New York daily fantasy sports tax revenue disappoints

It turns out that the “abundant” tax revenue that proponents of Daily Fantasy Sports (DFS) in New York has promised is nothing but a figment of their imagination.

The Daily Star reported that the state of New York collected $3 million from companies that run daily fantasy sports (DFS), which is below state officials’ expectations.

Assemblyman Gary Pretlow, the chairman of the Assembly’s Committee on Racing and Wagering, said the state was hoping to get more tax revenues from the industry “but $3 million is better than no million.”

Pretlow made the comment during Wednesday’ public hearing on the impact of the DFS law after it was enacted in 2016. Present during the hearing were Peter Schoenke, chairman of the Fantasy Sports Trade Association; Griffin Finan, government affairs counsel for DraftKings; Stephen Murphy, CEO of Boom Fantasy; and Ari Borod, VP for Legal Affairs at FanDuel.