While many states in the US are busy getting rid of daily fantasy sports contests by deeming the activity illegal, there are a handful of states that are creating regulations for the industry. Not too long ago Massachusetts decided to regulate DFS gaming and now the state of Colorado has decided to do so. HB 16-1404 has now passed through the House and Senate to Governor John Hickenlooper’s desk for signing into law.
The bill was introduced on March 24th in the House of Representatives with amendments made soon after. The Senate voted 26-7 to pass the measure last week and the House approved the amendments made by the Senate with a vote of 45-19. Governor Hickenlooper now has 30 days to sign the bill into law or decide to veto. If the Governor decides to do nothing, the measure will automatically become law.
The bill will require players of DFS to be 18 years of age or older and amateur sports will not be allowed within the state. Operators will be required to have consumer protections in place which will include self-restriction options, secure data for contests and player funds must be segregated from company funds.
An addition to the bill in Colorado is for novice or casual gamers. When larger contests take place, with 101 or more entries, no single player will be allowed to have more than 3% of the total entries, or 150 entries. DFS operators must also make it easy for players to be able to distinguish the highly experienced players, yet the definition of such experience has not been given in the language of the bill. This factor will be important when it comes to heads-up matches.
A differentiation in the Colorado DFS bill and similar bills in other states is the fact that small fantasy contest operation and other operators are considered differently. A small operator is considered a site that has a maximum of 7,500 player with an active account. These operators are not required to be licensed but must be registered with the state. An annual audit is not required.
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