New York Lawmakers Push Prop Bets for Fantasy Sports Revenue

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NY daily fantasy sportsNew York lawmakers are considering a proposal to legalize proposition bets, commonly known as prop bets, for fantasy sports.

This move aims to increase state revenue, particularly for education, and stop the flow of funds to illegal operators.

Let’s see what this proposal entails and its potential impact on the state.

What Are Prop Bets?

Prop bets are wagers placed on specific events within a game rather than on the game’s overall outcome.

For instance, you can bet on the number of points a player will score in a quarter or whether a player will hit a home run in their next at-bat.

These bets add an extra layer of excitement to both closely contested and one-sided games, with wagers starting as low as $5.

joe addabbo DFSLegislative Push and Key Supporters

The bill proposing the legalization of prop bets is co-sponsored by Gary Pretlow, the chairman of the Assembly Racing and Wagering Committee, and Senator Joseph Addabbo, chair of the Senate Racing, Gaming, and Wagering Committee.

Both legislators emphasize the potential for increased tax revenue.

Addabbo noted, “Fantasy sports was only getting about $3 million to $4 million a year for the state. Are you kidding me? Why are we not maximizing fantasy sports like other states?”

The bill’s classification of fantasy sports as games of skill rather than games of chance may not require extensive legislative hearings typically associated with gambling expansion bills.

This classification could streamline the legislative process, allowing for quicker implementation.

Important to add, that the proposal includes measures to reduce potential gambling harms.

For instance, it seeks to raise the minimum age for participating in fantasy sports from 18 to 21, aligning it with the age requirement for sports betting in New York.

This adjustment aims to protect younger individuals from potential gambling addiction.

 

Financial, RG, and Legal Implications

Despite the potential benefits, there are concerns about gambling addiction.

The Council on Compulsive Gambling of New Jersey warned that small, frequent bets could lead to significant financial risks.

They stated, “While prop bets can appear to be harmless fun for people, the potential for problem gambling still exists.”

To address these concerns, the proposal limits prop betting to wagers between individuals within the same fantasy league during the same game.

 

Major operators like MGM Resorts International, Wynn Resorts, Las Vegas Sands, and Caesars Entertainment have expressed interest, indicating the significant economic potential of this initiative.

Additionally, this proposal is part of a broader effort to expand and regulate gambling in New York.

Alongside the push for legalizing prop bets, lawmakers are also accelerating the timeline for granting casino licenses.

The current schedule aims to have proposals submitted by July 31.

The New York State Gaming Commission is required to approve three casino licenses by March 31, 2025.

By speeding up the licensing process, lawmakers hope to capitalize on this potential and reduce the billions in lost revenue due to delays.

Responsible Gambling in NY

If you or someone you know has a gambling problem, help is available. Besides the New York State HOPEline, additional support can be found through:

NY Hopeline problem gambling

New York is dedicated to creating a safe and responsible gambling environment for all players.

By offering educational resources, dedicated support services, and enforcing strict regulations for gambling operators, the state actively works to prevent and address problem gambling.

Want to learn more about internet casinos and sports gambling? Follow our Online Gamblers Academy!

 

Prop bets are specific event wagers within a game, like predicting a player’s quarter points or a home run. They add excitement beyond the game’s outcome.

Gary Pretlow and Joseph Addabbo are key supporters, aiming to boost state revenue, particularly for education.

The bill seeks to limit prop betting to wagers within the same fantasy league during the same game and raise the minimum age for participation to 21.

Legalizing prop bets could significantly increase state revenue, with millions directed towards education and public projects.

It’s part of a broader effort to expand and regulate gambling in New York, alongside accelerating the timeline for granting casino licenses.

Resources include the New York State HOPEline and organizations like the National Council on Problem Gambling and Gamblers Anonymous New York.

Through educational resources, dedicated support services, and stringent legal requirements for gambling operators, New York strives to maintain a safe gambling environment.

Liga Tarasova has a history of quality assurance and leading teams in an outsourcing company. Currently, she is working remotely as an Editor in Chief for Onlinegamblers.com. She stands for fair and safe gambling for people in the USA. Not long ago, she lived in Malta, the global iGaming hub, and worked at an iGaming company offering cloud-based product and platform services to B2B partners. Liga’s passion is visual arts and interior design.

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