New York, one of the most influential states in the US, is considering the legalization of proposition betting, also known as prop bets, in fantasy sports. This measure could increase revenue for education and prevent funds from leaving the state or going to illegal operators.
These bets have gained notoriety recently, with some bettors going so far as to send threats to athletes that affect their bets. Several states, including New York, have banned or restricted play for college tournaments, which has also affected fantasy sports.
However, there is now a legislative push to legalize such betting, especially for fantasy sports, through licensed gaming operators in the state.
Gary Pretlow, chairman of the Assembly Racing and Wagering Committee, is co-sponsoring a proposal to allow fantasy sports betting in New York.
The bill also aims to raise the minimum age for fantasy sports from 18 to 21, bringing it in line with the state’s age requirement for sports betting.
Senator Joseph Addabbo, chairman of the Senate Racing, Gaming and Wagering Committee, supports the proposal, highlighting the potential for increased tax revenue. Fantasy sports generate between $3-4 million in New York annually.
Accelerating the New York Casino Timeline
In a note, two New York state lawmakers are pushing a bill to speed up the granting of casino licenses. They argue the current schedule is costing the state billions in lost potential revenue.
Lawmakers are proposing legislation that would require proposals to be submitted by July 31 of this year, with the New York State Gaming Commission required to approve the three casino licenses by March 31, 2025.
The current timeline set by state gaming commissioners brings forward the granting of licenses by December 31, 2025.
Well, New York plans to issue three casino licenses in the interior of the state. Therefore, applicants must meet certain environmental standards, including the State/City Environmental Quality Review (SEQR) Act.
As such, there are 11 known candidates and MGM Resorts International, Wynn Resorts, Las Vegas Sands and Caesars Entertainment are among the operators that have expressed interest.
