Thursday August 4,2016 : NEW YORK GOVERNOR FINALLY SIGNS DAILY FANTASY SPORTS BILL
Governor Cuomo approves law passed by the state legislature in June.
A New York state bill defining daily fantasy sports as a game of skill which was passed in June this year has finally been signed into law by Governor Andrew Cuomo….in time for the NFL season for relieved operators.
The bill gives the New York Gaming Commission the responsibility of monitoring and regulating the vertical, and levies taxes at 15 percent of revenue and licensing costs of 0.5 percent capped at $50,000.
Governor Cuomos imprimatur de-fangs the aggressive pursuit of operators by state AG Eric Schneiderman, who believed that DFS was gambling and against state law, although he has been quick to announce that the governors approval does not mean that he will abandon other prosecutions he has prepared against FanDuel and DraftKings regarding allegedly false advertising and consumer fraud.
The governors approval makes New York the eighth US state to characterise DFS as skill-based and therefore legal.