Virginia regulates daily fantasy sports
Virginia has become the first US state to specifically legalise daily fantasy sports (DFS) after Governor Terry McAuliffe signed SB 646 into law.
The Fantasy Contests Act confirms that DFS contests conducted in accordance with its measures will not be considered illegal gambling.
DFS operators will be required to register with the Department of Agriculture and Consumer Services for an initial fee of $50,000.
They must register annually with the Department and also contract with a testing laboratory to verify the procedures for fantasy contests.
Under the new legislation, employees or relatives of employees must not compete in that firm’s DFS contests, while procedures must also be established to ensure that players who are the subject of a fantasy contest are restricted from entering.
Players need to be over 18 to play, while operators must allow players to restrict themselves from entering contests as required.
Player funds must be segregated from operational funds.
The bill sets forth penalties for violation of the Act, which include the suspension or revocation of registration and a fine of up to $1,000 for each violation, up to a total of $50,000.
Brian Coy, a spokesman for the governor’s office, said in a statement: “This bill, which was passed by super majorities of both chambers, will empower Virginia to regulate this emerging industry and keep consumers safe from abuses.”
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