Virginia Legislators Approve DFS Bill
For a change daily fantasy operators got some good news from Virginia as legislators approved a bill that would regulate DFS. The Virginia General Assembly approved SB 646 that could see Virginia become the first state to convert a DFS regulatory bill into a reality. All that needs to be done for this to become a reality is for Gov. Terry McAuliffe to sign off on it.
Some of the highlights of the bill include the requirements for DFS operators to pay a $50k registration fee, All DFS websites will have to ensure that players are 18 and over. DFS operators will have to submit to an annual audit by the Department of Agriculture and Consumer Services.
Given the ongoing scandal of insider trading accusations, all DFS sites will have to prevent their employees and their immediate relatives from participating in contests in order to ensure the integrity of their data. There will also be a requirement to segregate player funds from operational funds.
In relation to the bill DraftKings said,” Today the Virginia General Assembly took an important step toward ensuring that fans in Virginia can continue to enjoy fantasy sports contests with thoughtful and appropriate consumer protections in place. We thank Delegates Jackson Miller and Marcus Simon and Senator Ryan McDougle for their leadership in bringing a common sense regulatory framework through the legislature. We are grateful for their support and are actively engaged with dozens of legislatures around the country to replicate this success.”