Virginia becomes first US state to formally legalise fantasy sports

virginiaVirginia has become the first US state to pass legislation that formally legalises daily fantasy sports (DFS) contests.

State Governor Terry McAuliffe this week signed the ‘Fantasy Contests Act’ that puts into place a series of protections for Virginia residents that take part in such activities.

The new Act, which also keeps DFS from being classified as gambling in Virginia, requires fantasy sports operators to register with the state and pay a licensing fee of $50,000 (€45,500) to cover oversight costs.

DFS brands will also be required to implement policies to verify that consumers taking part in contests are at least 18 years of age, while each site must each year undergo two independent audits of their operations to ensure they are operating in line with state regulations.

The Fantasy Contests Act also prevents the sharing of confidential information that could impact contest play with third parties until the date is made available to the public, while player funds must also be separated from the company’s own operational funds.

In addition, employees working for DFS brands, as well as relatives living in the same household, will not be able to take part in real-money contests on any website.

The Act will provide a boost to the DFS industry in the US, which has suffered a series of blows in recent months due to ingoing uncertainty of the legality of such contests.

DFS brand FanDuel recently opted to withdraw its services from Texas after the state’s Attorney General ruled real-money contests are not legal.

 

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March 13, 2016: posted in News And Reviews No Comments

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