Emerging Trends in Sweepstakes and Betting Markets in Louisiana

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00:00i mean uh i give these companies a lot of credit you know they see all the money these sports books

00:04are making and you know they're like all right well i mean if some of this stuff is not going

00:09to be legal in our state you know let's try and do something similar but not the same

00:14and pat they just keep pulling it off in in a lot of states but at least in louisiana

00:20uh not surprisingly with how strict they've been on some of the uh online casino you know

00:25online betting they're not going to allow this at least for the time being yeah so i guess to your

00:31point over the last couple of years when i come on there's kind of an annual topic that does just come

00:36up and up uh because of the way you know people outside the sports betting just the the main

00:43leaders the fan duels draft kings but mgm caesars are looking at it and to like you said see a lot

00:48of money on the table especially in the the markets that maybe don't have legalized sports betting and

00:53so you've seen you know a couple years ago is dfs 2.0 where dfs operators started offering

00:59parlay sports bets for lack of a better term because they found ways to illegally offer that

01:04in the way things were worded last year it was sweepstakes and that's what we'll be talking about

01:10in a second and this year's the the prediction markets which are federally regulated by the cftc

01:14and you've seen some state regulators say hold on you can't do that here then we've seen lawsuits

01:19pop up and and those lawsuits so far have said nope that's okay it's federally regulated so there you

01:25go so yeah there's all these kind of like side siloed uh sports betting options that aren't actually

01:31sports betting but are it's confusing sweepstakes of course is kind of again it's a gray area and

01:37and finally you've got legislators looking at it to say okay maybe this isn't okay maybe we should

01:42tighten these up maybe we shouldn't how do we handle it um and if you're not familiar with it they're kind

01:48of through you know they do offer free to play casino and sports betting options that you can

01:53kind of just play around with and you know whatever but you can also buy special coins

01:58that you can then use in a casino and sports betting setting and then if you win you can

02:03turn around and exchange those for real money and so that's where the gray area is and now uh you know

02:09kind of as in any issue whether it's sports betting online gambling infrastructure what have you

02:14you legislators are kind of slow to get to actual issues and so now we're actually talking about

02:20sweepstakes even though this was topic leisure last year this week you had two uh well i guess

02:25it was last weekend this week you had two big state legislators kind of say okay nope we're gonna

02:30do this and both unanimously passed sweepstakes prohibition bans that's in louisiana which to your

02:36point has been pretty strict on online casino operators because it's not legal there and connecticut uh which

02:43also just legalized it so those are both heading to the governor their respective governors uh to

02:48join montana which just recently became the first state to have their governor sign a sports betting or

02:55sweepstakes prohibition bill and so that's the law so now you've got connecticut louisiana and nevada

03:01also passed a similar sweepstakes ban uh to to prohibit the use of these dual currency uh casinos and

03:09sports betting websites and um you know we had momentum early in the session these both took a

03:15long time to get through and and finally passed unanimously again as i said in both chambers of

03:20their their legislators um but we had a couple others that looked like they were going to pass

03:25mississippi was the first to see a full chamber the senate pass one of these bands uh but then it got

03:31caught up in this online sports betting expansion kind of discussion and then fell apart in a conference

03:36committee florida your your state had you know quite a bit of action until it kind of stalled out um

03:42there's a few others that are still in the process this year uh new jersey's we just saw it pass a

03:48committee and that's going forward new york as we wind down uh there is a senate bill that did pass

03:53its initial committee and is waiting a floor vote but it is again almost uh adjourned for the season so

03:58that'll be interesting but of note vgw which is one of the biggest operators of uh sweepstakes you know

04:06casinos and sports books uh pulled out of new york because of it seemingly that movement uh so it is

04:12interesting just kind of watch the legislators move against this and see where it goes we had the social

04:19and promotional games association come out and say they're disappointed in all of these uh movements

04:24of course they they would like to stay legal and operated in all these states and then they also

04:29kind of suggest that because of the rules that are being put into place that you know major corporations

04:35like starbucks and mcdonald's which also hold their own types of sweepstakes are going to get rushed up in

04:40this and so it's interesting to see that conflated and pulled together and and try to confuse consumers

04:46maybe um and then i guess of note also is vgw that that major operator i just mentioned is not part of

04:52that association they started a separate association to help inform the public and uh legislators and

05:00other industry stakeholders about this industry and and to see you know if they can help kind of move

05:05things in the right direction for them um but you can you can imagine that you know the big sports books

05:11aren't necessarily happy with any of these developments whether it was dfs 2.0 which we remember you know you

05:17had fan duel executives calling them out um can't imagine they're happy with sweepstakes getting any sort of

05:23revenue that they might get or again cal she and and the like for these prediction market uh operators

05:29that are now legally operating in 50 states and you know you gotta wonder what's going to happen here

05:35when legislators really start to dig in there

05:45you

05:47you

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