New York Lawmakers want to Legalize Fantasy Sports Prop Betting
New York is at it again trying to shake the sports gambling industry for good or for bad. This this time around, New York Lawmakers want to Legalize Fantasy Sports Prop Betting. The idea behind the Bill to legalize Fantasy Sports Prop Betting is that it would generate additional revenue for education.
However, player prop bets are a currently a sensitive issue with several states putting or wanting a ban on them.
On the other hand, lawmakers believe that legalizing it for fantasy sports would help retain money within New York. This is because fantasy sports money is currently going to the states where it is legal or to illegal operators.
Why New York Lawmakers want to Legalize Fantasy Sports Prop Betting
The rise in popularity of sports betting throughout the United States is undeniable. Nearly 40 states now offer legal betting, although there are some limitations when it comes to prop bets. Proposition bets, also known as prop bets, have gained notoriety in recent years due to bettors who have sent threatening messages to professional and even collegiate athletes after losing their wagers.
As a result, some states have completely banned prop bets for college games, while others have restricted them to out-of-state college games.
New York is one of the states that has already implemented a ban on college prop bets, which has also affected fantasy sports. However, there is a legislative proposal gaining momentum that seeks to legalize prop bets, specifically for fantasy sports, offered by licensed gambling operators in the state.
Assemblyman Gary Pretlow, who serves as the chairman of the Assembly Racing and Wagering Committee, is the co-sponsor of the proposal. In an interview with Newsday, Pretlow said he supports prop betting. Furthermore, he also said that gambling platforms nationwide also appreciate the widespread appeal of this activity.
In addition, the bill aims to introduce modifications to the minimum age criteria for participating in prop bets for fantasy sports. Currently, individuals residing in or visiting New York must be at least 18 years old to engage in fantasy sports. However, if the proposed changes allowing prop bets are approved, the minimum legal age for participating in fantasy sports will be raised to 21, aligning with the age requirement for sports betting in The Empire State.
Fantasy Sports would Generate more Gambling Tax Revenue
Sen. Joseph Addabbo, the chair of the Senate Racing, Gaming and Wagering Committee, finds the proposal to be a logical one. He believes that fantasy sports in New York generate an annual revenue of around $3 million to $4 million. Addabbo expressed his surprise, questioning why the state is not capitalizing on fantasy sports like other states.
Addabbo believes that maximizing the potential of fantasy sports can help retain the money within the state. Otherwise, there is a risk of losing this revenue to the black market or out-of-state entities. Additionally, he emphasized that expanding fantasy sports can contribute to generating more revenue for education.
Assemblyman Pretlow, a staunch advocate for the liberalization and expansion of gambling in New York, recently called for expediting the processes related to bidding for the three new downstate casino licenses. He emphasized the importance of accelerating these processes to provide a boost to local communities.
For sportsbook owners or people wanting to open a sportsbook in New York, it puts them in a tough position. This is because it would be more competition for gambling revenue. Well, unless you are FanDuel or DraftKings who began as fantasy sports companies.
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