New York’s Online Sports Betting Bill on the Move After Committee Aproval

Percent Sign With a Sports Balls and Money Background
The New York online sports betting bills that Lawmakers favor over Governor Andrew Cuomo’s state-run model has begun its legalizations process.

The bills, S1183 and A1257, sponsored by Sen. Joe Addabbo Jr. and Assemblyman Gary Pretlow, have gotten the needed support from both chambers and are on the move.

Support from Both Chambers

The New York Senate voted S1183 out committee on Tuesday while The Assembly followed by voting A1257 out of committee the following day. Getting both chambers to vote them out of committee is the first step in the legalization process for any law in New York and it represents a big win for New York mobile sports betting.

After this, the New York legislative will start the discussion process and hopefully, it will lead to a vote on the floor. According to sources, both the Governor and the members of the senate and assembly are confident that not only will the bill be passed but also expedited.

With the way the bill was voted out of committee in the Senate and the Assembly, it appears like lawmakers are hastening the legalization of New York online sports betting. At this rate, it is very possible that New Yorkers can bet on their mobile devices before the start of the 2021 NFL season in September.

Details of NY Online Sports Betting Bill

The current bill permits New York’s four commercial casinos and three tribal casinos to partner with two sportsbooks each. This means that there will be up to 14 sports betting operators in New York even before the proposed downstate casinos are included. This also means that top sportsbooks like FanDuel and DraftKings, which already have physical sportsbooks in the state will have the opportunity to launch their mobile apps in the Empire State.

Each online sportsbook operator will be required to pay a one-time fee of $12M. That would mean a total of $168M for the state is all 14 slots are taken. Meanwhile, sports betting will be taxed at 8.5% from retail bets and 12% for online bets. Professional sports stadiums and off-track betting facilities will be allowed to partner with a casino to host betting kiosks.

The proposed bill also allows online registration which means that the ongoing pandemic won’t affect the number of bettors and the total amount of bets placed. Operators are also obliged to pay 0.2% of their handle wagered on a specific sport to that sport’s governing body as an “integrity fee”.