New York introduces sports betting bill
Bill S7900 calls for 10.5% tax on GGR and 0.25% integrity fee for the leagues
The New York Senate has introduced a new bill that would legalize sports betting at the state’s race tracks, casinos and off-track betting parlours.
Bill S7900 was filed yesterday by gambling expansion advocate Senator John Bonacic who chairs the Senate Racing, Gaming and Wagering Committee.
The legislation calls for effective tax rate of 10.5% of gross gaming revenue (GGR), including a 0.25% integrity fee payable to the professional sports leagues under certain conditions.
It also appears to cap that fee at 2% of GGR, but does let the leagues specify where the dates used for New York sports betting comes from.
“New York State has historically been behind the curve in dealing with developments in the gaming world, and it has been to our detriment,” said Bonacic.
“We have the chance to ensure our sports betting statute is fully developed and addresses the needs of the state and all stakeholders so we can hit the ground running if and when we can authorize and regulate sports betting.”
An NBA spokesperson told ESPN it preferred a federal approach to betting regulation but would “continue to work with all states seeking our input on a regulated framework that protects the integrity of our game and fairly compensates the NBA’s teams and players”.
The bill, which would only come into force should PASPA be invalidated by the Supreme Court, brings the total number of states with some form of sports betting legislation above 20.
A decision from the Court could be made this month, or could be delayed until the end of June.