In a pre-dawn vote by state lawmakers in New York, final approval was given in regards to legalizing daily fantasy sports in the state.
Now, all that separates legal DFS in NY is the signature of Governor Andrew Cuomo…
If you’ve been following this story over the last few months, Attorney General Eric Schneiderman declared late last year that DFS offerings from sites like DraftKings and FanDuel were deemed as “illegal forms of gambling” under current NY gaming laws.
The decision was given a temporary stay of execution as counsel for the aforementioned DFS leaders lobbied to keep the sites operating as usual until a legal solution was put on the table that would satisfy NY state lawmakers.
Well, it would seem that the “solution” is finally here, as it was literally just announced only a few hours ago that an agreement was made to push forward a bill sponsored by State Sen. John Bonacic and Assemblyman Gary Pretlow to legalize daily fantasy sports and declare DFS a “game of skill” instead of a “game of chance.”
“This bill is a touchdown,” according to statements made by Gary Pretlow shortly after the bill was pushed through legislature this morning.
Assuming Governor Cuomo will do what everyone expects him to do and sign the bill into law, the state of New York will stand to earn up to $6 million a year in additional tax revenues from DFS companies in operation there.
As the numbers stand, any LICENSED DFS company will have to “pay a tax equal to 15% of their gross revenues after prizes have been taken out, with all revenues from the bill going towards the funding of education initiatives within the state.
If there are any additional updates on this story we will surely share them on 4Flush over the coming days.
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