Online fantasy sports raise more than $3M for New York state
ALBANY, N.Y. (AP) -- It turns out that New York is the big winner when it comes to daily fantasy sports.
The state made more than $3 million from taxes and fees on companies that operate the popular online games last year, following the passage of new regulations on the industry.
Representatives from FanDuel, DraftKings and other fantasy sports companies met with lawmakers on Wednesday to discuss the new rules, which resolved concerns that fantasy sports games amounted to illegal gambling.
Democratic lawmaker Gary Pretlow, the chairman of the Assembly Committee on Racing and Wagering, said he expected the industry to generate even more money but that $3 million is better than nothing, especially considering the state faces a deficit of more than $4 billion.