New York State Legalizes Fantasy Sports
After much debate, the New York State legislature passed a bill legalizing and regulating of the fantasy sports business. When the bill is signed, business like FanDuel and DraftKings will be able to operate with no issues. New York’s Senate passed the measure 45-17.
The bill will be sent to the governor’s desk as early as Monday morning. Governor Cuomo will have 10 days after receiving the bill to sign it into law. The New York bill requires participants to be 18 years of age and prohibits games on college and high school sports. Employees of fantasy sports operators and athletes and officials who could impact the games the contests are built on are prohibited from playing.
FanDuel CEO Nigel Eccles said in a statement. “The bill represents a thoughtful legislative process, where bipartisanship and willingness to compromise carried the day, and we are extremely hopeful Governor Cuomo will sign this bill. We decided long ago to build FanDuel in New York because it’s the sports capital of the world and a thriving home for tech startups — a natural fit for fantasy sports. Our success is due in no small part to the people, infrastructure, partnerships and opportunities here, which very few locations in the world can offer.”
The legislation survived heavy opposition from casino companies operating in New York. Opponents said it would weaken New York’s current gaming operations, including the horse racing industry which has been propped up by the state government, by giving gamblers more options.
A Win For All Sports Lovers in New York
New York is one of the largest revenue producers for fantasy sports and is viewed as a leading indicator for other states. Fantasy sports is a grow multi-billion dollar business. The idea that the state of New York not be involved is just insane to me. The revenue that fantasy sports will generate alone can help with so many issues the state is dealing with. Casinos in the state can now cater towards fantasy sports, which will generate more interest in the Casinos. Time to get with the current state of America. Younger Americans love their sports. Fantasy sports is part of today’s sports culture. Most young adults would rather gamble with fantasy sports over poker and blackjacks today.