NY State Education to See Benefit from Newly Legal Fantasy Sports

Fantasy sports are now legal in New York and the state education will benefit from it.

Governor Andrew Cuomo signed the legislations Wednesday that will legalize interactive fantasy sports and require companies to register with, and operate under regulations issued by the New York State Gaming Commission.

It is anticipated that legislation will generate about $4 million in revenue that will go toward state education.

"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.”

Consumer protections are part of the legislation, including offering introductory procedures to new players, identifying highly experienced players, prohibiting minors from players and protecting players’ funds upon deposit.

Interactive fantasy sports are games of skill in which contestants assemble a roster of athletes in a given sport and use the actual performance statistics to determine the contest’s winner.

Contestants pay fees to enter the contest and win prizes if successful.