New York Governor Andrew Cuomo Signs Daily Fantasy Sports Bill into Law

New York Governor Andrew Cuomo officially signed a bill Wednesday that will legalize and regulate daily fantasy sports in the state.

Jon Campbell of the USA Today network confirmed the news.

Alexandra Berzon and Erica Orden of the Wall Street Journal reported the New York state legislature passed a bill in June that included numerous regulations for the operation of DFS. They included a ban on children being able to compete and a 15 percent tax on gross revenue.

Dustin Gouker of the Legal Sports Report noted Tuesday that Cuomo had 10 days after requesting the bill be sent to his desk to make a final decision. His signature puts the new law into effect immediately, but operators must obtain a "temporary permit" to do business with New York residents.

It's a major victory for the DFS industry, including high-profile companies like DraftKings and FanDuel, which were dealt a blow when the games were shut down in the state earlier in the year.

New York attorney general Eric Schneiderman became an outspoken critic of the fantasy format late last year and stated the online operations amounted to illegal gambling, per Walt Bogdanich, Joe Drape and Jacqueline Williams of the New York Times.

"It is clear that DraftKings and FanDuel are the leaders of a massive, multibillion-dollar scheme intended to evade the law and fleece sports fans across the country," Schneiderman said in November. "Today we have sent a clear message: not in New York, and not on my watch."

Schneiderman released a statement after the bill passed legislation in June. He noted there were still issues with the companies he would pursue, despite the change:

"

As I have said from the start of my office's investigation into daily fantasy sports, my job is to enforce the law. Today, the legislature has amended the law to legalize daily fantasy sports contests, a law that will be my job to enforce and defend. We will nevertheless continue to pursue our claims that DraftKings and FanDuel previously engaged in false advertising and consumer fraud.

"

Sonali Basak of Bloomberg noted a 2015 survey of DFS players by Eilers & Krejcik Gaming LLC showed 13 percent of participants came from New York, the highest number of any state. The number illustrated why gaining approval was so important.

Although it's unclear exactly when daily fantasy sports sites will once again be fully operational in New York, the Legal Sports Report noted it could happen in "short order" with the New York State Gaming Commission beginning the process of providing permits.