Daily fantasy sports legislation passes in VirginiaThe United States has now seen its first individual state pass legislation to allow daily fantasy sports to be regulated and licensed. Surprisingly, the state involved is Virginia. While many other states have seen Attorney Generals ruling the DFS is illegal gaming, Virginia is the only state to actually pass legislation, rather quickly in fact, to see the activity regulated within state borders.
Such DFS sites as FanDuel and DraftKings will now be able to offer their services after gaining licensing, instead of being labeled as ‘illegal’ and having to stop offering their contests to gamblers. Terry McAuliffe, the Governor of Virginia, signed the legislation into law, known as Fantasy Contests Act. The bill will see the activity legalized and regulated in the state with the Department of Agriculture and Consumer Service overseeing the industry.
There are several consumer protections put in place in the language of the bill including the requirement that operators will have to have two independent audits take place each year by a third party. This will be checking to see if the operators are abiding by rules and regulations set forth in the state. Players must be at least 18 years of age to take part in gaming contests.
Operators must also be registered within the state and pay $50,000, a one-time licensing fee. Employees of said companies as well as family members that live in the same home as employees are not allowed to take part in DFS contests for real money. Confidential information of said contests can also not be shared until the information is made public.
Both DraftKings and FanDuel are happy with the legislation, as they will be allowed to offer their services within the state. It will be interesting to see if other states take steps like Virginia and create legislation that would regulate the industry as well since DFS is a hot topic of debate in the gambling industry as of late.
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