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So much for the Daily Fantasy Sports industry generating all that massive tax revenue for New York State. Turns out it was all a fantasy.
Lawmakers promised $25 million in tax revenue to be generated.
The Buffalo News reports that a measly $3 million came in.
“I thought it would be higher,’’ Assemblyman Gary Pretlow, a Westchester County Democrat, said.
A committee he chairs held a hearing Wednesday to review the numbers.
The industry overall has floundered in the US after a massive crackdown two years ago.
“Proprietary” was a word used more than once by top executives from DraftKings and FanDuel, the industry giants, when asked how many New Yorkers are registered to make the sports fantasy wagers, the Buffalo News noted.
The industry also wants New York to allow for “real-time” fantasy wagering, so fans viewing NBA games can make “transactions while games are underway,’’ said Peter Schoenke, chairman of the Fantasy Sports Trade Association.
Good luck with that!!!!
“I think it will generate more revenue for the state,’’ said Griffin Finan, government affairs counsel for Boston-based DraftKings.
It will also lead to gambling addiction!!!!
Of the 15 Daily Fantasy Sports firms licensed to operate in the state of New York, only "a handful" are actually based there.
The majority of DFS companies in business at the time the New York law was structured have since gone out of business.
- Jagajeet Chiba, Gambling911.com
