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New York Assembly Approves Daily Fantasy Sports Gaming

New York Assembly Approves Daily Fantasy Sports Gaming

Last Friday the New York State Assembly voted 91 to 22 to approve daily fantasy sports games with lawmakers saying that it does not constitute gambling.

If the bill is now approved by the Senate and signed in to law then sites such as DraftKings and FanDuel will be able to resume offering the online games that were previously enjoyed by thousands of New York sports fans.

Much of the debate in the Assembly focused on whether it constitutes gambling or if daily fantasy sports are a game of skill. Under the bill any daily fantasy sports operator that was offering contests to New York prior to November 20, 2015 would be able to continue temporarily operating until their application for registration is approved or denied. The state would impose a 15% tax on each registrant’s gross revenue as well as an additional 0.5% tax that is not to exceed $50,000 each year.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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