00:00So let's end, Sam, before we get you out of here for the week with one of these moments in prediction markets, because I got to tell you, you know, sometimes let's just be honest, New York does drive the bus on some legislation that does happen. And if the attorney general is speaking out on prediction markets, this could wake up everybody else. I just don't know exactly what was said. So fill us in.
00:21Yeah, as a proud New Yorker myself, I have no problem agreeing with that statement. Craig, New York drives the bus on a lot of things, not just legislation. But when it comes to sports betting, whenever New York talks, people tend to listen.
00:35And, you know, this week, the attorney general, Letitia James, who has had a very busy tenure as attorney general, it's really interesting that she's actually turning time over to prediction markets now.
00:46She came out and actually issued a consumer alert warning before the Super Bowl, warning New Yorkers that prediction markets are masquerading as federally regulated event contract systems, that they're operating outside of New York sports betting laws.
01:00And because of that, they don't have the protections to make sure you get paid out, don't have the protections to make sure that you are betting of age, and they don't have the other safeguards that kind of have been, you know, imposed on licensed New York sports books for a very long time.
01:15No responsible gaming limits, advertising limits, that sort of thing as well.
01:19It's the same kind of alert that states usually issue when you talk about offshore sports books or illegal cut-and-dry sports books that should not be operating in the U.S., or scams even, for that matter, warning constituents about what not to bet on.
01:34So really interesting that she would kind of liken that to prediction markets.
01:38Obviously, they're not paying New York's 51% tax on sports betting as well.
01:42I think that folds into it as well.
01:43And, you know, it's just kind of another state that's jumping on against the fight against prediction markets.
01:48We now have nine lawsuits against them.
01:51It'll be interesting to see if, you know, New York puts their money where their mouth is and actually joins one of those lawsuits.
01:56We'll see what happens when the CFTC comes down with the new rules they're coming out with.
02:00And, of course, we'll be watching the courts as well.
02:02But I wouldn't be surprised if other states now got on board, like you mentioned, Craig.
02:06New York, usually a bus driver with this sort of thing.
02:08So it'll be interesting to see how the rest of the landscape plays out.
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