New York State Senate approves proposition bets

New York State Senate Advances Bill Legalizing Innovative Proposition Bets

In a groundbreaking development for the gambling industry, the New York State Senate voted unanimously to pass a bill that legalizes new types of proposition bets and awards wagers. Sponsored by Senator Joseph P. Addabbo Jr., the bill, known as SB 2616, was approved by the committee on February 11th and aims to amend the existing racing, pari-mutuel wagering, and breeding laws.

This legislation will pave the way for betting on season-long propositions and future award winners, including prestigious accolades such as the Heisman Trophy. Additionally, the proposed bill expands betting options to include pre-game coin tosses, further enhancing the dynamic landscape of sports wagering.

Having garnered unanimous support, the bill is set to continue its journey through the Senate. For it to become law, it must also be approved by the House of Representatives and receive the signature of Governor Kathy Hochul.

As outlined in the proposal, the introduction of season-long proposition bets and award predictions is expected to “expand on an already successful” online sports betting framework. New York has rapidly established itself as a leading market for mobile sports betting, creating significant revenue streams that benefit educational initiatives across the state.

Senator Addabbo’s influence on the gambling landscape cannot be overstated. He has been a pivotal figure in introducing iGaming legislation in 2022 and advocating for the legalization of online sports betting in New York, which officially launched on January 8, 2022, following its legalization in April 2021.

Legislation on Lottery Winner Privacy

In conjunction with SB 2616, the New York State Senate also voted in favor of bill S2613, which mandates the protection of lottery winners’ identities. Under this law, identities will remain confidential unless the winner consents to disclosure. These legislative changes reflect a broader trend in protecting personal information of participants in gambling and gaming activities.

Challenges for Proposition Bets

While the momentum for innovative betting options is growing, proposition bets face significant opposition in various U.S. states. Approximately 15 states, including Arizona, Colorado, Massachusetts, Ohio, Pennsylvania, Tennessee, and Virginia, either partially or fully prohibit betting on college player propositions.

This issue came to the forefront as NCAA President Charlie Baker launched a campaign last year aimed at banning college proposition bets across all U.S. markets. Baker emphasized the risks posed to the integrity of competitive sports and the potential harassment that student-athletes and professional athletes may endure. “Sports betting issues are on the rise across the country, with prop bets continuing to threaten the integrity of competition,” he stated.

Previous legislative efforts, such as the introduction of HB 967 by North Carolina representative Marcia Morey, attempted to outlaw college player proposition bets, though it did not pass during the last legislative session.

New York’s Unique Stance on Sports Awards Betting

The new bill also aims to allow betting on “awards or honors for individual athlete or team performance during or throughout the entire season.” This would enable bettors to wager on prestigious awards such as the Heisman Trophy, Major League Baseball’s Cy Young Award, or the NFL’s Most Valuable Player. However, it’s essential to note that the bill restricts awards betting strictly to sports — wagering on non-sporting events like the Academy Awards remains prohibited.

Currently, New York is one of only a few states, along with Colorado, Massachusetts, and Virginia, that ban sports awards betting. As the gambling landscape continues to evolve, New York’s potential expansion of betting options reflects a growing recognition of the opportunities within the market, highlighting the need for lawmakers to balance innovation with regulatory responsibilities.

With these developments, New York is set to strengthen its position as a leader in the sports betting arena, capitalizing on opportunities that drive revenue and engagement within an increasingly competitive environment.