Last week, we broke the news that legislation has been filed to regulate daily fantasy sports in Florida. At the time, there was not much information available in regards to the finer details of the bill.
Now that a few more days have passed, additional information is making its way to the public. Here is what we told you the first time around:
“The proposed bill makes it clear that all game operators would be required to register with the Department of Agriculture and Consumer Services. Along with this, they would be required by the state to implement procedures to prevent certain people from participating.”
While this may be the “meat and potatoes” of the bill, there are additional details that are every bit as important. Here are some other points worth noting:
- The bill will rely on the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) to help determine what is and is not a qualifying game.
- The license fee will not be cheap. It will be set at $500,000 initially, along with a renewal of $100,000.
- All game operators will require a license, and these entities are defined as “a person or entity that offers fantasy games for a cash prize to more than 750 members of the public”
- Employees of these services, as well as relatives who live in their household, are not permitted to play any game with a prize of greater than $5.
- Players and officials are not permitted to participate.
- Player funds must be kept separate from operational funds.
Note: the bill would also allow for a penalty for non-compliance, which would not exceed $1,000 per violation.
The state of Florida is getting serious about daily fantasy sports. The legislation, filed by State Sen. Joe Negron and Rep. Matt Gaetz, is the first step towards greater regulation.
What are your thoughts on this bill? What do you like? What would you change about it?