Fantasy sports fans can rejoice in New York as Gov. Andrew Cuomo announced Wednesday that he has signed legislation to legalize interactive fantasy sports in the state.
It is expected that once fully implemented, the legislation will generate approximately $4 million in revenue to fund state education aid.
The bill requires that fantasy sports companies must register with, and operate under regulations issued by, 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.”
Interactive fantasy sports are games of skill, such as Fantasy Football, in which players 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.
In addition to establishing the means for regulating interactive fantasy sports, the legislation also takes steps to institute 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.
"I am pleased that Governor Cuomo has signed the Daily Fantasy Sports legislation into law, allowing thousands of New Yorkers the opportunity to continue playing these games that they have been playing for over a decade," said State Sen. John J. Bonacic. " With strong consumer protections and economic benefits to the state, I believe this legislation can serve as a model for the rest of the country."