assembly gets back together, it probably will go in effect and be banned in New Jersey.
02:29But in the meantime, they're allowed to keep operating until it takes effect.
