New York puts Daily Fantasy Sports Back In Business

Edited-  by CurtisW247

“Daily fantasy sports companies will soon be able to accept entries from New York users after Gov. Andrew Cuomo signed a bill into law Wednesday regulating the industry.The new law will allow daily fantasy giants like DraftKings and FanDuel to restart their New York operations once they receive a temporary permit from the state Gaming Commission, which will be tasked with regulating the industry.”  We can only hope this will be a start to a longer term solution. However with New York City being one of the largest markets in the US and such a trend setting state this is a great step for the future of DFS (Daily fantasy sports).

For those of you who did not know “Earlier this year, FanDuel and DraftKings — by far the two largest daily fantasy companies — agreed to suspend their operations in New York as part of a settlement with Attorney General Eric Schneiderman, who had sued the companies and accused them of flouting the state’s anti-gambling laws.”

“Daily fantasy sports, which have grown into a multi-billion-dollar industry, allow users to pay a fee to select a mock lineup of professional athletes, with cash prizes paid out based on how those players perform. Under the new law, daily fantasy companies will be taxed at 15 percent, excluding prize money paid out. And they will face a registration fee of up to $50,000 a year, depending on the size of the company.”

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