New York is one of a number of states seeking the introduction and regulation of sports betting.
US.- John Bonacic, chairman of the Committee on Racing, Gaming and Wagering, introduced a bill on Thursday that would determine the rules and regulations for wagering on sports in the Big Apple. S7900 would amend the current racing, parimutuel wagering and breeding law from New York.
The legislation was introduced ahead of the decision by the Supreme Court in the New Jersey case that seeks to repeal the Professional and Amateur Sports Protection Act (PASPA) that prohibits sports betting on a federal level. Bonacic believes that New York should be ready in case the Supreme Court decides to overturn the PASPA act and rule in favour of New Jersey. He said that the state is known for being slow when dealing with developments in the gambling industry.
“We have the chance to ensure our sports betting statute is fully developed and addresses the needs of the state and all stakeholders so we can hit the ground running if and when we can authorize and regulate sports betting,” he said.
The bill would subject casino sports betting to a 8.5 per cent tax on gross revenue, and operators would also have to pay a fee to sports leagues in order to fight game-fixing. He believes that his proposal could bring between US$10 million and US$30 million for the state every year, while most of the money could be directed towards education.
The current law establishes that the state’s four casinos would be able to offer sports betting if the ban is overruled, as New York included that measure when it amended its Constitution to allow casino gambling.