We’re going to do our own impersonation of Fox News and CNN. OnlinePokerNY is calling that iPoker regulation in New York is officially dead for 2016 following statements made by Assemblyman Gary Pretlow at the iGaming North America 2016 conference last week.
New York became an unexpected contender for “next state to regulate” iPoker after SB 5302 passed out of committee and the issue was added to the state budget. However, it appears that most channels are all but dead already. Why? Because DFS.
Online Poker Up to 1000-1 Shot to Hit Floor
During last weeks iGNA 2016 conference from Planet Hollywood in Las Vegas, Assemblyman Gary Pretlow gave an update on the chances of both Daily Fantasy Sports and iPoker passing in 2016.
Pretlow was positive about the outcome of DFS in New York, but less so about online poker regulation. He stated that there were “some issues” with online poker and that they were not ready to put a bill to floor vote.
He further stated that the odds of iPoker coming to a floor vote this year was between 100-1 to 1,000-1. In other words, slim and none and slim has left the building.
Lawmakers Working Diligently to Regulate DFS This Year
Pretlow continued stating that DFS regulation was in high gear and that they were working hard to get the activity regulated in 2016. NY Attorney General Eric Schneiderman has already deemed them illegal gambling and they have ordered FanDuel and DraftKings to leave the state.
Pretlow stated that they have until the end of this legislative session to pass a bill or the courts will shut the sites down for good in New York in September. Both FanDuel and DraftKings have agreed to stop taking bets in the state while lawmakers work on drafting regulations.
Pretlow stated that in regards to DFS, “the passage of the legislation that I am going to propose, if I was going to handicap it, it would be like betting on Secretariat in the Belmont Stakes — it’s better than even money,”
He further stated that a bill would likely be ready by the end of April.
Why DFS Over iPoker? Do We Really Have to Explain This?
You know that green stuff you never have enough of in your wallet? That’s why Daily Fantasy Sports is taking a front seat over iPoker in New York. DFS is expected to easily outperform iPoker in New York by 3 to 1 or more in terms of tax revenue to the state. Under present bills, New York can expect to get a 15% tax on gross revenue generated in New York in addition to $500,000 per license applied for.
Also, unlike online poker, this industry is expected to explode in growth immediately and could come to “full maturity” a lot quicker than online poker. Simply stated, New York can make more money a lot faster with DFS than iPoker.
Does that mean that iPoker is completely dead for the future? No. This simply means that we will be waiting until 2017 or later before we see serious movement on the issue. Meanwhile, DFS players will have fun wagering on their favorite teams.