State Senator Joe Addabbo of New York is advocating for an expansion of fantasy sports games in the state to keep pace with fan preferences and changes in the market. He believes that current regulations could be improved upon and is pushing for a new bill to address these issues. Daily fantasy sports involve online competitions where participants build teams of professional athletes from a professional league to earn points based on their performance.
The legality of the fantasy sports industry in New York has been disputed due to questions of whether it constitutes gambling or skill. However, Addabbo’s proposed law would allow the state Gaming Commission to license a broader set of operators, potentially generating $150 million in new revenue over several years. This would involve charging a $5 million license fee to new operators and a renewal fee of 1% of gross revenues every five years. The only catch is that the bill would raise the age requirement to play from 18 to 21.
Currently, there are several operators with temporary permits to offer fantasy sports games in New York, including DraftKings, FanDuel, Yahoo, and others. However, popular operators like Fantasy Prize Picks, Underdog, Sleeper, and BetR are not included due to legislative limitations. Addabbo’s bill aims to expand the state’s regulatory structures to include these operators and new forms of fantasy contests such as Pick’Em and peer-to-peer contests.
Some opposition to the bill has been raised by state Conservative Party Chairman Gerard Kassar, who believes that expanding fantasy sports can contribute to compulsive gambling behaviors. He is concerned that with the addition of casinos and sports betting in the state, allowing fantasy sports to grow could further exacerbate issues related to gambling addiction. Despite this opposition, fantasy sports have continued to grow in popularity, with a large percentage of participants engaging in professional fantasy football followed by basketball, baseball, hockey, and soccer.
Overall, the proposed legislation put forth by State Senator Joe Addabbo seeks to update and expand the regulations surrounding fantasy sports in New York. By including new operators and contest formats, the bill aims to provide fans with more options and generate significant revenue for the state. While there are concerns about the potential negative impacts of expanding fantasy sports, the industry continues to attract a large and diverse group of participants who enjoy the interactive and competitive nature of the games.
