New York Legislators Push for Legalizing Prop Bets in Fantasy Sports
New York is among the states that have prohibited prop bets on college games, impacting fantasy sports as well. However, a new legislative proposal is gaining momentum to legalize prop bets specifically for fantasy sports through licensed gambling operators.
New York’s Legislative Proposal
The proposal is co-sponsored by Assemblyman Gary Pretlow, chairman of the Assembly Racing and Wagering Committee. In a recent interview with Newsday, Pretlow expressed his support for prop betting, noting its popularity among gambling platforms nationwide.
The proposed bill also seeks to raise the minimum age for participation in fantasy sports from 18 to 21, aligning it with the age requirement for sports betting in New York.
Economic Impact and Revenue Generation
Senator Joseph Addabbo, chair of the Senate Racing, Gaming, and Wagering Committee, supports the proposal, highlighting its potential to boost state revenue.
He noted that fantasy sports currently generate between $3 million and $4 million annually for New York. Addabbo emphasized the importance of maximizing this revenue, arguing that failure to do so might result in financial losses to the black market or out-of-state entities. He believes that expanding fantasy sports could significantly increase funding for education.
Pretlow, a long-time advocate for expanding gambling in New York, has also called for speeding up the process of awarding three new downstate casino licenses. He argues that accelerating these processes could provide substantial economic benefits and stimulus for local communities.
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