Assemblymember Steck Criticizes $5M State Tax Credit to Fanatics
As Chair of the Assembly Committee on Alcoholism and Substance Abuse, I strongly disapprove of the Governor’s announcement today that Fanatics Sports will be receiving $5 million in Excelsior Jobs Program tax credit[1]. It is deeply troubling that the Governor is choosing to subsidize a sports betting platform with taxpayer dollars while the executive budget provides only a 0.1% increase for the Office of Addiction Services and Supports (OASAS), which supports prevention, treatment, recovery services, and confidential resources for individuals struggling with sports gambling addiction across New York. It is even more concerning that this is happening while an increasing number of New Yorkers, particularly young men, have been developing problem gambling addictions since the legalization of sports betting in 2022.
In October, I co-chaired a hearing with Assembly Racing and Wagering Committee Chair Carrie Woerner, where we heard expert testimony about how sports betting platforms are structuring their operations to target vulnerable individuals and increase the risk of gambling addiction. These companies should NOT be rewarded for this behavior with taxpayer dollars. Instead of using $5 million in taxpayer dollars to subsidize a global company that profits from vulnerable New Yorkers, the Governor should be allocating that money to OASAS to help treat problem gambling.
This announcement only furthers my push in the New York State Assembly to not only establish guardrails on sports betting platforms but also protect New Yorkers from developing a sports betting addiction through malicious practices by these companies. The simplest way we can do this is to pass my legislation that would prohibit sports betting platforms from advertising during sporting events (A8925). By reducing the number of commercials for these platforms, New Yorkers will have less exposure to these advertisements and in turn protect those struggling with a gambling addiction.
I urge Governor Hochul to reverse this decision immediately and invest more in OASAS programming so we can protect New Yorkers from problem gambling.