Jun 20, 2016

    Fantasy sports score NY victory


    THE fantasy sports industry was on the verge of a major win after the New York State Senate on Saturday approved a Bill to legalise and regulate the virtual competitions.

    The legislation, which had been opposed by gambling critics, now needs to be endorsed by Governor Andrew Cuomo.

    If enacted, the Bill would permit the largest and best capitalised operators, FanDuel and DraftKings, back to the New York market in time for the American football season.

    In fantasy sports, players pick a roster of professional athletes from leagues such as the National Football League and Major League Baseball. Entrants must pay a fee to enter. The biggest games award prizes of US$1 million (S$1.35 million) or more.

    The Bill taxes the industry and explicitly states that fantasy sports is not gambling.