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| Virginia becomes first in nation to regulate fantasy sports industry | Virginia becomes first in nation to regulate fantasy sports industry |
| (about 2 hours later) | |
| RICHMOND — Gov. Terry McAuliffe (D) has signed a bill making Virginia the first state in the nation to regulate daily fantasy sports. | RICHMOND — Gov. Terry McAuliffe (D) has signed a bill making Virginia the first state in the nation to regulate daily fantasy sports. |
| The law is intended to protect consumers and legitimize businesses such as FanDuel and DraftKings that have been deemed illegal gambling by some in Illinois, Texas and New York. | The law is intended to protect consumers and legitimize businesses such as FanDuel and DraftKings that have been deemed illegal gambling by some in Illinois, Texas and New York. |
| The “Fantasy Contests Act” says players have to be 18 or older, offers players limits on how much money they can wager, requires annual independent audits and takes steps to prevent insider trading scandals of the type that stirred controversy within the industry last year. | The “Fantasy Contests Act” says players have to be 18 or older, offers players limits on how much money they can wager, requires annual independent audits and takes steps to prevent insider trading scandals of the type that stirred controversy within the industry last year. |
| Companies also have to register with the state Department of Agriculture and Consumer Services and pay a $50,000 fee. | Companies also have to register with the state Department of Agriculture and Consumer Services and pay a $50,000 fee. |
| “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,” McAuliffe’s spokesman, Brian Coy, said. The governor signed the bill Monday. | “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,” McAuliffe’s spokesman, Brian Coy, said. The governor signed the bill Monday. |
| [Insider-trading scandal rocks daily fantasy sports industry] | [Insider-trading scandal rocks daily fantasy sports industry] |
| Unlike traditional fantasy leagues that stretch over the course of a baseball or football season, daily fantasy sports offers players the chance to win frequent payouts. | Unlike traditional fantasy leagues that stretch over the course of a baseball or football season, daily fantasy sports offers players the chance to win frequent payouts. |
| For years, the industry has operated in a vacuum created by Congress, whose 2006 Unlawful Internet Gambling Enforcement Act banned online gambling -- including online poker -- but carved out protection for fantasy sports. | |
| Now, attorneys general across the country are investigating the firms that specialize in daily fantasy sports, and lawmakers in some states have proposed legislation to ban the sites. | |
| Kansas last year passed a law legalizing fantasy sports and other real-money games like bingo, after the state’s gaming commission stated that daily fantasy sports were illegal. | |
| Maryland Attorney General Brian E. Frosh (D) raised similar concerns early this year, but the Maryland legislature so far has not proposed laws to either ban or legalize and regulate the industry. | |
| [Md. legislature quiet on fantasy sports ] | |
| In Virginia, the industry agreed to basic consumer protections that the state says should rein in the worst practices, in order to avoid the risk that their activities would be banned as illegal gambling. | |
| “I think this is a great first step,” said Del. Marcus B. Simon (D-Fairfax), who sponsored a bill on the issue. “I think it’s important that we get this started. Right now we have the industry’s cooperation and I think we need it because not a lot of people know a whole lot about this and how it works.” | “I think this is a great first step,” said Del. Marcus B. Simon (D-Fairfax), who sponsored a bill on the issue. “I think it’s important that we get this started. Right now we have the industry’s cooperation and I think we need it because not a lot of people know a whole lot about this and how it works.” |