New York Introduces New Legislation to Regulate Sports Betting
Joining up with the other US states in the run for introducing the sports betting bill, the state of New York has also decided to introduce a fresh piece of legislation for the regulation of the same. The sports betting bill will be duly enforced as a law for regulating betting activities across the state, in case the Supreme Court of United States decides to rule in the favor of repealing the PASPA or the Professional and Amateur Sports Protection Act that prohibits sports betting in all states except four.
According to the report published by a local media house, the State Senator of New York, John Bonacic, introduced the latest sports betting bill recently. Given the fact that Bonacic is the chairman of the Senate Racing and Wagering Committee, it can be safely said that he plays a vital role in the regulation of sports betting in the state.
As per the report, the proposed sports betting bill will authorize the casinos in the state to host betting activities in both professional as well as collegiate level events. In addition to this, an 8.5% of the gross gaming revenues earned by the casinos through these sports betting events would be contributed to the state. According to the estimates put forth by Bonacic, this could equate to an impressive $10 million to $30 million additional revenues for the development of the state.
As is the case with all the other state legislatures across the country, the proposed bill for New York would enforce the new regulations as the law only if the Supreme Court decides to overturn the PASPA. With the review of the Christie vs NCAA case still underway, the Supreme Court is expected to announce a ruling sometime within the next couple of months.
In an interview with the media, Bonacic remarked that the new bill is designed to ensure that New York is able to compete with the other states that are lobbying for the legalization of sports betting more aggressively.
Meanwhile, the famous professional sporting leagues including the Major League Baseball and NBA have come out with their suggestion of developing a model bill that would allow a one percent integrity fee for all the bets that are placed across their leagues. As such, the bill proposed by Bonacic features a provision for an integrity fee of 0.25% to be paid by the operators to the New York State Gaming Commission.