New York Governor Andrew Cuomo signed into law a bill that will officially legalize and regulate the fantasy sports industry in the State. Cuomo's move comes nearly six weeks after the State Legislature initially passed the bill.
How will New York's fantasy sports law affect the industry going forward?
We previously blogged on the key aspects of New York's regulatory regime. Importantly, now that Governor Cuomo has enacted the fantasy sports law, those entities that operated in the State on or before November 10, 2015 will be granted temporary permits to once again operate contests while they go through the process of registering with the New York State Gaming Commission. The temporary permits are expected to be issued sometime this month. All other entities that were not operating on or before that date must go through the registration process in full before they may legally operate a fantasy sports enterprise in New York.
The Continued Push to Regulate the Fantasy Sports Industry
New York now joins a growing bloc of states to have formally enacted fantasy sports legislation. This group also includes Massachusetts, Colorado, Missouri, Tennessee, Mississippi, Indiana, Virginia and Kansas. Other legislative initiatives are underway in statehouses across the country including, among others, Wisconsin, California, and Florida. Fantasy sports contests and the laws and regulations that govern them, continue to grow and evolve. Accordingly, it is essential that fantasy sports enterprises keep abreast of the developing legal landscape. Operators should regularly review their respective contest platforms, entry fee and prize structures with knowledgeable counsel in order to effectively navigate this rapidly-changing regulatory framework.
If you are interested in learning more about this topic or pursuing a fantasy sports venture, please e-mail us at info@kleinmoynihan.com, or call us at (212) 246-0900.
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