Sports wagering in New York could be on the table with a set of comprehensive regulations presented in the state budget according to incoming Senate Racing, Gaming & Wagering Committee Chair Joe Addabbo said a report in the Albany Times Union.
Prior to the close of 2018 Addabbo introduced a new bill, S17, containing regulatory measures for sports betting in the state. It takes into account agreed changes made by stakeholders during the last legislative session during which the previous effort to legalize sports betting was ultimately unsuccessful.
The Times Union report went on to suggest that the need to raise taxes could help sway opinion with the Senate Democratic Conference which, it said, has “…never embraced gambling with the same affection as Senate Republicans”.
A significant hurdle facing Addabbo, and stakeholders, will be garnering approval for allowing sports wagering to take place on mobile platforms. While such a move would break with state constitution, Addabbo would like to see the issue challenged head on.
S17 stipulates a tax equivalent to 8.5 per cent and prohibits any wagering on high school athletic sporting events. Casinos offering sportsbooks would also be required to pay a royalty fee of 0.2 per cent of the handle to the state for sports governing bodies. The move to legalize sports gambling could, said Addabbo in the bill, generate between $10m and $30m annually for New York State.