(a)(1) No fantasy contest operator shall offer any fantasy contest with an entry fee in this state without first being registered with the regulator. Applications for registration and renewal shall be under oath, in the form prescribed by the Attorney General. The regulator shall make applications for operators available by November 27, 2019.
(2) A fantasy contest operator that offered fantasy contests in this state prior to May 1, 2016, may operate fantasy contests in this state on May 31, 2019, provided the operator files an application for registration with the regulator within 60 days of availability of the application.
(b) The regulator may not adopt rules limiting or regulating the rules or administration of an individual fantasy contest, the statistical makeup of a fantasy contest, or the digital platform of a fantasy contest operator.
(c) At the time of initial registration to offer fantasy contests with an entry fee in this state, a fantasy contest operator shall pay to the regulator an initial registration fee as follows:
(1) A fantasy contest operator that has national gross fantasy contest revenues in excess of ten million dollars ($10,000,000) shall pay an initial registration fee of eighty-five thousand dollars ($85,000). A fantasy contest operator registered under this subdivision shall pay to the regulator an annual registration renewal fee of eighty-five thousand dollars ($85,000).
(2) All other fantasy contest operators shall pay an initial registration fee of one thousand dollars ($1,000). A fantasy contest operator registered under this subdivision shall pay to the regulator an annual registration renewal fee of one thousand dollars ($1,000).
(d) On the anniversary date of the fantasy contest operator's registration, the fantasy contest operator shall annually pay a tax equal to ten and one-half percent of the fantasy contest operator's gross fantasy contest revenues from the immediately preceding 12-month period. The revenues shall be deposited to the credit of the state General Fund.
(e) Any operator applying for registration, renewal, or transfer of a registration may operate during the application period unless the regulator has reasonable cause to believe that the operator is or may be in violation of this chapter, and the regulator requires the operator to suspend the operation of any fantasy contest until registration, transfer, or renewal of registration is approved.
Last modified: May 3, 2021