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NY Senator Looks To Expand Fantasy Sports Products, Raise Age Limit

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Sen. Joe Addabbo has introduced a bill in New York that would raise the legal age for fantasy sports contests to 21 from 18.

S9044, introduced last week, also gives New York the opportunity to increase revenue from fantasy sports contests. 

Fantasy sports revenue would jump

The Empire State gains approximately $3 million to $4 million in revenue from fantasy contests each year.

However, if the bill passes, Addabbo told reporters at a news conference in Albany that fantasy sports could generate an additional $150 million in revenue. 

“By codifying the language, and changing the makeup of the games and the amount of platform providers, hopefully we can increase the amount of revenue and make it a better product,” Addabbo told LSR

Fantasy sports fees for operators

Under the bill language, the initial registration fee for fantasy operators would be $5 million. Then there would be 1% of gross revenue for renewal fees every five years.  

Peer-to-peer pick’em would be allowed

Additionally, peer-to-peer pick’em fantasy sports contests would be allowed.

The New York State Gaming Commission previously ruled that against the house contests are prohibited. 

The bill language now defines an “interactive fantasy sports contest” as a “game of skill wherein two or more contestants compete against each other including contests wherein participants select whether athletes,
in the case of sporting events, shall accumulate more or less than a target score set by an operator …”

PrizePicks agreed to a $15 million fine in New York for offering “purported” fantasy contests without a license as part of a settlement with the NYSGC. 

Other gaming items for post-budget

This year’s post-budget legislative session ends in about two weeks. Addabbo is still hoping to get two other items that were nixed from the state budget through before the final deadline.

  • The ability to place proposition wagers on New York sports betting award futures. 
  • Language that would authorize 1% of online NY sports betting tax revenue be used for problem gambling services. 

“It’s harder to push in the Assembly,” Addabbo said. “It’s not a new product, but the goal is to make the product better for New Yorkers.” 

The post NY Senator Looks To Expand Fantasy Sports Products, Raise Age Limit appeared first on Legal Sports Report.

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