Fantasy Sports Are Back and Legal in New York
All you Fantasy Football players out there, rejoice. This Sunday kicks off pre-season football and yesterday, Governor Cuomo signed legislation that made it legal to regulate fantasy sports in New York (a.k.a. online sports gambling). Perfect timing.
In November 2015, the New York State Attorney General sent a cease and desist order to FanDuel and Draft Kings - two very popular fantasy sports sites - saying that the sites, "Constituted illegal gambling under state law."
Yesterday, Governor Cuomo signed a bill that requires fantasy sports companies to register with and operate under the New York State Gaming Commission.
"Daily fantasy sports have proven to be popular in New York, but until now have operated with no supervision and no protections for players," Cuomo said. "This legislation strikes the right balance that allows this activity to continue with oversight from state regulators, new consumer protections, and more funding for education.
Once the bill is fully in place, it is projected to generate approximately $4 million in revenue to fund state education aid.