Regulated sports betting in the state of New York could be on the way, according to an influential lawmaker in the state.  

A report in the Albany Times Union suggests that the incoming Senate Racing, Gaming & Wagering Committee Chair Joe Addabbo is confident that sports betting will be on the agenda as part of a set of comprehensive regulations in the New York state budget.  

At the end of 2018, Addabbo introduced Bill S17, which contained regulatory measures laying the groundwork for legal sports betting in New York. The Bill has been updated with a number of changes to reflect concerns expressed during the last, unsuccessful attempt to introduce sports betting.  

According to the report, although the Senate Democratic members have been less enthusiastic about sports betting than the Senate Republicans, the need to raise additional taxes, and the potentially significant revenue boost that sports betting could bring may change some Democratic minds.  

The Bill suggests a betting tax of 8.5 per cent and would ban any betting on high school sports events, while casinos that provided sportsbook facilities would have to pay a royalty fee of 0.2 per cent of their handle to sports organisations. According to Addabbo, the legalisation of sports gambling could earn $10m to $30m every year for New York.  

Image sourced from Pixabay.

Published by Marcus Holland

Marcus Holland is a professional betting and financial trading writer. He has been published on various leading websites including The Street, Investing.com, Wagered.com, and Futures Mag. You can contact Marcus at marcus@bettingreporter.com.

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