Governor Andrew Cuomo has signed legislation to legalize fantasy sports in New York State.

The bill requires that fantasy sports companies like Draft Kings and Fan Duel register with and operate under regulations issued by the New York State Gaming Commission.

In addition to establishing the means for regulating interactive fantasy sports in New York State, this legislation also takes steps to institute important consumer protections for players for the first time, some of which include offering introductory procedures to new players, identifying highly experienced players, prohibiting the participation of minors and protecting players' funds upon deposit.

Cuomo says once fully implemented, the legislation will generate about $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 legislation strikes the right balance that allows this activity to continue with oversight from state regulators, new consumer protections, and more funding for education.”