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New bill may ensure sports betting to become legal in New York

New bill may ensure sports betting to become legal in New York

Efforts to make fantasy-sports betting legal in New York may climax soon. There could be a decision in a few weeks, although some details still need to be eradicated.



The current ban didn't achieve a lot since many people still participate in some form of betting. New online casinos have grown in popularity in recent times, offering people an opportunity for some gambling fun. Legislation of sports betting will give the congregation what they want.



The one big question is how to handle the license fees. At first they were placed at $500,000 per company in an early Senate bill, but this will eliminate smaller companies from the New York market. A more recent bill that was just introduced into the assembly addresses this question by offering three licensing fees ranging from $5,000 to $100,000. The amount will be determined by size of the company.



If the State Legislature and Gov. Andrew Cuomo declare the contests legal, General Eric Schneiderman will be forced to drop his attempts to stop the games. Schneiderman and players in the industry that were shut down, such as DraftKings and FanDuel, reached settlement in March. The companies stopped taking plays in the state.