Title: Establishes Regulations for Fantasy Sports Gambling
Signed by Governor John Bel Edwards
Title: Establishes Regulations for Fantasy Sports Gambling
Vote to concur with senate amendments and pass a bill that establishes regulations for fantasy sports gambling.
Authorizes the Gaming Control Board to establish rules surrounding fantasy sports contests as follows, including, but not limited to (Sec. 1):
The issuance of any license, contract, or permit subject to regulation;
The methods, forms, or procedures for making an application for a license, contract, or permit;
The methods and forms for providing to the board information concerning a person’s family, habits, character, associates, criminal record, business activities, and financial affairs; and
Enforcement of the gaming laws administered by the board and the rules of the board, including imposition and collection of fines, penalties, and other sanctions.
Requires the board to institute rulemaking procedures as necessary for fantasy sports contests, beginning August 1, 2020 (Sec. 1).
Requires any monetary fine collected by the board to be submitted to the state treasury for deposit into the general fund (Sec. 1).
Requires any rule on fantasy sports contests proposed by the state police and the attorney general to be submitted to the board for approval (Sec. 1).
Prohibits any fantasy sports contest operator from offering any fantasy sports contest in this state without first being licensed by the board (Sec. 1).
Establishes the fantasy sports contest licensing fee as follows (Sec. 1):
If the 3 year average of fantasy sports contest revenue is less than $100,000, a fee of $5,000;
If the 3 year average of fantasy sports contest revenue is greater than $100,000 but less than $300,000, a fee of $15,000; and
If the 3 year average of fantasy sports contest revenue is greater than $300,000, the fee shall be $40,000.
Specifies that the license renewal fee will be assessed in the same manner that the aforementioned fees have been paid (Sec. 1).
Specifies that any fantasy sports contest operator who allowed their license to lapse, without requesting an extension, will be required to resubmit an initial application for licensure (Sec. 1).
Specifies that a license issued by the board will not be transferable (Sec. 1).
Defines “fantasy contest operator” or “operator” as an individual with a domestic business or foreign corporation that is licensed to offer a platform for the playing of fantasy sports contests to administer one or more fantasy sports contests with an entry fee (Sec. 1).
Defines “net revenue” as the amount equal to the total entry fees for all fantasy sports contests collected from al participants entering into such fantasy sports contests (Sec. 1).
Defines “entry fee” as cash or cash equivalent that is required to be paid by a fantasy sports contest participant to a fantasy sports contest operator (Sec. 1).
Title: Establishes Regulations for Fantasy Sports Gambling
Title: Establishes Regulations for Fantasy Sports Gambling
Title: Establishes Regulations for Fantasy Sports Gambling