New York Gov. Andrew Cuomo signed legislation Wednesday formally legalizing daily fantasy sports in the Empire State and handing the embattled industry its biggest victory to date.
Fantasy operators that were active in New York before Nov. 10, 2015 must receive a temporary permit from the New York Gaming Commission before reopening for business. The process isn’t expected to take long, and FanDuel and DraftKings, the two leading daily fantasy operators, expect to be up and running in New York before the NFL season kicks off in early September, if not sooner.
“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 in a release. “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.”
Cuomo’s signature gives closure to a tenuous nine months for the industry that began with New York Attorney General Eric Schneiderman charging FanDuel and DraftKings with illegal gambling and attempt to shut them down. The sites eventually settled with the attorney general and in March stopped operating in New York, one of fantasy sports’ largest revenue-producing states.
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