NEW YORK (CBSNewYork) — If you play daily fantasy sports, Thursday night is very important. New York’s ban on daily fantasy sports could be lifted, but only if state lawmakers approve the bill.
Daily fantasy sports are a multi-billion dollar industry that allows players to win millions of dollars per week. It’s been illegal in New York since November, but on Thursday night that could all change, and the state could profit up to $5-million a year.
“They already claim it is illegal, and we’ll make it legal with money. Every litigation is a legal shakedown. Here the AG is saying ‘I want to protect our consumers,” Linda Kenney Baden told CBS2’s Steve Overmyer.
Jeremy Levine is the CEO of Draft. Even though they’re one of 30 daily fantasy sites based in New York, they’re closed off from their largest market.
“We’ve definitely made less money since we lost out largest market. New York is a state that a lot of others model themselves after,” Levine said. “I think it’ll be a catalyst for other states to move forward to help put protections in to legalize and regulate daily fantasy sports.”
The new bill will prevent companies from flooding contests with entries to steal the pot. For a casual fan it levels the playing field.
“Prior to regulation happening there were no consumer protections in place. There’s gonna be a law put into place for transparency that the games are fair and people aren’t using scripts and automated programs to truly gain an advantage,” Levine said.
The next few hours are crucial to daily fantasy leagues as this years legislation is set to recess. The bill could set the standard for nationwide regulation.
“People are optimistic and hoping that things are going well, and it could go through the night, so hopefully we’ll be celebrating when that happens,” Levine said.
Sources told CBS2 that the assembly, the senate, and the governor have all agreed on the language of the bill. They expect it to come to the floor and pass after midnight, but in Albany things can change every hour.
It’s not a done deal until the final vote.