NY makes changes to sports gambling bill in order to find approval
Amendments introduced by two lawmakers could be the difference between life or death for the bill
New York’s gambling landscape is changing, but how it’s changing remains to be seen. If online sports gambling is going to make it past lawmakers and Governor Andrew Cuomo, it will need to be delicately delivered and finessed. Two legislators behind companion bills addressing sports bets recognize the issues at hand and have made changes to their bill in order to try to appease their fellow lawmakers and Governor Cuomo.
Ahead of a Senate committee meeting coming next week, Assemblyman Gary Pretlow and Senator Joseph Addabbo Jr. have made alterations to their respective A 7116 and S 17 bills. Both have added new licensing fees and a tax rate structure based on tiers of revenue, as well as language that covers tribal inclusion into the activity and protections for athletes.
The new license fee is $12 million, which will go to the state’s Commercial Gaming Revenue Fund and must be paid within 30 days of the applicant receiving approval for the sportsbook. The amount is higher than the current most expensive fee – $10 million in Pennsylvania.
Gross gaming revenue will be taxed at a rate of 12% for mobile wagers and land-based bets are to be taxed 8.5% as previously established. There will also be a 0.20% integrity fee allocated from each wager for distribution to sports leagues, with sports governing bodies required to implement policies that protect athletes and all sports personnel, as well as their families, from attacks.
Four commercial casinos were approved for sports gambling this past January. However, the NY Gaming Commission has still not given them the go-ahead.