Fantasy sports bill protects players

Fantasy sports are now legalized in New York State.

Governor Andrew Cuomo signed legislation Wednesday that requires fantasy sports companies to register with, and operate under regulations given by, the New York State Gaming Commission. 

The legislation is expected to generate approximately $4 million in revenue to fund state education aid.

"Daily fantasy sports have proven to be popular in New York, but until now have operated with no supervision and no protections for players," Cuomo said. "This legalization strikes the right balance that allows this activity to continue with oversight from state regulators, new consumer protections, and more funding for education."

This legislation also takes steps to create consumer protections for players for the first time. These include offering introductory procedures to new players, identifying highly experienced players, prohibiting the participation of minors and protecting players' funds.