July 1, 2016: Below you will find latest updates on the recent legislative affairs surrounding daily fantasy sports, from FSTA (Fantasy Sports Trade Association).
The bill that was recently passed by the New York Assembly has not yet made its way to Governor Andrew Cuomo’s desk for signing. Once it does, he will have 10 days to sign or veto the bill. If he chooses to do neither, the bill will still become law. As we previously reported, the respective bill(s) meet all three of our core standards for legislation.
As previously reported there are both House and Senate versions of a fantasy sports bill in Pennsylvania. Both bills meet our three core principles. The Senate version also has an exemption for season-long fantasy sports. The House bill has undefined investigation/regulation costs (with emphasis to reduce costs for smaller businesses). We can support either bill.
The House passed a fantasy sports bill as part of a larger group of bills tied together. The House bill still has the $5,000 annual registration fee due every five years and a fee that is the lesser of 7.5% of net revenue (or) $50,000. The House bill has an additional 5% tax and the Senate bill has a 12% tax. The consumer protections largely mirror other states.
Virginia has gone on the record as stating that July 1, 2016 would be the date that applications to be a fantasy sports operator are due. With that said, Virginia was late making the actual application available.
After months of inactivity, fantasy sports bill A1437 that was passed overwhelmingly in the Assembly has started to see movement in the Senate. We expect an amendment to the bill in the Senate will make significant changes to add clarity on consumer protections and an undefined fee structure. We expect the Legislature will finalize action in August.
The rating field states the FSTA’s score of the “active” bills as of the date of the update. Star is earned when settled or an active bill contains a principle that matches the FSTA’s agreed upon guidelines.
*** Note: States that are NOT LISTED are either inactive, out of session, or do not have any public information ready for disclosure. As states advance we will add them to the list. Our team is on top of the legislative affairs surrounding all 50 states.
Note: Certain old data has been omitted to ensure relevance to the timing of this post.