What's happening
This bill allows unclaimed off-track betting winnings to be transferred each year to regional corporations for any corporate purpose.
Why it matters
Redirects unclaimed betting winnings. The bill changes the current handling of unclaimed off-track betting winnings so that, each year, any remaining unclaimed funds are transferred directly to the regional off-track betting corporation, rather than being held or managed elsewhere.
Increases regional corporation flexibility. By stating the funds may be used "for any corporate purpose," the bill gives regional off-track betting corporations broad discretion to apply these monies to a wide range of needs, such as operations, improvements, debt repayment, or other initiatives.
Potential impact on local government or community benefit. Previously, unclaimed winnings might have been subject to different rules or claims; this bill could reduce the likelihood of those funds being returned to bettors, the state, or local governments, concentrating their use within the betting corporation itself.
Creates a new, recurring revenue stream. By ensuring all unclaimed winnings are transferred annually, the bill establishes a predictable, ongoing influx of funds for regional corporations, which could affect their financial planning and stability.
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Who cares
Regional off-track betting corporations
The bill would transfer the balance of unclaimed winnings and refunds to their operating accounts each April 1 for use for any corporate purpose.
Off-track betting customers
Bettors with unclaimed winnings or refunds would have an interest in the April 1 transfer of those funds to the regional corporation’s operating account.
Regional off-track betting financial managers
The bill would make the transferred balance available for corporate expenses without restricting it to a particular corporate purpose.
Headline styles
Unclaimed Bets Fund OTB Operations
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to racing and wagering
- Referred to racing and wagering
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2488
2019-2020 Regular Sessions
IN ASSEMBLY
January 23, 2019
Introduced by M. of A. FAHY -- read once and referred to the Committee on Racing and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to unclaimed winnings and refunds from off-track pari-mutuel betting; and to repeal subdivision 2 of section 529 of such law relating thereto
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 2 of section 529 of the racing, pari-mutuel wagering and breeding law is REPEALED, and a new subdivision 2 is added to read as follows:
2. The balance of such account remaining unclaimed as of the first of April each year shall be transferred to the regional corporation's operating account and may be used for any corporate purpose.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02289-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.