VA Fantasy bill...

[TheReckoner]

Greg or Tom.. does the NFFC have a position on this yet? How will this effect the NFFC?

[ChiTwn]

I was surprised not to see any threads from Greg or Tom on here. Considering Indiana also did the same thing.

Sweet Home Indiana: Gov. Mike Pence signed legislation on Thursday that made Indiana the second state to regulate fantasy sports, joining Virginia. The law includes a $50,000 licensing fee, with a $5,000 renewal, and that fee could be raised to $75,000 in the future.

http://www.legalsportsreport.com/9296/n ... diana-dfs/


Mississippi is the next state furthest along on passing a bill.

I am still amazed DFS has managed to bring season long into the mud with them. Now it looks like they will be able to continue their businesses; while season long has been put in jeopardy.

Letter to Virginia Governor from other season long operators.

http://www.legalsportsreport.com/wp-con ... Sports.pdf

Legislation by State

http://www.legalsportsreport.com/dfs-bill-tracker/

[Cocktails and Dreams]

Greg or Tom.. does the NFFC have a position on this yet? How will this effect the NFFC?

How will it affect the NFFC? If things continue down this road, there won't be an NFFC, as they won't be able to pay those fees, nor will anyone else, besides DFS companies that generate more revenue. The FSTA, the organization that some of us said was a complete joke all along(Greg and other members disagreed), threw full season right under the bus. They only care about DFS and actually welcome these fees as it wipes out the competition, including full season companies. I have not heard of the NFFC doing much to prevent it. Maybe Greg will share what they are doing when baseball drafts are over.

[Coltsfan]

I really don't understand what the bill means for Indiana. I did hear that if you are registered for an event then you will be grandfathered in. But I don't know that for sure. I was hoping to sign up early so that I don't get shut out this year.


Wayne

[BillyWaz]

I really don't understand what the bill means for Indiana. I did hear that if you are registered for an event then you will be grandfathered in. But I don't know that for sure. I was hoping to sign up early so that I don't get shut out this year.


Wayne

Ditto Wayne!.....and was even told by Greg weeks ago to sign up ASAP.

Kind of hard to do when there isn't a signup for events.

[Coltsfan]

Did the first draftmasters ever start? I haven't signed up yet but I wanted to as soon as they get going. I haven't heard anything yet.


Wayne

[TheReckoner]

Do we know if this is one of the reasons for the late startup?

[Coltsfan]

Do we know if this is one of the reasons for the late startup?

I would think that they are just busy with baseball.


Wayne

[ChiTwn]

New York is considering one time operator fee of $500,000.

A look inside the bill
What does the bill do? It diverges from the light regulation that is moving forward in many states, but takes a more stringent approach like in Florida and a handful of other states, where legislation has evolved through amendments.

Here is a look at the main provisions in the bill:

The bill creates the Fantasy Sports Contests Division within the Financial Frauds And Consumer Protection Unit to promulgate regulations and license operators.

DFS sites that had already been operating in the state before Nov. 10 (the state’s AG issued cease and desist letters to DraftKings and FanDuel on that date) may continue to do so while their registration is considered.

Licensed operators must pay a one-time fee of $500,000. That fee can be applied, in whole or in part, against an operator’s tax obligation for a 36-month period after receiving its license.

Operators are taxed at a rate of 15% on gross revenue generated by players in New York.
A minimum age of 18 is established for players.

DFS may not involve any contests involving collegiate sporting events or horse races.

DFS is exempted from the part of the NY penal code dealing with gambling.

The bill sets up consumer protections, including restricting employees from playing paid-entry fantasy sports, requiring that data that could affect fantasy contests is secure and problem gambling measures, among others.

The bill also accounts for segregation of players’ funds, saying they must be “protected from corporate insolvency, financial risk or criminal or civil actions against the registrant.”

The most concerning aspect for the industry might be the registration fee and taxes. Even with the 36-month offset of taxes, it might be difficult for small operators to commit to New York with $500,000 needing to be paid, a figure DraftKings and FanDuel likely wouldn’t blink at.

http://www.legalsportsreport.com/8509/n ... -dfs-bill/

[ChiTwn]

Greg,

I know it has been quiet on the legal front for a while.

Any updates on what NFFC has been doing to make sure we can call continue to play this game we love.