Daily Fantasy Sports To Be Legalized as Games of Skill

Despite playing fantasy sports for money being considered legal by federal law, both in the United States and Canada, a dispute somehow managed to erupt last fall in New York and then quickly spread to other states, when Eric T. Schneiderman, the New York State attorney general declared fantasy sports illegal and demanded DraftKings and FanDuel to cease their activities in the field. However, matters seem to be slowly but surely resolving to the benefit of fantasy sports fans, with the legalization within reach after the recent turn of events. Evidently, there is already an agreement among legislative leaders in Albany to legalize daily fantasy sports as games of skill, although no bill is signed nor passed as of yet - there is only a verbal 'agreed-upon bill', as noted by Senator John J. Bonacic - the head of the Committee on Racing, Gaming and Wagering. To make it a done deal, the bill still needs to be passed by both houses of the State Legislature and signed by Governor Andrew M. Cuomo. Although the companies are looking forward to this favorable outcome, apparently there will be certain drawbacks the will not be appreciated all to well. Namely, there are monetary conditions being imposed upon DraftKings and FanDuel as parts of the deal. To be allowed to operate legally in New York under the classification of skill games, these companies will have to submit not only a $ 150,000 fee, but also 1.5 % of all revenues generated throughout the previous year, with another 15% of all revenues after players withdraw prizes going to the state. This way, the state will generate up to $5 million per year from this single source. Marc La Vorgna, a spokesman for Fantasy Sports For All, claims that the companies are ''extremely appreciative'' for all the effort put into solving this cumbersome affair, primarily for the benefit of the fans who will again be able to enjoy their favorite pastime.