Efforts to make fantasy-sports wagering legal in New York may be coming to a head soon. We could have a decision in a few weeks. However, there are some details that still needs to be ironed out. Industry watchers are keen for legislation to be concluded as the current ban has achieved very little.
Many people still engage in some form of wagering so it doesn’t make sense to continue the ban. Another type of online gambling is new online casinos and they have grown in popularity in recent times offering people an opportunity for some gambling fun. Legalisation of sport betting will give the audience what they are earnestly seeking.
This is one big question still being debated. The fees were placed at $500,000 per company in an early Senate bill but this is prohibitive, as it will eliminate smaller companies from the New York market. A recent bill just introduced into the assembly, however, addresses this question by offering three licensing fees ranging from $5,000 to $100,000. The amount to be paid by the company will be determined by size. Companies awarded the license will be expected to pay 15% tax on revenue
Other areas still holding the passage of the bill are safeguards against cheating, preventing participation by minors, and advertising standards. The complete blueprint to ensure equity and fairness in the sector being completed will go a long way towards ensuring passage of the bill.
General Eric Schneiderman and players in the industry that were shut down, such as Draftkings and FandDuel, reached settlement in March. The companies stopped taking plays in the state. Schneiderman will be forced to drop his attempts to stop the games in court if the State Legislature and Gov. Andrew Cuomo declare the contests legal. Eric Schneiderman’s case on whether daily fantasy sports are games of chance and thus constitutionally banned gambling will be heard in court if the games are on the other hand not legalised. The first congressional hearing on the subject in Washington didn’t make things any clearer but there is little chance that the regulation of these games will end up in federal hands.
Agreeing on legislation to approve the games, however, is the best thing to do. Players want them and non-players are not concerned. The premise that the state constitution prohibits gambling cannot continue for long.