Gov. Cuomo Signs Law Legalizing Fantasy Sports In New York
NEW YORK (CBSNewYork) -- Daily fantasy sports is back in business in New York.
Gov. Andrew Cuomo has signed legislation which calls the online contests games of skill, resolving the central argument in a lawsuit brought against two fantasy sports companies by New York's attorney general.
He likened the online matches to illegal gambling based on chance.
The new law includes consumer protections so DraftKings and FanDuel will be back in business. The companies must first register with the New York State Gaming Commission, WCBS 880's Peter Haskell reported. The sites agreed to shut down in March after a battle with Attorney General Eric Schneiderman.
Schneiderman will continue to pursue false advertising and consumer fraud claims.
The state expects the companies will generate $4 million in tax revenues.
New York is the seventh state this year to legalize and regulate the daily fantasy sports industry.