Gov. Andrew M. Cuomo signed legislation on Wednesday that legalizes interactive fantasy sports in New York state.
The bill requires fantasy sports companies to register with the New York State Gaming Commission and operate under its regulations. Cuomo expects fantasy sports to generate around $4 million in revenue per year for education.
The legislation also takes steps to institute consumer protections for first-time players, 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.
To play interactive fantasy sports, contestants pay fees to enter a competition where they assemble a roster of athletes in a given sport and use the actual performance statistics of those athletes to determine the contest’s winner.
“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.”