New York Passes Legislation to Make DFS Legal
The daily fantasy sports scene is coming back to New York. Per multiple reports, New York has finally passed legislation that approves the legalization and regulation of daily fantasy sports in the state and is a signature from Governor Andrew Cuomo away from being official.
DFS giants DraftKings and FanDuel were originally accepting customers in New York until earlier this year, when lawmakers in the state forced them out.
The new bill declares daily fantasy sports a “game of skill”, which keeps it off of New York’s list of prohibited gambling activities. DFS operators that are licensed in the future will be taxed 15% on revenue curated from New York-based players.
In addition to bringing in some cash for the New York government, the new bill also looks out for the player, copying the now standard “consumer protection” language that many of the other passing DFS bills have incorporated. This includes no wagering on college sports, extensive disclaimers on addictive or “compulsive” play and distinguishing “sharks” or highly experience players from those who are new to the DFS scene.
The bill also demands all DFS websites to avoid misleading any new customers, specifically to clear up any “conspicuous statements” that may otherwise be deemed “inaccurate or misleading”.
The bill has gotten as far as it can to this point, and now simply awaits the Governor’s hand. Cuomo now has 10 days to decide his official stance and whether or not he will sign the bill into law.
Whatever Cuomo’s decision ends up being, it could have a huge impact on both FanDuel and DraftKings, as the New York market was widely seen as not only one of the biggest financial markets for the DFS industry, but also a huge linchpin that – once made legal – could set the wheels in motion to begin legalizing and regulating the fantasy sports genre across most of the United States.
Already deemed legal on the federal level, some stats have made their stance against DFS loudly known, while New York is closing in on joining a finite group that are moving on with DFS as a legal and safe activity.
DraftKings was quick to praise New York lawmakers on Twitter, suggesting daily fantasy sports is indeed one step closer to legality in New York.
— DraftKings (@DraftKings) June 18, 2016
FanDuel was just as optimistic following the news of the bill passing on to the Governor, with CEO Nigel Eccles saying:
“New York fantasy sports fans rallied – with more than 100,000 emails and thousands of phone calls to legislators – and legislators heard them and responded.”
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