Governor Andrew Cuomo Signs DFS Bill 5x4m6l

Cuomo saw the bill placed on his desk this past Tuesday, g the bill into law on Thursday.

The new legislation reclassified daily fantasy sports in the state as a game of skill rather than one of chance. The governor had a few days left to sign the bill or choose to veto. If no action had been taken, the measure would have automatically become law.

In a statement after g the measure, Cuomo commented that daily fantasy sports have proven to be a popular activity in the state but until now have been operated with no supervision and no protections in place for players. The new legislation will strike the right balance that will allow the activity to take place with oversight from state regulators, new consumer protections and more funding for education.

Included in the legislation are consumer protections that offer new players introductory procedures as well as being able to identify more experienced players. Measures are included to help prohibit minors from taking part as well as protections in place for player funds once deposited.

Companies who want to offer DFS operations in the state now have to apply for a permit. This process may take a few weeks. Operators such as FanDuel and DraftKings stopped operations in the state a few months ago after reaching a settlement with the state, agreeing to stop doing business with individuals located in New York. Such companies will now have the option to obtain a permit for operations now that the legislation has been signed into law.