DFS boosts New York’s revenues
A new report shows reveals the importance of the legalisation of DFS in the state.
US.- The Albany Times-Union released a new report where data from the New York State Gaming Commission is detailed. The state Governor Andrew Cuomo signed into law the bill that legalises daily fantasy sports (DFS) back in August 2016.
The report establishes that from August to January, New York collected US$2.8 million in tax revenue. Legal Sports Report revealed: “Taxes were collected on more than US$18.6 million in gross revenue that companies reaped in New York during that period. In total, the data show operators, including industry titans DraftKings and FanDuel, took in nearly US$180.4 million in entry fees from New York players.”
The Times-Union believes that US$180.4 million is 10 percent of all DFS revenue generated by the industry in those five months. Last month, the New York State Gaming Commission asked DFS operators to prove that they segregate the funds that come from players from the ones that they use to operate their services.
The gaming commissions demanded documentation so they could verify the legal mechanism and internal controls associated with such a segregated account by which player funds are protected from corporate insolvency, financial risk, or criminal or civil actions against such operator or registrant.
