, /PRNewswire/ -- The Social and Promotional Games Association (SPGA) strongly believes that Governor Kathy Hochul should veto SB5935, a shortsighted bill that threatens to kill investment, stifle innovation, and undermine New York's position as a national leader for tech and digital entertainment.

"This bill doesn't just target sweepstakes, it sends a chilling message to anyone looking to invest in the next generation of gaming innovation," said a spokesperson for the SPGA.

"Nearly every form of online gaming we know today, including companies like FanDuel, a New York-based success story, began as pre-regulated concepts. This legislation criminalizes that innovation cycle."

SB5935 singles out "individual investors and investment firms" for potential criminal penalties if they invest in any form of online gaming that allows a player to exchange any type of currency for a "cash prize, cash award, or cash equivalents."  

Troublingly, the bill leaves the definition of what constitutes an offending game entirely at the discretion of the State Gaming Commission, an unelected body.

As one New York-based early-stage investor put it: "If this is how the state treats emerging models, it's hard to imagine backing a founder who wants to innovate here."

Louisiana Governor Jeff Landry recently vetoed similar legislation, calling it "a solution in search of a problem." We urge Governor Hochul to veto the legislation and protect the very spirit of innovation that has made New York a leader in tech, gaming, and entrepreneurship.

ABOUT THE SOCIAL AND PROMOTIONAL GAMES ASSOCIATION (SPGA)
The SPGA and its members are committed to protecting players, promoting responsible innovation, and advocating for clear regulations that allow social sweepstakes games to flourish. By uniting stakeholders under a single banner, we present a unified voice for integrity and responsibility in social and promotional gaming.

For more information about the Social and Promotional Games Association and to stay updated on upcoming events, visit our website at thespga.org.

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SOURCE THE SOCIAL AND PROMOTIONAL GAMES ASSOCIATION (SPGA)