Theoretically, Since Bungies servers will let people in as soon as any one server reaches 9/9, you should be able to play hours before midnight release EST....
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Digital copies are restricted access by Xbox live and PSN, which is what Deej meant by "when you play is up to your retailer". Last I saw PSN and Xbox Live is still only making it accessible at 3:01AM EST
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That is why I said "Theoretically"....