Bill > A10736

This bill establishes a regulatory framework for interactive fantasy sports contests in New York, defining them as skill-based games where participants select simulated players based on their knowledge, not as gambling. It mandates that operators, referred to as "registrants," must register with the New York State Gaming Commission (the "commission") and outlines requirements for registration review, including background checks for key personnel. The bill details essential safeguards and minimum standards for registrants, such as preventing minors and "prohibited players" (including athletes and those with insider information) from participating, ensuring account security, protecting player funds, and providing resources for compulsive play. It also sets rules for advertising, limits the number of entries a single player can submit, and prohibits contests based on prohibited sports events like collegiate or high school sports. Registrants will be subject to a 15% tax on their "interactive fantasy sports gross revenue" (entry fees minus winnings, adjusted for New York players) and will also cover additional regulatory costs. The commission is empowered to enforce these regulations, approve or deny registrations, and investigate violations, with all collected taxes and penalties going into the state lottery fund.