Daily Fantasy Sports Again Legal in New York

Aug 24, 2016

"363x277Stacked_FullColor_NoTagline"Just five months after being suspended in New York, daily fantasy sites such as DraftKings, Boston, and FanDuel, New York, have been cleared to operate in the Empire State.

The move comes on the precipice of the college and professional football seasons set to kick off next week, as well as the Major League Baseball (MLB) playoffs less than six weeks away.

In March, FanDuel and DraftKings suspended business in New York after Attorney General Eric Schneiderman likened the games to illegal gambling. Lawmakers then passed a law that defined daily fantasy sports as a game of skill, resolving the central argument in a lawsuit brought by Schneiderman against FanDuel and DraftKings. Gov. Andrew Cuomo signed the law this month.

New York’s Gaming Commission granted temporary permits to five companies that run daily fantasy sports, including DraftKings, FanDuel, Yahoo, FantasyDraft and Draft, with FanDuel already offering contests, according to a CBS report.

The new permits require the websites to pay a yearly fee of up to $50,000 and 15% tax on revenue. — M.Q.