Politics & Government
Get Your Rosters Ready, Because Fantasy Sports are Legal in New York
The state had banned the games while regulations were created. Now players will be able to play and win prizes again.
On Wednesday, Gov. Andrew Cuomo signed legislation to legalize interactive fantasy sports in New York State. The bill requires that fantasy sports companies must register with, and operate under regulations issued by, the New York State Gaming Commission. It is expected that once fully implemented, the legislation will generate approximately $4 million in revenue to fund state education aid.
"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.”
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 of those athletes to determine the contest’s winner. Contestants pay fees to enter the contest and, if successful in performing against their opponent, win prizes.
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"New York is such an important state because it sets a precedent for the rest of the country," DraftKings fantasy sports analyst Adam Levitan told Patch. "Our society is changing from a technological standpoint — Uber instead of taxis, airbnb instead of hotels — instead of traditional family entertainment people are interested in spending their disposable income on daily fantasy sports. It would be insane not to [make it legal around the country]."
In addition to establishing the means for regulating interactive fantasy sports in New York, the legislation also takes steps to institute important consumer protections for players for the first time, some of which include offering introductory procedures to new players, identifying highly experienced players, prohibiting the participation of minors and protecting players' funds upon deposit.
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That means that FanDuel, DraftKings and other daily fantasy sports sites are legal again. So get your rosters ready.
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