New York passes daily fantasy sports bill
Some highlights from today's http://www.wsj.com/articles/new-york...rts-1466252168 article:
Quote:
The burgeoning fantasy-sports industry got a lift from the New York legislature, which passed a bill early Saturday that explicitly would legalize and regulate the practice in the state. New York Gov. Andrew Cuomo hasn’t indicated whether he will sign the bill.
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The bill that passed would allow fantasy sports companies to operate in New York with certain restrictions, including banning children from playing. The companies would be regulated by the New York State Gaming Commission, which also regulates casinos in the state. The companies would be taxed at 15% of gross revenue, far below the tax rate for casinos.
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The casinos had argued that fantasy sports sites should be allowed to run only in partnership with existing state casinos.
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Dean Murray, a Long Island Republican supporting the bill, said in a debate on the Assembly floor Friday that fantasy sports “is nothing but day trading for sports fans.”
