New York DFS Bill Signed into LawAugust 5, 2016 12:01 pm
New York has become the eighth state to regulate daily fantasy sports betting after Governor Andrew Cuomo signed a DFS bill into law on Wednesday, August 3. Other states with DFS legislation already in place in the USA includes Colorado, Indiana, Mississippi, Missouri, Tennessee, Virginia, and Massachusetts, although the latter still waiting for the bill to be signed into law by Governor Charlie Baker.
On June 18th, the New York State Senate voted in favor of the bill by a margin of 45-17, and less than two days after arriving on his desk on August 2nd, the governor approved the bill, with still a full month left before the start of the NFL season.
“Daily fantasy sports have proven to be popular in New York, but until now have operated with no supervision and no protections for players,” explained Governor Cuomo. “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.”
Prior to being forced to cease offering their products in New York, DFS firms DraftKings and FanDuel derived around 13% of their business from the state. Needless to say, both companies have expressed great excitement as to the recent positive development, and the lobbyist group representing the two companies, Orrick’s Public Policy Group, has now vowed to continue fighting until the industry becomes legal across the whole of the USA. As the company’s founder Jeremy Kudon commented:
“We’re not satisfied with passing 8 bills in 6 months. We won’t rest until we pass bills in all 50 states.”
Winning the ‘Skill versus Luck’ debate helped the DFS bill eventually pass the New York legislature, but unfortunately the same cannot yet be said about online poker. While, an online poker bill progressed through the House in New York , it subsequently failed in the Senate, with the state then deciding to refocus its efforts on the DFS bill, instead.