NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7581
SPONSOR: Kay TITLE OF BILL:
An act to amend the racing, pari-mutuel wagering and breeding law, in
relation to permitting sports wagering on New York college teams
PURPOSE:
To permits sports wagering on New York college teams by New York resi-
dents.
SUMMARY OF PROVISIONS:
Section 1 Amends paragraph (s) of subdivision 1 of section 1367 of the
racing, pari-mutuel wagering and breeding law, as amended by section 3
of part Y of chapter 59 of the laws of 2021.
Section 2 establishes the effective date. Justification: College
athletics have evolved into professional-level sports, yet New York's
stringent gambling regulations are holding our state back. In many ways,
our guidelines are more restrictive than those of neighboring states,
costing New York significant tax revenue.
Legalizing betting on New York college sports would not only generate
additional tax revenue but also strengthen state pride and provide new
financial opportunities for our colleges in the era of name, image, and
likeness (NIL) endorsements. This bill would bring an already widespread
practice into a regulated framework, keeping revenue within our state
and enhancing investment in New York's collegiate athletic programs.
PRIOR LEGISLATIVE HISTORY:
New Bill.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENT:
None.
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a law.
