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Sponsors
Senator · Senate District 42
1 Co-sponsor
History
- Committee discharged and committed to rules
- Reported and committed to finance
- Print number 6793a
- Amend (t) and recommit to racing, gaming and wagering
- Referred to racing, gaming and wagering
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to interactive fantasy sports
Purpose
To provide for the registration and regulation of companies that offer interactive fantasy sports contests.
Summary of provisions
Section 1:Amends the Racing, Pari-Mutuel Wagering and Breeding Law to create a new Article 15 which authorizes the Gaming Commission to register certain entities to offer interactive fantasy sports as provided below:
Section 1500. Legislative findings and purpose. Provides for legislative findings.
Section 1501. Definitions. Provides definitions.
Section 1502. Registration. Provides that the New York State Gaming Commission promulgate regulations in order to implement interactive fantasy sports and register organizations to operate interactive gaming. Each registrant shall pay a fee shall in the amount of the lesser of $500,000 or 5% of their interactive fantasy sports gross revenue from the previous 12 months, and the registration shall be in effect for 10 years. Entities with less than five thousand customers in New York are exempt from the registration fee.
Section 1503. Required Safeguards/minimum standards. Provides that the New York State Gaming Commission shall require registrants to implement certain standards to protect against fraud and underage or compulsive participation in fantasy sports contests.
Section 1504. Scope of registration review. Provides that the New York State Gaming Commission shall thoroughly review the background of any applicant seeking to be registered to provide interactive fantasy sports to the public.
Section 1505. State tax. This section provides that interactive fantasy sports registrants shall pay a tax of 15% of their interactive fantasy sports gross revenue, attributable to customers from New York, to the state.
Section 2:Effective date.
Justification
A number of companies have been offering interactive online fantasy sports contests to New York residents in recent years following the enactment of the Unlawful Internet Gambling Enforcement Act of 2006. Recently, however, questions have arisen regarding the legality and integrity of these contests. This legislation seeks to address such concerns and enact a registration process and regulatory oversight to ensure that these contests are conducted fairly.
Legislative history
New bill.
Fiscal implications
Increased revenue to the state through taxing interactive fantasy sports and the payment of registration fees. EFFECTIVE DATE : This act shall take effect immediately, however, an entity that was offering interactive fantasy sports contests to New York residents prior to November 10, 2015, may continue to offer interactive fantasy sports contests to New York residents until their application for registration has been approved or denied, unless such entity fails to file an application with the commission within ninety days of the issuance of emergency regulations pursuant to article 15 of the racing, pari-mutuel wagering and breeding law, as added by section one of this act.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.