New Daily Fantasy Sports Bill For New York

Thursday, February 25, 2016 : NEW D.F.S. BILL LAUNCHED IN NEW YORK
 
Senate Committee on Racing, Gaming and Wagering chairman introduces new measure.
 
New York Attorney General Eric Schneiderman, who has been leading the prosecutorial charge against daily fantasy sports, must be gnashing his teeth at the news Wednesday that a new DFS legalization bill has been introduced in the state Senate.
 
The influential proposer of the bill – S 6793 – is Sen. John Bonacic, chairman of the state Senate Committee on Racing, Gaming and Wagering, and a consistent supporter of legalised online poker  The new bill does a step further than simply recognise DFS as a skill game…it proposes a full-on stringent regulatory regime for the industry in New York state, amending the racing, pari-mutuel wagering and breeding law and the financial services law, in relation to interactive fantasy sports. It includes provisions to:
 
* Create a Fantasy Sports Contests Division within the Financial Frauds And Consumer Protection Unit to promulgate regulations and license operators;
 
* Allows DFS operates already active in the state prior to last November 10 to continue to offer their products whilst their registration process is ongoing;
 
* Imposes a one-time fee of $500,000 which can be applied, in whole or in part, against an operator’s tax obligation for a 36-month period after receiving a license;
 
* Imposes a tax rate of 15 percent of GGR on revenue from New York players;
 
* Establishes a minimum age limit of 18 years;
 
* Bans DFS contests involving collegiate sporting events or horse races;
 
* Exempts DFS from the part of the NY penal code relevant to gambling;
 
* Makes provision for consumer protections, problem gambling, security and the exclusion of employees from playing contests
 
Th bill can be accessed here: http://legalization.nysenate.gov/pdf/bills/2015/S6793