“Daily fantasy” for New Yorkers will no longer be limited to dreaming about reasonable rent prices. On Saturday night, the state senate voted 45 – 17 to legalize daily fantasy sites like Draft Kings and Fanduel, pending the approval of Governor Andrew Cuomo. If approved, DFS sites will be regulated by the New York State Gaming Commission.
Daily fantasy sites were forced to cease operations in the Empire State in March when they were deemed to be gambling by the attorney general. The debate over DFS sites centers around whether they are “games of skill” or “games of chance” like traditional gambling.
Some of the provisions of the bill include:
- Site operations will be overseen by the NYS Gaming Commission
- DFS sites will have be required to obtain a license to operate.
- 15% tax on gross revenues after prizes are paid out.
- Fantasy games involving college athletics will be prohibited.
- Players must be a minimum of 18 years old.
The bill is a two fold victory for fantasy sites, who not only overcome their largest legislative obstacle to legitimacy, but will also be able to tap into the massive New York market for the upcoming football season. New Yorkers set your lineups.
See Colin’s take on the DFS vs. New York issue below: