Bill in New York Calls for Fantasy Sports Prop Betting Legalization

The growth in popularity of sports betting across the United States is unquestionable. With close to 40 states offering legal betting, many provide options for prop bets, albeit some limitations are in place. Proposition bets, also famous as prop bets, gained notoriety over the last couple of years with bettors who lost their wagers sending threatening messages to professional and even collegiate athletes.

As a result, some states completely banned prop bets for college games, while others restricted them to out-of-state college games. New York is among the states that have already banned college prop bets and this ban affected fantasy sports too. However, a legislative proposal is picking up speed which calls for the legalization of prop bets, in particular for fantasy sports, offered by licensed gambling operators in the state.

The proposal is co-sponsored by Assemblyman Gary Pretlow, who is also the Assembly Racing and Wagering Committee’s chairman. In a recent interview for Newsday, he said he favors prop betting and explained that across the country, gambling platforms also like the popularity of the activity.

In addition to permitting prop bets for fantasy sports, the bill seeks to implement changes to the minimum age required for participation in the activity. Per the current rules, residents or visitors of New York need to be minimum 18 years of age to participate in fantasy sports. However, under the changes that may permit prop bets, the minimum legal age for fantasy sports will increase to 21, which is the age required for sports betting in The Empire State.

Fantasy Sports Expansion to Generate Additional Tax Revenue

The proposal seems logical for Sen. Joseph Addabbo, the Senate Racing, Gaming and Wagering Committee’s chair. He explained that between $3 million and $4 million annually come from fantasy sports in New York. Addabbo outlined: “Are you kidding me? Why are we not maximizing fantasy sports like other states?”

According to him, this “maximization” of the potential of fantasy sports can help keep money in the state. Otherwise, New York may be losing this money to the black market or out of state. Finally, Addabbo said that the expansion of fantasy sports can help generate “more revenue for education.”

As a long-term supporter of the liberalization and expansion of gambling in New York, Pretlow recently urged for an acceleration of the processes related to the bidding for the three new downstate casino licenses. He spoke about the need to expedite the processes that can help provide stimulus for local communities.