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New York State is gambling away consumer choice

18 1
09.05.2024

As a former attorney general for the State of New York, I am concerned that some of the sports gaming companies the state once helped fend off crony capitalist regulatory attacks are now using equally alarming cronyism against their own competitors. This cronyism is affecting consumer choice and marketplace fairness in our state while jeopardizing millions of dollars of tax revenue at the same time — the same tax revenue that motivated the state Legislature to legalize fantasy sports in the first place.

When it comes to sports gaming, New York leads the nation. When the U.S. Supreme Court struck down the federal ban in 2018, the Empire State (which pre-legalized online sports gaming in 2013) was already ahead of the curve and immediately moved forward to create its state marketplace.

As a result, New York is now the United States’ sports gaming leader. It has realized $1.7 billion in tax revenue from the industry and counting, which has paid for significant portions of the state’s public safety and education needs.

Then came fantasy sports. By leveraging their knowledge of sports history and favorite players (as opposed to just the stupid luck that comes with gambling) to win big, fantasy sports allow New Yorkers to........

© NY Daily News


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