What does New York’s sports betting proposal look like?

Lawmakers have filed a new bill with the Senate Racing, Gaming And Wagering Committee to regulate sports betting in the state.

US.- Just days after Governor Andrew Cuomo publicly advocated legal sports betting, two lawmakers have put forward a new proposal to address the regulation of the market.

Senator Joseph Addabbo and Assemblymember Gary Pretlow have put forward their 2021 New York online sports betting proposal which amends the state’s Racing, Pari-Mutuel Wagering and Breeding Law to allow gambling properties to offer legal sports betting.

Under Bill SB1183, operators would pay a $12m fee for the right to operate in New York and a 12 per cent gross revenue tax. The tax rate for in-person betting is currently at 8.5 per cent.

There would also be a 0.2 per cent levy on sports betting handles which would be returned to sports event organisers.

Operators would be permitted to operate two skins under their licences, a clause which marks a difference with a previous bill put forward in 2019, Bill A1257, which is with the Assembly Racing and Wagering Committee.

Other venues such as sports stadiums and off-track betting facilities would be able to offer sports betting as affiliates of casinos.