Full Steam Ahead for the estimated 3 Million DFS Players in New York…..
Governor Cuomo of New York requested the Bill passed back in June by the NY State General assembly today and promptly signed it, opening up New York for Daily Fantasy Play and just in time for the upcoming Fantasy Football season.
Any Site desiring to operate in NY will have to apply for a temporary permit to start operating immediately and then apply for a permanent license when the details of the procedure are established.
The newly signed law includes many protections and game rules to not only level the playing field for all players but will generate an estimated $4 Million in new tax revenue for the Empire State.
The two largest Fantasy Sites Fan Duel and Draftkings have already incorporated all these rules and regulations onto their sites which include:
- Sites must prevent play by minors, with a minimum age of 18 for users.
- In advertisements and upon entry in a contest, operators must “make clear and conspicuous statements that are not inaccurate or misleading concerning the chances of winning and the number of winners.”
- Sites must allow players to exclude themselves from play and include a resource for compulsive play.
- Sites must identify all “highly experienced players” in any contest.
- Sites must ensure that players funds are segregated from operational funds.
- There is a 15% tax on gross revenues from NY state players and an additional .5% tax on revenues up to $50,000
As many players already know the NFL season is only 35 days away from Kick-off, the reintroduction of play from New York will undoubtedly fuel the 2016 Daily Fantasy Season to new heights.