New York state lawmakers want to expand fantasy sports games and update rules to keep pace with changing fan preferences and the market.
“We can do better,” said state Sen. Joe Addabbo (D-Queens), chairman of the Horse Racing and Gaming Committee, which is pushing a new bill on the popular pastime.
Daily Fantasy Sports is a competition where teams of professional athletes from professional leagues compete online for prizes.
Players earn points based on the on-field performance of their selected players.
The industry’s status in New York has been complicated by years of legal battles over whether it constitutes gambling or skill.
Addabbo’s proposed bill would allow the State Gaming Commission to generate $150 million in new revenue over several years by imposing a $5 million license fee and a 1% renewal fee on gross revenue on new operators. licenses to a wider range of operators to produce. Every 5 years.
But there’s one problem. The bill would also raise his playing age from 18 to 21.
According to a report from the State Gaming Commission, the following operators have temporary permits to offer fantasy sports games in New York: DraftKings, FanDuel, Yahoo, Fantasy Draft, RUMBL, Fanamana, Data Force, and RealTime. Fantasy Sports, For Players by Players, Vauntek, Sports Hub Technologies, MastersFantasyLeagues.com, Boom Fantasy, and Fulltime Fantasy Sports.
Popular fantasy prize picks Underdog, Sleeper and Bettle are the four major operators currently exempt from state fantasy sports laws.
The bill seeks to remedy the exclusion by expanding the country’s regulatory structure to include new fantasy operators and contests such as Pick’Em and peer-to-peer contests.
But state Conservative Party chairman Gerard Cassar opposed the measure, arguing that expanding it would encourage compulsive gambling.
“We’re adding casinos. We’ve got sports betting. Fantasy sports can make things worse, and it fosters obsession,” Kasser said.
According to the Fantasy Sports & Gaming Association, 79% of fantasy participants play professional fantasy football, 32% basketball, 22% baseball, 12% hockey, and 11% soccer.
