Saturday, June 18, 2016

Fantasy Sports New York Assembly & Senate Passes Law Legalizing Daily Fantasy Games

On Friday, June 19th, the New York Assembly passed a bill to make fantasy sports legal in the state of New York. Officially titled: AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to the registration and regulation of interactive fantasy sports contests. The bill passed in bi-partisan fashion by a vote of 91-22.

On Saturday, June 20th, the New York Senate also passed a bill to make fantasy sports legal in the state of New York. On the senate side, the bill also passed in bi-partisan fashion by a vote of 45 to 17.

The ball is now in Governor Andrew Cuomo's court. All he has to do is sign off on the bill and fantasy sports will once again become legal in the state of New York.

This entire drama began when New York State Attorney General Eric Schneiderman declared that fantasy sports was considered illegal gambling under New York State Law. The fantasy sports sites disagreed and the AG filed suit against them.

In the first round, the judge ruled in the favor of the Attorney General. However, a panel of judges ruled in favor of the fantasy sites. The site operators remained open in the state of New York during this time period. However, they eventually struck a deal with the attorney general agreeing to cease operations. In return, the AG agreed to drop the lawsuit if the New York Legislature and Governor signs a law legalizing fantasy sports.

The Legislature has done its part. Now it is up to Governor Cuomo to do his part and sign the bill into law.

Assuming Governor Cuomo signs the bill into law...his spokesman commented today saying that the bill is "under review" the fantasy sports websites would need to register in the state. However, all sites that were operating in New York prior to the shutdown will be able to launch again as soon as they register, without having to wait for their site to get approved. New websites however will need to wait for approval.

From a personal standpoint, this is very exciting news to me. Currently, the only way I can play is when I am outside of New York City. I typically go to New Jersey and Connecticut a few times a month so I can play over there. However, that is nowhere near the amount of time I use to play and it has hindered my ability to earn an income playing the games I love.

There is also a matter of momentum. Being able to play daily and doing daily research gives you a significant advantage because you are able to spot trends. By only being able to play periodically I am not able to take advantage of this.

I am looking forward to Governor Cuomo signing the bill into law and am hopefully optimistic that the sites will be back up and running in the state of New York by July.

In the meantime, here is what I will be doing and what I recommend that you do if you are in New York and are awaiting for the Governor's signature and for the sites to get up and running.

  1. Decide on your budget and stick with it. Once I found out I could still play in other states, I never took my money out of my account. So once I am playing regularly again, the money is waiting for me to play with. If you need to make a deposit, pick an amount that you can afford to lose. Don't be stupid with your money! No matter how "good" you think you are there will be good days and bad days.
  2. Decide on a percentage of your bankroll that you are willing to play with each day and NEVER GO OVER THAT PERCENTAGE FOR ABSOLUTELY ANY REASON!!!! This is my single biggest secret to why I have been successful. I have set a budget of 5% of my total bankroll and I NEVER go over that amount. Because my percentage is fixed, when I win games, I'm automatically playing in MORE games and when I am losing I'm automatically playing in LESS games. This allows my bankroll to survive.
  3. Start getting back into the habit of doing research daily again. By getting back into the research mode, by the time the sites are back up and running you will be in your grove. I recommend keeping track of your scores and seeing how your lineups do so you can have an idea if you are doing well or not.
Over the next several weeks, I will be posting a number of articles to help you get up and running so that you can be successful. I'll be talking about baseball and mixed martial arts because those are the two sports I play right now. Once football season starts in the Fall, I will start writing articles about that.

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