Why doesn't online sports wagering violating the state constitution's strict restrictions on gambling?
Because it's the "sense of the legislature" that wagers cast electronically through equipment (a server) at a casino make it fine, according to new budget bill text.
Because it's the "sense of the legislature" that wagers cast electronically through equipment (a server) at a casino make it fine, according to new budget bill text.
It appears that mobile sports wagering platforms will be taxed at least 12%, but actually rates will be based on a competitive bidding process conducted by the Gaming Commission. In-person sports bets are taxed at 10% of "sports wagering gross gaming revenue."
The online sports wagering language in the budget includes a provision ensuring $5 million annually for youth sports.
This was a priority of Assemblywoman @mwallace143.
wqxr.org/story/lawmaker…
This was a priority of Assemblywoman @mwallace143.
wqxr.org/story/lawmaker…
The online sports wagering language in the budget includes a provision committing $6 million annually for gambling education and treatment purposes.
It's not clear whether this means an additional $6 million will be spent on services, or whether this will fund existing programs
It's not clear whether this means an additional $6 million will be spent on services, or whether this will fund existing programs
In order to get a mobile sports wagering license, a platform provider needs to pay a $25 million fee to the state. The money will be deposited in the state lottery fund "for education aid."
A mobile sports waging platform provider will be selected after a competitive bidding process, with the state issuing a request for applications by July 1 and applications will be due 30 days after the RFA is issued.
Gambling operators bidding to run mobile sports wagering in New York will get extra consideration by the state if they enter into a revenue sharing deal Native American tribes.
When the state selects a mobile sports wagering provider, their considerations will include revenue projections, past experience in the field, timeframe for becoming operational.
The state will award a mobile sports wagering license to the 2 best judged potential "platform providers." And - try to understand this - there will be no less than "four mobile sports wagering operators."
Operators run a pool through a "mobile sports wagering platform."
Operators run a pool through a "mobile sports wagering platform."
The Cuomo administration MAY license additional platform providers (more than two) if it's "in the best interests of the state." They would pay the same tax rates as the initially selected providers.
A casino that hosts a server at their facility - so the plan is kosher under the state constitution - will be paid "reasonable and actual costs" set by the Cuomo administration PLUS another $5 million a year if they don't spill a soda on it (my editorializing).
DOWNSTATE CASINO ALERT!
The Cuomo administration will issue an RFI to determine interest in utilizing 1 of the 3 unutilized #casino licenses.
The state will issue a report on what it learns within 6 months of getting its information.
The Cuomo administration will issue an RFI to determine interest in utilizing 1 of the 3 unutilized #casino licenses.
The state will issue a report on what it learns within 6 months of getting its information.
@threadreaderapp unroll please
Found this bad boy after additional reading. In my defense, it was moved from its original budget spot.
https://twitter.com/poozer87/status/1379625987210629120?s=20
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