New York approves daily fantasy sports legislation but AG says fraud suits still on

Daily fantasy sports operators are breathing a little easier after New York state legislators approved bills to regulate the DFS industry.

The state Assembly approved their bill on Friday afternoon while the Senate had to go deep into the night before granting their assent. Gov. Andrew Cuomo now has 10 days in which to sign the bill into law.

Assuming Cuomo signs, operators who were active in the state before New York Attorney General Eric Schneiderman issued his cease & desist orders on Nov. 10, 2015 will be eligible for temporary permits to offer DFS contests, although there’s no timeline for how soon these permits might be issued.

The news comes as a major relief to DraftKings and FanDuel, who in March had halted real-money play in New York after striking a deal with Schneiderman. New York is considered to be the single biggest state market for DFS and neither profit-poor operator relished the idea of heading into the upcoming NFL season without its main money maker.