okays fantasy sports bill
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

New York legislature

Okays fantasy sports bill

Arab Today, arab today

Arab Today, arab today Okays fantasy sports bill

The New York State Senate approved a bill to legalize and regulate virtual competitions
New York - Arab Today

The fantasy sports industry was on the verge of a major win after the New York State Senate early Saturday approved a bill to legalize and regulate the virtual competitions.

The legislation, which had been opposed by gambling critics, now needs only to be endorsed by Governor Andrew Cuomo after winning approval Friday from the assembly. Fantasy sports advocates believe Cuomo will sign the bill, but he has not taken a position.

If enacted, the bill would permit the largest and best capitalized operators, FanDuel and DraftKings, to return to the New York market in time for the critical American football season. 

The two companies halted business in the state after New York Attorney General Eric Schneiderman sued the companies, arguing the games violate the state's anti-gambling laws. New York has been seen as a key bellwether in other big US states, including California, Florida and Texas.

In fantasy sports, contestants pick a fantasy roster of professional athletes from leagues such as the National Football League and Major League Baseball. As the real games take place on the field, the standings of fantasy players are ranked based on actual plays on the field.

Entrants must pay a fee to enter. The biggest competitions award prizes of $1 million or more.

The industry had been in a period of torrid growth prior to the challenge last fall from Schneiderman, which sparked similar crackdowns in a number of other states, including Illinois and Texas.

FanDuel hailed the bill, which passed the Senate by 45-17 and the assembly by 91-22.

"New York fantasy sports fans rallied –- with more than 100,000 emails and thousands of phone calls to legislators –- and legislators heard them and responded," said FanDuel chief executive Nigel Eccles.

"The bill represents a thoughtful legislative process where bipartisanship and willingness to compromise carried the day and we are extremely hopeful Governor Cuomo will sign the bill."

"I believe this is only the beginning of what has become a revolution in how fans experience sports," said DraftKings chief executive Jason Robins, adding that he was hopeful Cuomo "will soon sign the bill into law."

- Gambling or not? -
The bill taxes the industry and explicitly states that fantasy sports is not gambling, even as it places oversight of fantasy sports under the New York state gaming commission.

The measure also includes a number of requirements similar to those casinos, such as criminal background checks of fantasy sports registrants, bans on participation by minors and toll-free numbers to call for those those seeking help for an addiction to gambling.

For the fiercest critics of the measure, none of that is sufficient however.

"You've got to tie yourself in a pretzel to somehow say this is not gambling," said Thomas Abinanti, a Democratic assemblyman who opposed the bill.

But  Dean Murray, a Republican in the Assembly and a DraftKings account holder, countered that the games differ from gambling because they favor deep knowledge of pro sports and are not solely based on luck. 

He likened the practice to the day-trading of stocks, another vital industry, and said New York was wise to encourage a growing industry that will garner revenue for the state.

"This is a win for the literally millions of people in the state who play and enjoy fantasy sports," Murray said. 

"It's also a win for the state for the millions of dollars it will generate."

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

okays fantasy sports bill okays fantasy sports bill

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

okays fantasy sports bill okays fantasy sports bill

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday