New York Considers Legalizing Prop Bets for Fantasy Sports
The City That Never Sleeps Is Considering Legalizing Prop Bets for Fantasy Sports
Fantasy Sports Mania 🤩
New York legislators are currently exploring a proposal to legalize proposition bets (prop bets) for fantasy sports. Prop bets, which involve wagering on specific events such as the number of points a player will score in a quarter or whether a player will hit a home run, have become a contentious topic in the betting industry.
Expert Pick: Subscribe below to get our Premium Insights!
Expert Pick: Subscribe below to get our Premium Insights!While these bets can add excitement to games, they also carry risks that have prompted significant opposition, particularly from sports leagues and gambling addiction experts.
Remember when New York Giants @obj was a fantasy cheat code 💭
(h/t @JWIMYS) pic.twitter.com/1VHBuvb8pn
— ESPN Fantasy Sports (@ESPNFantasy) July 20, 2023
The Debate Over Prop Bets
Prop bets have been the center of betting news for their potential to encourage match-fixing and other forms of manipulation.
The NCAA, in particular, has voiced strong concerns, arguing that these bets shift the focus from team outcomes to individual performances, increasing the risk of players being targeted for manipulation.
NCAA President Charlie Baker has been a vocal opponent, urging states to ban prop bets to protect student-athletes from harassment and undue pressure.
The Council on Compulsive Gambling of New Jersey has also highlighted the risks associated with prop bets. Although they may seem like harmless fun, the cumulative effect of small, frequent bets can lead to significant financial issues for bettors.
This warning is especially pertinent as New York considers expanding its options for betting online.
New York’s Legislative Proposal
Despite these concerns, New York legislators believe the potential benefits of legalizing prop bets for fantasy sports outweigh the risks.
The proposed legislation, backed by Assembly Racing and Wagering Committee Chairman Gary Pretlow and Senate Racing, Gaming, and Wagering Committee Chairman Joseph Addabbo, aims to regulate prop bets within the state, ensuring they are only placed on licensed platforms.
The bill also proposes raising the minimum age for participating in fantasy sports from 18 to 21, aligning it with the age requirement for sports betting in New York.
This move is intended to protect younger individuals from the potential harms of gambling.
Economic Impact
One of the primary motivations behind the proposal is the potential for increased tax revenue. Currently, fantasy sports generate relatively modest revenue for the state, around $3 million to $4 million annually.
By legalizing and regulating prop bets, legislators hope to maximize the financial benefits, channeling more funds into public projects such as education.
Addabbo has emphasized the importance of keeping betting revenue within the state. “Instead of losing this money to other states, or illegal markets, let’s get them to stay in the state and make the product better and expand it,” Addabbo told Newsday.
This sentiment underscores the broader goal of enhancing New York’s online gambling market to compete with other states.
Regulating Prop Bets
To address the concerns of the New York Gaming Commission and mitigate the risks associated with prop bets, the proposal includes several safeguards.
One suggestion from Pretlow is to limit prop bets to season-long wagers rather than in-game bets, which are more prone to manipulation.
When you see one of your fantasy players headed here… https://t.co/rrH0O3m3ix pic.twitter.com/btjjL7HzzJ
— Sleeper (@SleeperHQ) May 24, 2024
Additionally, the legislation would restrict prop betting to individuals within the same fantasy league during the same game, further reducing the risk of external manipulation and ensuring a fairer betting environment.
For scores and odds, betting analysis and more, visit Point Spreads Sports Magazine.
