California Introduces Bill To Regulate Daily Fantasy Sports
The heated debate as to whether daily fantasy sports betting falls under the definition of real money gambling is till up for debate. However the state of California seems to be leaning towards categorizing it as just that. California Assemblyman Adam Gray announced this week that the state intends to amend legislation that would regulate the DFS industry.
Gray filed an amended version of AB 1437 whose original purpose was to combat gambling addiction. However the new amended version is aimed at regulating DFS operators and is called the Internet Fantasy Sports Game Protection Act. In terms of AB 1437 DFS operators in the state of California will be required to apply for a license as well as pay a licensing fee based on a percentage of their gross revenue.
On the player’s side there will be a taxation on winnings as well as minimum age of 21. Other requirements similar to real money gambling regulations include the option of a self-exclusion program as well as fines for DFS operator who do not adhere to the rules. These include anything from $1k for first time offence and go as high as $10k for fifth offense and higher. This latest move by the state of California to regulate daily fantasy sports has got many asking if this is the preamble for legalization of online poker in California.